Monday, May 6, 2019
Equity Trader Alert #2019 - 40
FINRA/Nasdaq TRF to Enhance Reject Message Text
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What do firms need to know?Nasdaq will be enhancing its TRF reject message text to be more descriptive in order to aid clients in diagnosing the reason for the reject. The enhanced reject message text will be effective as of July 1st in the Workstation, and July 29th via CTCI and FIX in both the FINRA/ Nasdaq TRF Carteret and the FINRA / Nasdaq TRF Chicago. Please also note, that there will be a phased approach for CTCI and FIX where the messages will change to the new in a rolling period of approximately 3-4 weeks. Who will be impacted?Reject validation logic is not changing. The only impact is to clients that consume reject message text and manipulate it for internal analysis and/or automatic resubmission. What is Changing?As of July 1st in the Workstation, and July 29th via CTCI and FIX, the following current reject reason texts will change to be more descriptive. There will be many permutations for each:
Additionally, there will be a formatting change for the updated messages where a numeric reject code will be added at the end of the reject reason text (e.g., “!REJ - INVALID VALUE: CLEARING FLAG [100]”). ExampleAs an example of the above changes, whereas today firms may receive “!REJ - INVALID CONTRA P/A” for a rejected trade, they may instead receive one of the following enhanced reject messages, depending on the specific problem with the reported trade:
(Examples only; the actual reason text and numeric code may vary.) In addition, after July 29th, Nasdaq may periodically introduce additional changes to reject reason texts. However, the following reject reason texts will not be changed without additional notification:
Testing Information for CustomersFirms are encouraged to test in advance of the production change. Specifically, customers who rely on reject reason text for internal system use should test the changes. Firms wishing to test the reject text changes are encouraged to use the Nasdaq Test Facility for a free 30-day period beginning May 20th. Firms must contact ntfbilling@nasdaq.com via email prior to testing to begin the test period. More InformationIf you have any questions, please email Nasdaq TRF Ops or contact Nasdaq Trading Services at +1 212 231 5180 with any questions. FINRATM, Trade Reporting FacilityTM and TRFTM are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRFTM is used under license for Financial Industry Regulatory Authority, Inc. |
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