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Tuesday, October 30, 2012

Nasdaq Fund Network #2012 - 4
MFQS System Reopens for Daily Price Data After Hurricane Sandy

Product Impacted:

  • Mutual Fund Quotation Service (MFQS)

Contact Information:

What you need to know:

  • On Wednesday, October 31, 2012, NASDAQ OMX will operate the Mutual Fund Quotation System on a normal operational schedule.
    • MFQS system will be open from 9:00 a.m. to 8:00 p.m., Eastern Time (ET).
  • NASDAQ OMX encourages MFQS pricing agents to report data from October 29th and October 30th when the MFQS system reopens.

What are the MFQS hours of operation?

The MFQS system is open from 9:00 a.m. to 8:00 p.m., ET.

Please note that the MFQS system observes the same market holiday and emergency closure procedures as the U.S. equity and options markets.

Will MFQS allow me to enter price data for the days that the U.S. markets were closed for Hurricane Sandy?

Yes. NASDAQ OMX will allow MFQS pricing agents to enter price data for Monday, October 29, 2012 and Tuesday, October 30, 2012, as soon as the MFQS system reopens.

How do pricing agents enter prior day’s data via MFQS system?

MFQS pricing agents may report prior day’s corrections using the standard MFQS 0040 and MFQS 0050 inbound message formats via MFQS website or MFQS CTCI.

For standard valuation messages, firms should populate the Entry Date field with MFQS 0040 and MFQS 0050 message formats with the calendar date for which the net asset values (NAVs) were generated.

For dividend and distribution messages, firms should populate the Ex Date, Record Date, Payment Date and Reinvestment Dates with the actual fund information. For MFQS 0050 formats only, however, the Entry date in the dividend and distribution message formats only should be populated with the current trading day’s date.

Please refer to the MFQS Web Batch File Specification or MFQS CTCI specifications for the MFQS 0040 and MFQS 0050 message details.

How will MFQS price parameters work on October 31, 2012?

The MFQS pricing validation logic compares the incoming price data against the most recent entry in the MFQS system for the instrument. If the absolute price difference is greater than 10% and the price override field is left blank, the MFQS system will reject the incoming data element. Since the MFQS system has been closed for the last two days, the MFQS price validation logic will use the closing values from Friday, October 26th for its calculation.

How is prior day’s fund data disseminated to the market data community?

NASDAQ OMX will disseminate the prior day’s fund data entries via the Mutual Fund Dissemination Service (MFDS) data feed as the prices are entered into the MFQS system. The prior day’s data will be marked with the "C" (Correction) value in the MFQS reporting period.

To ensure that firms process the data, NASDAQ OMX will also capture the prior day’s data into a MS-Excel file to be posted at the end of the business day on October 31, 2012.

How will MFQS web pages and reports reflect prior day’s pricing updates?

The MFQS Reporting Statistics page on the MFQS website does not reflect the number of prior day’s updates.

The Today’s Price History Report reflects all data entries for the current trading date if the spreadsheet is being generated by MFQS ticker symbol only. The Today’s Price History Report reflects only the most recent update entered into the MFQS system, however, if the spreadsheet is being generated by portfolios or pricing agent.

The Ex Date Report shows dividends and distributions based on the Ex Date entered by the MFQS pricing agent (not the MFQS system date). For firms that use this report, they should pull the files for all three days (10/29/2012, 10/30/2012 and 10/31/2012).

Please refer to the MFQS Website User Guide for details on these web pages and reports.

How were the MFQS effective dates for listing actions impacted by the market closures?

NASDAQ OMX did not change the MFQS effective date for pending MFQS actions unless specifically instructed to do so by the MFQS issuer. For this reason, NASDAQ OMX posted MFQS Daily List files on October 29, 2012, and October 30, 2012. For firms looking to pull the MFQS Daily List files, please note that the file is generated based on the MFQS posting date.

Whom should I contact for more information?


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