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Wednesday, March 16, 2022

Data Technical News #2022 - 9
UPDATE: Nasdaq MRX Announces Re-Platform Plans and Updates to Market Data Feeds

Markets Impacted:

Products Impacted:

Contact Information:

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What you need to know:

UPDATE 7/22/2022: The table below for the timeline of the migration plan has been updated.

As recently announced in Options Technical Update #2022-2, Nasdaq MRX will undergo a re-platforming with the goal to harmonize exchange technology positioning participants for future growth and success.

Updates will be made to the MRX Market Data feeds under the new platform. Details of the changes can be found in the Updated Technical Market Data Specifications:


Customers may refer to the MRX Re-platform website for information regarding all aspects of the transition.

What is changing?

While each of the current market data offerings will continue, there will be some changes to both the naming of these and the protocols.

The MRX Top Quote Feed will be renamed to the MRX Top of Market Feed. It will remain a book-based feed designed to provide the Best Bid and Offer and last sale information. The feed will contain updated message formats that are harmonized with BX Options. An optional Glimpse service will also be made available for the Top of Market Feed for recovery.

The MRX Depth of Market Feed will be improved to include full depth with order-by-order messages. It is important to note that firms receiving this product will now need to recreate the order book on their own. The new but familiar Depth of Market feed will share similar components to the recently updated BX Depth of Market Feed. An optional Glimpse service will also be made available for the Depth of Market Feed.

The MRX Order Feed will continue to provide a snapshot of each order that rests on the order book along with auction notifications but will take on updated message formats.

The MRX Spread Feed will continue to be provided as a set of four separate components (Order, Depth of Market, Top of Market, and Trade) each providing different views of complex order activity. The message formats across all four of the spread feed components have been updated. The Depth of Market component will be improved to include full depth with order-by-order messages. It is important to note that firms receiving this product will now need to recreate the order book on their own. For ease of use, specifications for each of the four spread feed components have been consolidated into a single document. An optional Glimpse service will also be made available for the Top of Market and Depth of Market component for recovery.

Details of the changes can be found below in the Updated Technical Specifications for the feeds:

What is the timeline of the migration plan?

The migration to the new MRX platform will roll out on symbol-by-symbol basis and will begin on November 7, 2022.

Below is an overall timeline of activities to support the updates to the market data feeds and migration.

Activity Date
NTF connectivity testing availability 04/04/2022
Market Data made available on NTF 05/02/2022
Publication of New production IPs & availability of Pre-production connectivity 7/22/2022
UAT Dates

08/20/2022

09/10/2022

10/01/2022
Symbol-by-Symbol Production Roll-Out Begins 11/07/2022
Completion of Production Roll-Out 12/7/2022

Why are these changes being made? What are the benefits?

These changes are being made as part of our continued efforts to harmonize exchange technology. The changes to market data feeds will bring conformance at the message type level and allow Nasdaq to migrate our other derivatives markets in the future.

Benefits from the change will increase over time as more of our markets migrate to the new platform. Common messaging will lower the amount of effort required by our clients to manage and maintain product and changes.

Where can I find more information on the MRX re-platform?

More details can be found on the MRX Re-platform website. Customers may also refer to the Frequently Asked Questions (FAQs) for additional information.

Who can I contact to help answer additional questions?

Additional questions may be directed to Investment Intelligence Product Support team at +1 301 978 5307.


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