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Thursday, June 29, 2017

UTP Vendor Alert #2017 - 4
LULD Auction Collar Testing Notice

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As announced in UTP Vendor Alert 2017-02, The Limit Up / Limit Down (LULD) committee is proposing enhancements to the automated reopening process following a LULD Pause, refer to the LULD Plan.
    • Trading Pause will continue until the Primary Listing Exchange has reopened trading
    • Eliminate the current 10 minute restriction
    • Prior to resuming trading there must be published Price Bands
    • Primary Listing Exchange will convey reopening information via new Auction Collar message
  • Implementation is tentatively scheduled for Q4 2017
  • In preparation for this release the UTP SIP will begin nightly test data on July 10, 2017

Overview:

As announced in UTP Vendor Alert 2017-02, The Limit Up / Limit Down (LULD) committee is proposing enhancements to the automated reopening process following a LULD Pause, providing that a Trading Pause will continue until the Primary Listing Exchange has reopened trading using its established reopening procedures and reports Reopening Price.

Primary Listing Exchange will convey reopening information via new Auction Collar message. This new message will be generated by the Listing Exchange and disseminated via the UTP Data Services as pass-through processing.

When will the new Auction Collar message be implemented?

The new message is tentatively scheduled to be implemented Q4 2017, pending final approval by the LULD committee and SEC.

Will there be testing opportunities?

As is the normal process, the UTP SIP plans to offer evening format and Saturday testing opportunities for data feed subscribers prior to release to ensure that firms can process the new Auction Collar message format.

Type of Testing Scheduled Dates Description
Saturday User Acceptance Test (UAT) Saturday UATs: TBD UTP participants will be invited to enter data to test the new functionality. As it is generated, the UTP SIP will disseminate the new test data via the “UTP Data Services”.
Nightly Test Replay July 10, 2017 through go-live Nightly test replays of the new UTP Data Services (binary) is available on the production multicast groups on weeknights from 9:00 PM - 10:30 PM
Production Launch Production Launch TBD Q4 2017 Production implementation of the new data services is pending final approval from the LULD committee and the SEC. Tentatively planned for Q4 2017.

Who should I contact for additional information?