What is the OUCH Pricing Feed (now known as MatchView)?

The OUCH Pricing Feed (MatchView) is a real-time direct data feed that provides a view into what the NASDAQ OMX execution system sees as the prevailing Best Bid and Offer of the other exchanges. NASDAQ OMX offers independent versions of MatchView for The NASDAQ Stock Market^®, NASDAQ OMX BX^SM (BX^SM) and NASDAQ OMX PSX^SM (PSX^SM).

The benefits of the MatchView feeds include:

• Allowing firms to more accurately price their orders on the exchange, thereby avoiding price adjustments.
• Helping firms to price their orders more aggressively to narrow spreads.
• Providing a more accurate determination of a firm’s display price.
• Providing more efficient access to non-NASDAQ exchange quotes as NASDAQ OMX consumes the feeds and does the calculation for firms. This allows firms to save on bandwidth and resource costs.

Effective October 7^th, NASDAQ OMX will modify the product name to MatchView to more accurately reflect the content of the data feed. Please note that NASDAQ OMX will continue to offer MatchView feeds for each of its U.S. equity market systems: NASDAQ, BX and PSX.

What is changing?

NASDAQ OMX will upgrade the MatchView feeds to utilize various direct proprietary exchange data feeds in addition to the consolidated UTP and CTA data feeds. In conjunction with the changes, the NASDAQ, BX and PSX execution systems will be upgraded to utilize the same information as the MatchView feeds. NASDAQ OMX anticipates these changes will:

• Improve the quality and integrity of the data we deliver by dually sourcing data from the exchanges and the consolidators
• Improve fill rates

NASDAQ OMX plans to move to the following data sources for the NASDAQ, BX and PSX MatchView calculation logic by October 7, 2011.

*Backup data source for all feeds will be consolidated Securities Information Processor (SIP) data.

In addition, orders entered by NASDAQ market participants with the three designations of non-Immediate or Cancel (IOC), day, and Intermarket Sweep Orders (ISO) will continue to be included in the calculation logic of the MatchView product.

What steps does my firm need to take to abide by the new policies for exchange content?

Under the data policies put forth by the various exchanges, MatchView data feed subscribers will be required to comply with the data policies of NYSE Euronext, BATS, Direct Edge and the CTA and UTP plans.

NASDAQ OMX requests that all MatchView customers complete the necessary data access agreements with these exchange providers no later than Friday, October 21, 2011. The process for the various exchanges is as follows:

NYSE Openbook

• MatchView customers who are existing NYSE Openbook customers must:

  • Report number of servers to NYSE Euronext for non-display use (not fee liable)
  • Report number of users and pay usage fees for display use
  • Agreements: http://www.nyxdata.com/docs/marketdata

• MatchView customers who are NOT existing NYSE Openbook customers must:

  • Pay Openbook Access fees
  • Report number of servers to NYSE Euronext for non-display use (not fee liable)
  • Report number of users and pay usage fees for display use
  • Agreements: http://www.nyxdata.com/docs/marketdata

NYSE Arcabook

• MatchView customers who are existing NYSE Arcabook customers must:

  • Report number of servers to NYSE Euronext for non-display use (not fee liable)
  • Report number of users and pay usage fees for display use
  • Agreements: http://www.nyxdata.com/docs/marketdata

• MatchView customers who are NOT existing NYSE Arcabook customers must:

  • Pay Arcabook Access fees
  • Report number of servers to NYSE Euronext for non-display use (not fee liable)
  • Report number of users and pay usage fees for display use
  • Agreements: http://www.nyxdata.com/docs/marketdata

Direct Edge Depth of Book

• All MatchView customers (whether new or existing) must contract with Direct Edge directly and get approval for NASDAQ OMX to distribute data to your firm.
• Agreements: http://www.directedge.com/Products/MarketData.aspx

NASDAQ OMX TotalView feeds: MatchView customers will not be fee liable for all TotalView feeds. Please see schedule below to determine which TotalView fees your firm will be liable for.

NASDAQ TotalView

• MatchView customers who are existing TotalView customers must:

  • Report number of servers and pay usage to NASDAQ for non-display use unless under a Non-Display Usage Enterprise Licenses
  • Report number of servers and pay usage to NASDAQ for display use

• MatchView customers who are NOT existing TotalView customers must:

  • Complete necessary NASDAQ OMX agreements
  • Pay associated distributor licenses
  • Report number of servers and pay usage to NASDAQ for non-display use unless under a Non-Display Usage Enterprise Licenses
  • Report number of servers and pay usage to NASDAQ for display use

BX TotalView

• MatchView customers who are existing BX TotalView customers must:

  • Report number of servers and pay usage to NASDAQ for non-display use unless under a Non-Display Usage Enterprise Licenses
  • Report number of servers and pay usage to NASDAQ for display use

• MatchView customers who are NOT existing BX TotalView customers must:

  • Complete necessary NASDAQ OMX agreements
  • Pay associated distributor licenses
  • Report number of servers and pay usage to NASDAQ for non-display use unless under a Non-Display Usage Enterprise Licenses
  • Report number of servers and pay usage to NASDAQ for display use

PSX TotalView

• MatchView customers who are existing PSX TotalView customers must:

  • Report # of servers and pay usage to NASDAQ for non-display use unless under a Non-Display Usage Enterprise Licenses
  • Report number of servers and pay usage to NASDAQ for display use

• MatchView customers who are NOT existing PSX TotalView customers must:

  • Complete necessary NASDAQ OMX agreements
  • Report number of servers and pay usage to NASDAQ for non-display use unless under a Non-Display Usage Enterprise Licenses
  • Report number of servers and pay usage to NASDAQ for display use

Please note: Fees for the PSX market are currently waived; the feeds will become fee liable on November 1, 2011.

NASDAQ OMX will be unable to provide a customer access to the MatchView data products as of October 21, 2011 unless prior written approval is received from each exchange included in the data feed product.

Please note that because NASDAQ OMX will continue to use the consolidated market data to generate the NASDAQ, BX and PSX MatchView feeds, data feed recipients must continue to be responsible for paying the relevant entitlement fees under the UTP and CTA plans.

Will NASDAQ OMX change the message formats for the MatchView feeds?

No, NASDAQ OMX will use the legacy OUCH Pricing Feed message formats for the MatchView feeds. While NASDAQ OMX will be changing its data sourcing logic, there should be no technology changes to the actual data feed format.

Where can I find additional information?

• Refer to the following on the NASDAQ OMX Trader ^® website:

  • NASDAQ MatchView specifications
  • BX NASDAQ MatchView specifications
  • PSX NASDAQ MatchView specifications

• Contact NASDAQ OMX Global Data Products at +1 301 978 5307.