Friday, November 30, 2012

MFQS News #2012 - 6
NASDAQ OMX Will Modify the MFQS Fee Schedule In 2013

Product Impacted:

  • Mutual Fund Quotation Service (MFQS)

Contact Information:

What you need to know:

  • Effective January 1, 2013, NASDAQ OMX® will make the following modifications to the MFQS listing and application fee structure:
  • MFQS Change Request Application Fees will be eliminated.
  • MFQS Annual Listing Fee will be increased by $25 to $500 per instrument.

What is changing?

Effective January 1, 2013, NASDAQ OMX will be modifying the following MFQS listing and application fees:

  • MFQS Change Request Application Fee of $25 per instrument / symbol will be eliminated.
  • MFQS Annual Listing Fee will be increased by $25 to $500 per instrument / symbol.

The MFQS New Instrument Application Fee and UIT Replacement Application Fee will remain unchanged.

NASDAQ OMX is modifying its fee schedule as part of the MFQS initiative to improve application turnaround time and data quality.

How is NASDAQ OMX planning to improve application turnaround time and data quality issues?

To reduce the MFQS application turnaround time, NASDAQ OMX will:

  • Remove MFQS change request application fee.
  • Outreach effort to educate firms on how to use the secured MFQS website for listing application submission and tracking purposes.
  • Streamline and simplify the MFQS support page and application forms on the NASDAQ OMX Trader website.

To improve MFQS data quality, NASDAQ OMX will:

  • Initiate a customer outreach effort to address non-pricing funds in the MFQS system.
  • Reorganize MFQS Operations team to address data quality issues such as:
  • Data errors or omissions in MFQS listing applications
  • Data errors with live MFQS instruments (such as incorrect reporting intervals and incorrect CUSIP numbers)
  • Work with the market data community to properly process MFQS late price entries and T+1 corrections.

When will the new MFQS fee structure go into effect?

The new MFQS fee structure will officially go into effect on January 1, 2013.

NASDAQ OMX will reflect the new MFQS listing fee of $500 per instrument / symbol on the 2013 annual invoice being sent to MFQS issuers and administrators on or about January 7, 2013.

NASDAQ OMX will remove MFQS change request application fee structure as of January 1, 2013. Effective immediately, firms should not remit processing fees for MFQS name/symbol change requests with an effective date of January 1, 2013 or later.

Where can I find additional information?



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