Friday, August 18, 2017
Nasdaq Fund Network #2017 - 3
Nasdaq Announces Changes MFQS Website
System Impacted:Products Impacted:Contact Information:
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What you need to know:In an effort to improve the Nasdaq Mutual Fund Quotation Service (MFQS), Nasdaq is adding additional fields to the MFQS Secure Website. On Monday, August 28, 2017, Nasdaq will release 18 new data fields to the MFQS Secure Website. Q4 2017 through Q2 2018 Nasdaq will continue to add additional fields to help provide transparency to the Mutual Funds market through MFQS. Along with the release of new data fields, Nasdaq will create a MFQS Daily List Level 2 and a new Symbol Directory to provide all of this new information to its clients in one place. Further details will be provided when available. |
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What is changing?
The new fields to be added to the MFQS Secure Website on Monday, August 28, 2017 are:
Characters | Value | Purpose |
---|---|---|
Up to 50 characters alphanumeric |
Instrument Class | Nasdaq will provide all instrument class classifications in a standard format in a separate field. For existing instruments, current instrument classes will be assigned based on what MFQS currently has in the system. |
12 Characters alphanumeric |
ISIN | The International Securities Identification Number (ISIN) is a code that uniquely identifies a specific securities issue. The organization that allocates ISINs in any particular country is the country's respective National Numbering Agency (NNA). |
000.000% |
Management Fees and Corresponding “As of” date | Management fees are charges levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting stocks and managing the portfolio. |
000.000% |
Account / 12b-1 Fees and Corresponding “As of” date | Account fees are maintenance fees usually charged on small shareholders of a fund that fall below some minimum balance, usually a pre-set dollar amount. For Funds, this will be the 12b-1 fees. |
000.000% |
Other Expenses and Corresponding “As of” date | Other Expense is a catchall category that includes anything that doesn’t fit into the above categories. These may include shareholder service expenses that are not included in the 12b-1 fees, custodial expenses, record keeping, legal expenses, accounting expenses, transfer agent expense and other administrative expenses. |
000.000% |
Total Expense Ratio and Corresponding “As of” date | Total expenses may not be exact sum of the above as some fees may not be broken out at the detail list above. |
000.000% |
Front load and Corresponding “As of” date | A commission or sales charge applied at the time of the initial purchase for an investment, usually with mutual funds and insurance policy purchases. |
000.000% |
Level Load and Corresponding “As of” date | An annual charge deducted from an investor's mutual fund assets to pay for distribution and marketing costs for as long as the investor holds the fund. |
000.000% |
Deferred Load Corresponding “As of” date | A sales charge or fee that is assessed when an investor sells certain classes of fund shares before a specified date. |
000.000% |
Redemption Fee Corresponding “As of” date | Also referred to as a “market timing fee”, or “short-term trading fee”, is a charge by a mutual fund company to discourage investors from making a short-term “round trip” (i.e. a purchase, typically a transfer, followed by a sale within a short period of time). |
How are the existing MFQS listed instruments being populated?
Existing MFQS instruments will already be populated with the Instrument Class where available. This information will be requested from the issuers for new instruments and instrument changes going forward. This is not a required field, if the Instrument Class is not provided the value will be blank.
Why is Nasdaq making the change?
Nasdaq has fielded requests for additional clarity and a standard format for instrument share classes. Providing this information to our vendors allows for better clarity in to the share class statistics.
Where can I find additional information?
Please refer to the MFQS Website User Guide.
Contact Nasdaq Mutual Fund Operations at +1 301 978 5307 (Option #6).
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