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Monday, December 9, 2019

UTP Vendor Alert #2019 - 14
UPDATE: Launch of Long-Term Stock Exchange (LTSE) as a New Participant to UTP Plan

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • UPDATE: The UTP SIP is modifying the start of evening test dissemination. Effective Monday January 27, 2020 the UTP SIP will begin evening test dissemination with the new Market Center ID for LTSE “L”. As of this data the “L” value will be an allowable value within the UTP Data Services and vendors should be coded to accept and process this value.

  • The Long-Term Stock Exchange (“LTSE”) has become a member of the UTP Plan and its Operating Committee. The following Market Center Originator ID will be added as allowable values for UTP Quotation Data Feed (UQDF) and UTP Trade Data Feed (UTDF)s:
    • Long-Term Stock Exchange (LTSE), Market Center ID ("L")
  • LTSE has received SEC approval and plans to commence quoting and trading of Nasdaq-listed securities under the UTP plan in a phased rollout plan.
  • LTSE anticipates going live in Nasdaq Listed securities in Q1 2020 and updates on its launch, along with a rollout schedule for Nasdaq-listed securities, will be maintained on its web site. LTSE recommends direct data recipients monitor the web site for any future changes to the schedule.

Updated start date for evening test dissemination?

The UTP SIP is modifying the start of evening test dissemination. Effective Monday January 27, 2020 the UTP SIP will begin evening test dissemination with the new Market Center ID for LTSE “L”.

As of this data the “L” value will be an allowable value within the UTP Data Services and vendors should be coded to accept and process this value.

What changes have been requested by LTSE?

LTSE has notified the UTP SIP of its plans to begin quotation and trading as a national securities exchange for Nasdaq-listed securities. LTSE will be active under the UTP plan. Once activated, LTSE’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. – 5:00 p.m. ET

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

How will this affect the UTP data feeds?

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

Will LTSE offer any nightly or Saturday testing opportunities?

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

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly from Monday, January 27, 2020 through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) Subject to LTSE schedule maintained on their web site LTSE will enter data and process this through the SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Production Launch Targeted in Q1 2020, subject to LTSE schedule maintained on their web site Production implementation of the LTSE as an active UTP participant. Refer to the LTSE web site for detailed roll out plans.

Who should I contact for additional information?