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Thursday, July 2, 2009

Equity Technical Update #2009 - 16
NASDAQ OMX Introduces FIX Lite for NASDAQ and NASDAQ OMX BX, Effective Monday, July 6, 2009

Markets Impacted:

  • The NASDAQ Stock Market
  • NASDAQ OMX BX

Contact Information:

What you need to know:

  • Effective Monday, July 6, 2009, NASDAQ OMX will introduce FIX Lite (Flite) for NASDAQ and NASDAQ OMX BX.
  • Flite is a NASDAQ FIX 4.2 extension designed to allow customers to achieve the same low latency and high throughput associated with the OUCH protocol.
  • Flite will support limit orders, market orders for crosses, Order Modify, Flash and Post-Only functionality.
  • Flite will not support pegging, reserve, discretion or risk management.

What is being introduced?

NASDAQ OMXSM will introduce FIX Lite (Flite) for The NASDAQ Stock Market® and NASDAQ OMX BXSM (BXSM), effective Monday, July 6, 2009.

What is Flite?

The Flite protocol is a NASDAQ FIX 4.2 extension used for order entry. It is designed to allow customers to utilize their existing FIX engines and achieve the same low latency and high throughput associated with the OUCH protocol.

What functionality is supported by Flite?

Flite will support limit orders, market orders for crosses, Order Modify, Flash and Post-Only functionality.

Flite will not support routing, pegging, reserve, discretion or risk management.

Have protocol specifications been created?

Yes, NASDAQ OMX has added the Flite protocol specifications to the NASDAQ OMX Trader® website.

Is testing available?

Yes, testing for Flite is available now in the NASDAQ Testing Facility (NTF). Testing for Flite will also be available during regularly-scheduled Saturday testing on July 11, 2009. Contact NASDAQ Trading Services at +1 212 231 5180 by 12:00 p.m., ET, on Wednesday July 8th in order to schedule your Saturday test.

Where can I find additional information?


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