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Tuesday, May 8, 2018

UTP Vendor Alert #2018 - 6
Sub Market Center ID values updated

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:


  • FINRA and Nasdaq are establishing a second Trade Reporting Facility or “TRF”, subject to approval by the Securities Exchange Commission (SEC). The proposed second FINRA/Nasdaq Trade Reporting Facility (“FINRA/Nasdaq TRF Chicago”) will provide FINRA members with another mechanism for reporting trades in exchange-listed securities that are executed over-the counter.
  • The current values defined in the UTP Data Services for the “Sub Market Center ID” are being modified in order to facilitate the new FINRA/Nasdaq TRF Chicago.
  • Pending approval by the SEC, FINRA and Nasdaq plan to activate the second TRF in September 2018.

Overview:

FINRA and Nasdaq are establishing a second Trade Reporting Facility or “TRF”, subject to approval by the SEC. The second FINRA/Nasdaq Trade Reporting Facility (“FINRA/Nasdaq TRF Chicago”) will provide FINRA members with another mechanism for reporting trades in exchange-listed securities that are executed over-the counter. Pending approval by the SEC, FINRA and Nasdaq intend to activate the new FINRA/Nasdaq TRF Chicago (sub market ID “B”) in September 2018. An updated UTP Vendor Alert will be provided announcing the activation date once it becomes available.

What is the Sub Market Center ID?

The "subMarketId" (Sub-Market Center Identifier) is a one-byte alphanumeric field that is used to identify trades reported via a TRF.

Transactions reported to a TRF will carry a value of "D" for FINRA in the Market Center Originator ID field and the UTP SIP will identify the TRF in the Sub-Market Center ID field.

What are the revised values?

In order to facilitate this change the UTP Data Services will revise the allowable values found within the “Sub Market Center ID” as follows:

Description Value
FINRA / Nasdaq TRF Chicago B
FINRA / NYSE TRF N
FINRA / Nasdaq TRF Carteret Q
FINRA Alternative Display Facility (ADF)"space"

Refer to the UTP Data Feed Services Specifications for additional details on the Sub Market ID.

Will there be testing opportunities?

In order to allow the direct data recipients an opportunity to prepare for this minor change the following testing will be available:

Type of Testing Scheduled Dates Description
Nightly Test Replay May 7, 2018 through implementationEach weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels.
Saturday User Acceptance Test (UAT) Saturday UATs:
July 7, 2018;
August 4, 2018 and
September 8, 2018 (confidence test)		 FINRA/Nasdaq TRF Chicago participants will be invited to enter data to test the change. As it is generated, the UTP SIP will disseminate the data via the “UTP Data Services” over the production IP’s on Saturday testing window between 9:00 AM and 12:00 PM.
Production LaunchProduction Launch:
September 2018		 Production implementation of the new FINRA/NASDAQ TRF Chicago is scheduled for September 2018, pending final approval from the SEC.

Who should I contact for additional information?