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Monday, August 10, 2009

Data Technical News #2009 - 31
NASDAQ OMX Launches the Top of PHLX Options (TOPO) Data Product

Market Impacted:


Product Impacted:

  • Top of PHLX Options

Contact Information:

What you need to know:

  • NASDAQ OMX has received approval from the Securities and Exchange Commission to officially launch the Top of PHLX Options (TOPO) data product.
  • As announced in Data News #2009-23, TOPO is a new low-latency data feed for NASDAQ OMX PHLX that provides Best Bid and Offer and last sale information directly to subscribers.
  • With the TOPO production launch, firms may now connect to the NASDAQ OMX data center in the New York Metro Area to receive and process live TOPO data over the "A feed" and "B feed". The "C feed" for additional disaster recovery out of the Mid-Atlantic data center will be available shortly.

What is Top of PHLX Options?

Top of PHLX Options (TOPO) is a direct, low-latency market data feed that is designed to provide Best Bid and Offer and last sale information directly to subscribers.

Accessing the TOPO proprietary data feed directly from NASDAQ OMX PHLXSM (PHLXSM) will provide firms with an additional tool to compete with those obtaining the same data from the Options Price Reporting Authority (OPRA).

For the TOPO feed, NASDAQ OMXSM will support three multicast groups, also called the "A feed", "B feed" and "C feed". NASDAQ OMX will provide local redundancy in the New York Metro Area ("A feed") and ("B feed"), while using the Mid-Atlantic Region ("C feed") for disaster recovery in the event that order entry is switched from the New York Metro Area.

When is the official product launch date for TOPO?

Effective today, Monday, August 10, 2009, NASDAQ OMX supports the "A feed" and "B feed" multicast groups out of the New York Area data center. The "C feed" for additional disaster recovery out of the Mid-Atlantic data center will be available shortly.

How do I obtain the TOPO production data?

Order TOPO today!

To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from Nasdaq:

For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.

In addition, firms need to make arrangements to connect to the NASDAQ OMX New York Metro Area data center via co-location, an authorized extranet or direct connectivity provider.

What is the bandwidth recommendation for TOPO?

The bandwidth recommendation for the compressed production feed is 50 Megabits (Mb) per multicast group.

Data compression for TOPO will be done using the Fix Adapted for Streaming (FAST) protocol version. The FAST compression overlay will be implemented over the MoldUDP network protocol.

Where can I find the TOPO technical interface specifications?

TOPO documentation is available on the Market Data Specifications - Data Feeds page on the NASDAQ OMX Trader website. For your convenience, the links are also provided below.

Data Formats:

Network Support Documentation:

What is the monthly fee for TOPO?

TOPO monthly distributor fees are $2,000 per month for internal distribution and $2,500 per month for external distribution.

How will I receive my invoice for TOPO?

Firms will be billed for TOPO distributor fees in the same manner as any other NASDAQ OMX data service. TOPO fees will appear on the market data service invoice generated by NASDAQ OMX and will not appear on monthly NASDAQ OMX PHLX invoices.

NASDAQ OMX will begin to assess the TOPO entitlement fees for data feed subscribers in September 2009. The NASDAQ OMX invoice for the September billing month will be generated on or about October 7, 2009.

Who should I contact with questions regarding this notice?

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.