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Friday, August 26, 2011

Data News #2011 - 8
Updated 10/18/2011: NASDAQ OMX Announces Administration and Pricing of MatchView Feeds

Markets Impacted:

  • The NASDAQ Stock Market
  • NASDAQ OMX BX
  • NASDAQ OMX PSX

Products Impacted:

  • NASDAQ MatchView
  • BX MatchView
  • PSX MatchView

Contact Information:

What you need to know:

  • NASDAQ OMX® will upgrade the data sources for the MatchView (formerly OUCH Pricing Feed) products for The NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM) to utilize various direct proprietary exchange data feeds in addition to the consolidated UTP and CTA data feeds on Friday, October 7, 2011.
  • Due to the data source change, current and new MatchView [NASDAQ, PSX, BX] subscribers will be required to execute agreements, receive prior written approval from and comply with the data policies of select U.S. exchanges.
  • NASDAQ MatchView feed will carry a new monthly data fee, effective October 2011. Currently, the BX MatchView and PSX MatchView data feeds will not be assessed a data fee. Applicable underlying exchange fees, including distributor fees, usage and administrative fees will still apply for all three products.

Firms ordering MatchView [NASDAQ, BX, PSX] are required to have agreements with the upstream data feed providers. What steps does my firm need to follow to receive approval for exchange content included in the MatchView data feeds?

The process for receiving exchange approval for the various exchanges is as follows: NASDAQ OMX requires that all MatchView customers complete the necessary data access agreements with these exchange providers and that the customers receive prior approval from each exchange listed no later than Friday, October 21, 2011. Customers will need a separate data feed approval for each MatchView data product [NASDAQ, BX, PSX].

U.S. Market Primary Data Source* Datafeed Request Process/Approval Process Exchange Agreement*
The New York Stock Exchange NYSE OpenBook Ultra NASDAQ OMX submits a data feed request on behalf of a customer AFTER the customer provides written notification that they are ordering a MatchView feed via email to DataOps@nasdaqomx.com or Online or Hard Copy Form NYSE Vendor Agreement- Proprietary Data Products
NYSE Arca NYSE ArcaBook
BATS-Y Exchange and BATS-Z Exchange BATS PITCH Not Applicable Not Applicable
Direct Edge – EDGA and EDGX Exchanges DirectEdge Depth of Book NASDAQ OMX submits a data feed request on behalf of a customer AFTER the customer provides written notification that they are ordering a MatchView feed via email to DataOps@nasdaqomx.com or Online or Hard Copy Form Direct Edge Market Data Agreement
The NASDAQ Stock Market TotalView-ITCH 4.1 Customer is to submit a NASDAQ OMX DataFeed Request Form to NASDAQ OMX, using either the Online or Hard Copy Form. NASDAQ OMX Global Data Agreement
NASDAQ OMX BX BX TotalView-ITCH 4.1
NASDAQ OMX PSX PSX TotalView-ITCH 4.1
UTP Level 1 Tape C UQDF/UTDF Customer is to submit a NASDAQ OMX DataFeed Request Form to NASDAQ OMX, using either the Online or Hard Copy Form. NASDAQ Vendor Agreement
CTA Data Tapes A & B NASDAQ OMX submits a datafeed request on behalf of a customer AFTER the customer provides written notification that they are ordering a MatchView feed via email to DataOps@nasdaqomx.com or Online or Hard Copy Form NYSE Vendor Agreement - CTCQ

*Exchange agreements are only required to be executed if your firm does NOT already have an agreement on file with the exchanges listed above. Each customer is responsible for contacting each exchange independently to determine if an agreement is necessary.

How will my firm know if exchange approval has been granted prior to October 21, 2011?

For NASDAQ OMX data products, NASDAQ OMX will approve each data feed upon receipt of the MatchView data feed request and forward that approval via email to each customer.

For non-NASDAQ OMX data products, the customer should follow up with exchanges directly to ensure that approval of the content included in the MatchView data feed is received. Those exchanges will also provide approval notification to NASDAQ OMX.

Upon request, NASDAQ OMX will provide customers with the list of exchanges that are approved. Please email DataOps@nasdaqomx.com to request a status update for the MatchView data feed approvals for your firm.

What happens if my firm does not receive approval for all exchange data sets included in the MatchView feeds?

NASDAQ OMX will be unable to provide customer access to any MatchView data product after October 7, 2011 unless prior written approval is received from each exchange included in the data feed product. NASDAQ OMX will terminate all MatchView data feeds for any firm that has not secured approval by October 21, 2011.

What if my firm already has an agreement with each exchange?

Exchange agreements are only required to be executed if your firm does NOT already have an agreement on file with the exchanges included in the MatchView data feeds [NASDAQ, BX, PSX]. Please contact your NASDAQ OMX Account Manager if all agreements are already in place. Note that customers without agreements in place already are responsible for contacting each exchange independently to determine if an agreement is necessary.

What are the market data fees associated with NASDAQ MatchView?

Effective October 2011, the fees to receive the MatchView data feed are as follows:

Entitlement Name Security Coverage Monthly Fee
NASDAQ MatchView NASDAQ, NYSE and Amex Issues $5,000 per firm for 1st server
NASDAQ MatchView Enterprise License NASDAQ, NYSE and Amex Issues $10,000 per firm for 2+ servers

The fees listed above are for the NASDAQ MatchView data feed and are completely separate from the underlying fees associated with each data feed product. NASDAQ MatchView feed will carry a new monthly data fee, effective October 2011. Currently, the BX MatchView and PSX MatchView data feeds will not be assessed a data fee. Underlying exchange fees will still apply for all three products.

Firms are also liable for the underlying data product fees associated with the NASDAQ TotalView-ITCH 4.1, NASDAQ OMX BX TotalView-ITCH 4.1 and/or NASDAQ OMX PSX TotalView-ITCH 4.1 and all non-NASDAQ OMX exchange data sets. Please refer to Data News Item 2011-7 for additional information regarding the pricing of the underlying data feed products.

Fees charged for other exchange data included in the MatchView data feeds are managed and invoiced by each of those exchange groups separately, including NASDAQ OMX. NASDAQ OMX will not invoice for any market data fees associated with the use of the non-NASDAQ OMX exchanges included in the MatchView data feed, but will invoice customers for the NASDAQ OMX market data fees.

Where can I find additional information?

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