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Monday, November 16, 2015

UTP Vendor Alert #2015 - 18
REVISED: Launch of Investors’ Exchange LLC (IEX) as a New Participant to UTP Plan

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • UPDATE: IEX announces revised testing opportunities to take place in March- May 2016.
  • The UTP Operating Committee has received a request from Investors’ Exchange LLC (“IEX”), to join the UTP Plan. The following Market Center Originator ID will be added as allowable values for UTP Quotation Data Feed (UQDF) and UTP Trade Data Feed (UTDF) data feeds:
    • Investors’ Exchange LLC, ("V")
  • Pending SEC approval, IEX plans to commence quoting and trading of Nasdaq-listed securities under the UTP plan in a phased rollout plan.
  • IEX will maintain a rollout schedule on their web site and recommends direct data recipients monitor the IEX web site for any future changes to the schedule.

What changes have been requested by IEX?

IEX has notified the UTP SIP of its revised plans to begin quotation and trading as a national securities exchange for Nasdaq-listed securities. IEX will be active under the UTP plan, subject to regulatory approval.

Once activated IEX’s hours of operation in UTP will be as follows:

Session Start and End Times
Pre-Market Session 8:00 a.m. - 9:30 a.m. ET
Regular Market Session 9:30 a.m. - 4:00 p.m. ET
Post-Market Session 4:00 p.m. – 5:30 p.m. ET

Please refer to the IEX web site, for more information or questions related to IEX’s entrance as a UTP Participant.

How will this affect the UTP data feeds?

When IEX, as a national securities exchange, begins quoting and trading of Nasdaq UTP symbols, quotation and trade data will be disseminated via the following UTP data feeds:

  • UTP Quotation Data Feed (UQDF): UQDF subscribers will receive IEX BBO quotation via UTP Participant Quotation message format for all Nasdaq-listed securities. IEX quotes will be identified by the market center originator identifier value of "V" in the UQDF message header. In addition, firms will also see the "V" market center value in the National Best Bid and Offer (NBBO) Appendage and Closing Quote Recap message formats.
  • UTP Trade Data Feed (UTDF): IEX trade transactions will be disseminated with the “V” market center originator identifier and the sub-market center identifier of “space” via UTDF.

Will IEX offer any nightly or Saturday testing opportunities?

Yes, the UTP SIP in coordination with IEX will support the following testing opportunities associated with their activation:

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly from Monday, November 23, 2015 through production launch (pending SEC and committee approvals) A test file will be recorded to be replayed in the evenings from 9:00 p.m. to 10:30 p.m., ET, to all UTP data feed subscribers. Evening test data is provided over the production IP services during the designated times. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) Subject to IEX schedule maintained on their web site IEX will enter data and process this through the SIP. As it is generated, the UTP SIP will disseminate the test data via the UTP data feed production channels.
Production Launch Targeted in May 2016, subject to IEX schedule maintained on their web site Production implementation of the IEX as an active UTP participant. Refer to the IEX web site for detailed roll out plans.

Who should I contact for additional information?