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Tuesday, March 24, 2009

Options Technical Update #2009 - 3
Important Updates Made to The NASDAQ Options Market Trading Specifications

Markets Impacted:

  • The NASDAQ Options Market

Contact Information:

What you need to know:

  • The following changes have recently been made to The NASDAQ Options Market's specifications:
    • Instructions for the new “WAIT” order have been added to the NOMAD and FIX to Trade Options specifications.
    • NOMAD and FIX to Trade Options specifications have been updated to support Exchange Direct Orders.
    • ISO functionality has been added to the NOMAD and FIX to Trade Options specifications in support of the decentralization of the Options Linkage System, pending SEC approval.
  • The NASDAQ Options Market is not retiring SOUP TCP 2.0 and will not be adding SOUP TCP 3.0 to the specifications.

What is changing?

The NASDAQ Options MarketSM has made important changes to its technical specifications. Order instruction for the “WAIT” order modifier has been added to the NOMADSM and FIX to Trade Options specifications. The specifications have also been updated to support new functionality.

What has been added to the NOMAD and FIX to Trade Options specifications?

As announced in Options Trader Alert #2009-8, The NASDAQ Options Market implemented “WAIT,” a one-second order modifier for use when entering orders into The NASDAQ Options Market. Order instruction for “WAIT” has been added to the NOMAD and FIX to Trade Options specifications available on the NASDAQ OMX Trader® website.

What updates have been made to the specifications?

After filing with the Securities and Exchange Commission (SEC) for Exchange Direct Orders, the NOMAD and FIX to Trade Options specifications have been updated to support these orders.

Intermarket Sweep Order (ISO) functionality has also been added to the NOMAD and FIX to Trade Options specifications in support of the decentralization of the Options Linkage System. The availability of this functionality is pending SEC approval.

Is The NASDAQ Options Market retiring SOUP TCP 2.0?

No, The NASDAQ Options Market is not retiring SOUP TCP 2.0. The NASDAQ Options Market would like to clarify that SOUP TCP 2.0 is only being retired for the equity platform, The NASDAQ Stock Market®. In addition, SOUP TCP 3.0 is not available for The NASDAQ Options Market.

Where can I find more information?


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