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Monday, March 5, 2018

Data Technical News #2018 - 3
REMINDER: Nasdaq Announces Data Feed Specification Updates to Support the Introduction of an Operational Halt Message

Markets Impacted:

Product Impacted:

  • Multiple Data Feeds identified within the alert

Contact Information:

What you need to know:

Nasdaq is introducing a new message, the Operational Halt, in order to broadcast the current operational status of a security on a specific Nasdaq market center to the trading community.

The Operational Halt message will be live on all impacted data feeds on Monday, June 4, 2018.

Update 05/04/2018: Nasdaq made the decision to fall back to the previous version numbers for the updated specification documents. This decision was made to avoid customer confusion related to different sequencing between the version number of the product specifications and the version number of the actual product code.

Nasdaq will offer User Acceptance Test (UAT) opportunities for all Distributors on the following dates:

  • Saturday, May 5, 2018
  • Saturday, June 2, 2018

Update 05/31/2018: For the upcoming UAT scheduled, Saturday, June 2, 2018, Nasdaq will test various market scenarios in the following six symbols: VSAT, TEAM, UNIT, GOLF, HAP, and BRG. These tests will include rejecting new orders, canceling existing orders, as well as modifications to orders resting on the Nasdaq order book.

Testing for the UAT is tentatively scheduled to begin at 10:00 AM.

What is being announced?

Nasdaq is introducing a new message called the “Operational Halt”. An Operational Halt means that there has been an interruption of service on the identified security impacting only the designated Market Center. These Halts differ from the “Stock Trading Action” message types since an Operational Halt is specific to the exchange for which it is declared, and does not interrupt the ability of the trading community to trade the identified instrument on any other market place.

How is an “Operational Halt” different than what I receive today?

The new “Operational Halt” is specific to the exchange for which it is declared. Unlike the “Trading State” distributed via the existing “Stock Trading Action Message”, it does not interrupt the ability of the trading community to trade the identified instrument on any other market place beyond the market center declaring a standalone “Operational Halt”.

Will I receive an “Operational Halt” update every day?

No. The new “Operational Halt” will only be published to the feed if an Operational Halt is declared by the Exchange. This is different than the “Stock Trading Action Message” that publishes an update for every instrument at the start of system hours with each instrument’s current trading state.

How will I tell these messages apart?

The new “Operational Halt” has a message type of “h”. “Stock Trading Action Message” has a message type of “H”. The difference in case of the indicating letter ensures that the “Stock Action Trading Message” and the “Operational Halt” message cannot be confused.

What does the new message look like?

Please consult each specification document to understand and prepare for all upcoming changes required to introduce this new message type. Specification documents can be accessed here.

Which Nasdaq, BX and PSX proprietary market data feeds will be affected by the updates?

Update 05/04/2018: Nasdaq made the decision to fall back to the previous version numbers for the updated specification documents. This decision was made to avoid customer confusion related to different sequencing between the version number of the product specifications and the version number of the actual product code. Please refer to the data feed specifications for the actual message format.

How will GLIMPSE™ products reflect an Operational Halt?

GLIMPSE™ is the retransmission facility for Nasdaq, BX and PSX TotalView-ITCH direct data feed subscribers. Using the GLIMPSE™ facility, TotalView-ITCH data feed subscribers may obtain a snapshot of the Nasdaq, BX and PSX order book at any point during the trading day. GLIMPSE™ will always return the last seen state of the “Operational Halt” message.

This means if GLIMPSE™ is used during an Operational Halt situation, or after an Operational Halt has been resolved and trading resumed, GLIMPSE™ will return either “Operationally Halted” or “Trading Resumed” respectively. Otherwise a subscriber to GLIMPSE™ would not see the Operational Halt message during recovery of order book data.

Will there be testing opportunities?

Yes. Nasdaq will offer two user acceptance tests (UAT) on Saturday, May 5, 2018 and Saturday, June 2, 2018 for firms to test the new “Operational Halt” message.

Do Nasdaq direct data feed subscribers need to order new data feeds?

No. The Operational Halt message will be an additional message added to the relevant data products, so no new connectivity is required. However, development may be required to read, capture, and interact with the new message information.

Will there be a parallel migration period?

No. Nasdaq will introduce the new Operational Halt message on Monday, June 4, 2018. Firms are strongly encouraged to ensure their systems are updated by this date.

Are the IP addresses changing?

No. The IP addresses will remain the same.

Where can I find the updated proprietary data feed specifications?

Please refer to the Global Data Specifications page on the Nasdaq Trader website for the most recent versions of the U.S. Equities data feed interface documents.

Where can I find additional information?

Questions about the revised Nasdaq data feed specifications may be directed to Nasdaq Global Information Services at +1 301 978 5307.

Questions about trading may be directed to Transaction Services U.S. Market Sales at +1 800 846 0477.


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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.

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