Tuesday, July 31, 2012

Data News #2012 - 13
NASDAQ OMX Introduces New Hardware-Based Option for TotalView-ITCH Data

Markets:

Products Impacted:

Contact Information:

What you need to know:

  • On August 1, 2012, NASDAQ OMX will introduce a new TotalView-ITCH FPGA service offering for NASDAQ equity depth data subscribers.
  • TotalView-ITCH FPGA is an optional service upgrade for firms looking for the highest level of determinism offered by NASDAQ OMX.

What is the offering for TotalView-ITCH?

On August 1, 2012, NASDAQ OMX® will introduce a new NASDAQ TotalView-ITCH equities depth feed product using field-programmable gate array (FPGA) technology. FPGA is an integrated circuit designed to run user specified, high performance business applications and to provide a high degree of parallelism allowing for consistent, deterministic behavior.

How much does the NASDAQ TotalView-ITCH FPGA product cost?

As outlined in NASDAQ Rule 7026, firms subscribing to the NASDAQ TotalView-ITCH FPGA will be subject to the following new distributor fees in addition to the current NASDAQ TotalView® / NASDAQ OpenView distributor and usage fees:

Distributor Type Monthly Fee
Internal Only Distributor $25,000 per Distributor
External Only Distributor $2,500 per Distributor
Internal and External Distributor $27,500 per Distributor

For Managed Data Solutions (MDS) Distributors, firms will be subject to a tiered administration fee based on the number of downstream subscribers benefitting from the TotalView-ITCH FPGA data.

Distributor Type Monthly Fee
Managed Data Solutions (MDS) Distributor 1 Subscriber = $3,000
Additional Subscribers = $500 each

For direct data feed subscribers*, NASDAQ OMX port fees also apply.

For the existing TotalView / OpenView fee schedule, please refer to the NASDAQ OMX Global Data Products Price List on the NASDAQ OMX Trader® website.

If you have questions about the NASDAQ TotalView-ITCH FPGA fees, please contact your NASDAQ OMX Global Account Manager.

If I am a current TotalView-ITCH subscriber, do I need to migrate to the FPGA offering?

No. The NASDAQ TotalView-ITCH FPGA product is an optional service upgrade for NASDAQ depth data feed subscribers. NASDAQ OMX plans to support the software-based version of the TotalView-ITCH data feed indefinitely.

Where can I locate the TotalView-ITCH FPGA specification document?

Please click here to access the TotalView-ITCH FPGA specification document. Please note that NASDAQ OMX will use the ITCH 4.1 message format and MoldUDP64 protocol standard for the TotalView-ITCH FPGA service.

How do I order TotalView-ITCH FPGA?

If your firm is a current TotalView-ITCH subscriber upgrading to the FPGA product, you only need to complete the Data Feed Request Form. No additional forms or agreements are required.

If your firm is not currently processing the NASDAQ TotalView-ITCH product, you need to complete the following agreements:

If you need help with the application process, please contact your NASDAQ OMX Account Manager.

Is TotalView-ITCH FPGA only available only as a direct data feed?

NASDAQ OMX is allowing market data redistributors to use the TotalView-ITCH FPGA product to feed downstream products. Please note, however, that retransmission data feeds and MDS devices sourced from the TotalView-ITCH FPGA feed are subject to the new distributor fees above.

Where can I find additional information?




*Direct data feed subscribers may be subject to port fees as outlined in the NASDAQ Transaction Services (NTS) Price List.



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