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Wednesday, March 18, 2015

Equity Technical Update #2015 - 1
Nasdaq Updates FIX and CTCI TRF Specifications for FINRA Amendments

Category:

  • System Impact

Markets Impacted:

Contact Information:

Resources:

Effective Monday, July 13, 2015, as referenced in FINRA Regulatory Notice 14-21, the FINRA/Nasdaq TRF will support the amendments to FINRA rules governing the reporting of over-the-counter (OTC) transactions. To support these changes, the FINRA/Nasdaq TRF specifications have been updated.

The FINRA/Nasdaq TRF updated specification changes include:

  • Reporting an additional time field for specified trades
  • Linking reversal reports to the original trade
  • Reporting trades executed on non-business days
  • Reporting trades that are more than 365 days old
  • Using a new "step-in" indicator
  • Using additional "step-out" designations
  • Position Transfers
  • Change in Decline Trade Processing
  • Defaulting Capacity

Nasdaq strongly recommends participants review the specification changes and submit any questions or feedback.

Current changes for FIX and CTCI are available in the Post-Trade FIX and CTCI Specifications Page.

Any changes to the specifications will be made on NasdaqTrader.com and communicated via Equity Technical Updates.

NTF Testing Information

The highlighted changes in the Nasdaq Test Facility (NTF) will be available on Wednesday, April 1, 2015 for testing by market participants.

Street-Wide Testing Information

The street-wide testing schedule has been updated as follows:

  • Saturday, May 9, 2015 (regular monthly UAT)
  • Saturday, June 13, 2015 (regular monthly UAT)
  • Saturday, July 11, 2015 (regular monthly UAT)

Please review the specification changes and prepare your systems as appropriate. Please contactU.S. Market Operations at +1 212 231 5180 or FINRA Market Operations at +1 866 766 0800 with any questions.

Impact on Web Based Trading Applications

Weblink ACT 3.0 and File Upload

  • Trade Entry Screen:
    • New time fields for Mod2 and Mod4
    • Support for new fields when reporting Reversals
    • Support for Step-Ins
      • Radio buttons for Special Instructions

  • Trade Scans
    • Upgraded to support new fields as referenced in Trade Entry Screen
    • Step-ins will now be searchable
  • Trade Detail
    • Upgraded to support new fields as referenced in Trade Entry Screen
  • File Upload
    • New Technical Specs for File upload are posted here under Post-Trade heading

Equity Trade Journal

  • All Report Center reports will be updated to accommodate the new fields and specifications. Specifications will be posted shortly. New fields will be added to the end of the message.

Compliance Applications (Reg Recon, Short Sale Monitor, Limit Locator and InterACT)

  • Reg Recon, Short Sale Monitor and Limit Locator
    • Trade Details for each compliance application will be upgraded to include new fields
  • InterACT
    • Step-Out category will be upgraded to show both Step-Outs and Step-Ins
    • InterACT scan within Weblink ACT 3.0 will be upgraded to query both

*** Updated specification pages and FAQs for these products will be available soon.

FINRATM, Trade Reporting FacilityTM and TRFTM are trademarks of Financial Industry Regulatory Authority, Inc.


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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