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Monday, June 22, 2009

Equity Trader Alert #2009 - 41
NASDAQ OMX BX Introduces Flash Orders

Markets Impacted:

  • NASDAQ OMX BX

Contact Information:

What you need to know:

  • Effective Monday, July 20, 2009, BX will introduce Flash Orders to provide additional order exposure for customers.
  • NASDAQ OMX will provide a new BX TotalView-ITCH data feed to allow customers to differentiate Flash Orders.

What is the behavior of the Flash Order?

Effective Monday, July 20, 2009, NASDAQ OMX BXSM (BXSM) will introduce Flash Orders that will provide additional order exposure for customers.

After attempting to sweep the BX book, a Flash Order will disseminate via BX TotalView-ITCH® for up to one half second at the most aggressive price possible that would not result in a trade through.

  • Enter the display code “S” into the display field to opt in to using flash functionality.
  • Orders that become non-marketable and that do not execute in the Flash period will remain on the book, unless cancelled by the customer.
  • Orders that remain marketable after the Flash period will be cancelled.
  • Orders executed during the Flash period will receive the full liquidity provider credit and will receive the liquidity code of “A.”

How can I distinguish a Flash Order on my data feed?

NASDAQ OMXSM plans to introduce new versions of the BX TotalView-ITCH data feed that will enable customers to differentiate Flash Orders from other orders on the book. NASDAQ OMX will be posting the specifications and ordering information for the new BX TotalView-ITCH feed with the Flash Order identifier in a Data News alert.

Earlier versions of the BX TotalView-ITCH service will carry the Flash Order data without the identifier.

Have the protocol specifications been updated?

Yes, updated protocol specifications have been posted on the NASDAQ OMX Trader® website. INET FIX and RASH have been updated with the “S” flag and two new display codes of “S” and “F” have been added to the OUCH protocol.

Where can I get additional information?


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