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Tuesday, May 20, 2008

Equity Technical Update #2008 - 8
NASDAQ Updates Protocol Specifications

Please Route To:

Head Traders; Technical Contacts; Compliance Officers

What you need to know:

  • NASDAQ has updated protocol specifications to include a new Liquidity Flag for the following:
    • DROP, FIX, OUCH and RASH versions to include a new Liquidity Flag “J”.
    • CTCI and QIX to include a new Liquidity Flag “LJ”.
  • NASDAQ has added a Display Code “Z” to all versions of OUCH specifications.

Who you should contact:

What is changing?

NASDAQ® has updated the protocol specifications as follows:

The following protocols will include a new Liquidity Flag "J":

  • DROP Version 1.0
  • DROP Version 2.0
  • DROP Version 1.0 for INET FIX
  • INET FIX
  • NASDAQ FIX
  • OUCH Version 1.0
  • OUCH Version 2.0
  • OUCH Version 2.0a
  • OUCH Version 3.0
  • RASHport

The following protocols will include a new Liquidity Flag "LJ":

  • QIX
  • CTCI

The following protocols will include a new Display Code "Z":

  • OUCH Version 1.0
  • OUCH Version 2.0
  • OUCH Version 2.0a
  • OUCH Version 3.0

What information will be included with the new Liquidity Flags and Display Codes sections?

The Liquidity Flags field will include:

  • J = Non-displayed and added liquidity
  • LJ = Non-displayed and added liquidity

The Display field will include:

  • Z = Entered as displayed but changed to non-displayed (priced-to-comply)

What do I need to do to prepare for this change?

View the protocol specifications posted on the NASDAQ Trader® website to find information regarding this change.

Where can I get additional information?


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