Wednesday, October 27, 2010

Equity Technical Update #2010 - 22
Additional Testing for Reg SHO Changes Available Saturday, November 6, 2010 and During Regular NTF Hours of Operation

Markets Impacted:

Contact Information:

What you need to know:

  • NASDAQ OMX® will offer testing Saturday, November 6, 2010, for its support of the Regulation SHO (Reg SHO) short sale circuit breaker on The NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM), as will the NASDAQ ACTSM system.
  • Additional testing for Reg SHO changes will be available through the NASDAQ Testing Facility (NTF) during its regular hours of operation.
  • Firms should email NASDAQ OMX Trading Services to register for the test.

What will be offered?

On Saturday, November 6, 2010, NASDAQ OMX will offer testing for the Reg SHO short sale circuit breaker on NASDAQ, BX and PSX, as announced in Equity Technical Update #2010-13. NASDAQ ACT will also offer testing in support of the changes to Reg SHO on November 6th. Firms should email NASDAQ OMX Trading Services to register for the test.

As announced in Equity Technical Update #2010-21, the NASDAQ Testing Facility will support testing of Reg SHO changes during its regular hours of operation.

When is Saturday testing available?

NASDAQ OMX production systems will be available for pre-market trading in all securities at 9:00 a.m., Eastern Time (ET), followed by a market open at 9:30 a.m., ET, on Saturday, November 6, 2010.

A market close event will be scheduled for 12:00 p.m., ET.

Who should customers contact if they have questions during Saturday testing?

Customers should contact the NASDAQ OMX Trade Desk at +1 212 231 5100.

Will short sale circuit breakers be able to be initiated by firms in all securities?

Yes, firms may trade all securities, and circuit breakers will be triggered if the trading meets the circuit breaker threshold.

What data feeds will carry the test data?

The Reg SHO message will only be supported on the symbology-compliant versions of the NASDAQ OMX data feeds. The following direct data feeds will carry short sale circuit breaker data on November 6th:

  • UTP Quotation Data Feed (UQDF)
  • UTP Trade Data Feed (UTDF)
  • NASDAQ TotalView-ITCH
  • NASDAQ TotalView-Aggregated
  • NASDAQ Level 2
  • NASDAQ Basic / NASDAQ Best Bid and Offer (QBBO)
  • NASDAQ Last Sale (NLS)
  • NASDAQ Market Pathfinders
  • BX TotalView-ITCH
  • BX Basic / BX Best Bid and Offer (BX BBO)
  • BX Last Sale (BLS)
  • PSX TotalView-ITCH
  • PSX Basic / PSX Best Bid and Offer (PSX BBO)
  • PSX Last Sale (PLS)

Please note that NASDAQ OMX disseminates data over the production data feed channels during Saturday User Acceptance Tests (UATs).

What will the NASDAQ ACT test include?

The NASDAQ ACT System test will support full ACT functionality, including trade entry and unsolicited message (UM) generation through trade dissemination.

How will Reg SHO changes be supported in the NASDAQ Testing Facility?

The symbols below will be configured with the corresponding Reg SHO Short Sale Price Test Restricted Indicators. The Indicator for all other symbols will be “0.”

  • XRAY – 1
  • MSFT – 1
  • PZZA – 1
  • COCO – 2
  • MIND – 2
  • TSCM – 2

Where can I find additional information?

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