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Tuesday, June 5, 2007

Equity Trader Alert #2007 - 109
NASDAQ To Offer New Regulation NMS Compliance Tool

Please Route To: Head Traders; Technical Contacts; Compliance Officers; Executive Reps

What you need to know:

  • Pending filing with the Securities and Exchange Commission (SEC), NASDAQ is planning to offer a real-time surveillance alert and report module to assist firms with Reg NMS compliance. This new service will be called Regulatory Reconnaissance (Reg Recon).
  • Reg Recon will be available on the NASDAQ Workstation and WeblinkACT 2.0 as an add-on service.
  • NASDAQ is offering a 90-day free trial for customers that sign up by June 29, 2007.
  • Reg Recon will be available July 2, 2007, in time for firms to set up, and test in preparation for the Pilot Phase of Reg NMS on July 9, 2007.
  • Below are some examples of what we plan to offer as part of Reg Recon. The product is still in our quality control environment and NASDAQ welcomes any feedback or requests from customers.

Who you should contact: Stacie Swanstrom at 301.978.8101

What is Reg Recon?
NASDAQ® will offer a new a real-time surveillance alert and report module to assist firms with their Reg NMS compliance. This new service, Regulation Reconnaissance (Reg Recon) will provide real-time alerts that notify firms when NASDAQ has declared Self Help against another market, as well as several other alerts: Trade-Through Alerts:

  • Any NASD/NASDAQ Trade Reporting Facility (TRF) trade that appears to be a trade-through
  • The ability to click on the trade-through alert and change the price or add a modifier and submit as a no/was
  • Optional warning messages for any trades manually entered through the NASDAQ Workstation® or WeblinkACT 2.0 that would pop up an alert in the case of a possible trade-through
  • The ability to see when users have been warned for manual NASD/NASDAQ TRF entry and chose to proceed through the alert
  • The ability to see your portfolio or a firm-wide view of possible trade-through violations for NASD/NASDAQ TRF trades, regardless of which system the trades were entered through
  • The ability to set up and view possible NASD/NASDAQ TRF trade-through violations for a specific list of securities regardless of the system the trades were entered through
The reports will also offer:
  • NASD/NASDAQ TRF trade-through warnings for a specified period of time
  • The ability to see where your firm stands relative to potential NASD/NASDAQ TRF trade-through violations compared with the rest of the industry
  • The ability to see where you firm stands in percentage of InterMarket Sweep Order (ISO) trades versus your total trades relative to the rest of the industry
  • Flexible time filters - Day, Week, or From/To time designations (for the last week)
  • Print and Export capability

Reg Recon can be set up to send alerts at the Trader, Compliance or Head Trader level and to show activity for individual traders or firm-wide.

What will this new module look like?
Alerts will come up in the Trade Manager/Message Center

Optional warning message for any trades manually entered through the NASDAQ Workstation or WeblinkACT 2.0 that will provide a pop-up to alert when there is a possible trade-through.

Reports of the alerts the firm received for the current day, past week, or specific time period within the last week. These reports can be filtered by price, printed, or exported.

When will Reg Recon be available?
Reg Recon will be available July 2nd for firms to set up and test in preparation for Reg NMS on July 9th.

What is the pricing structure?
Reg Recon will be available on the NASDAQ Workstation and WeblinkACT 2.0 as an add-on service. There will be a 90-day free trial for users that sign up by June 29th.

How can I subscribe?
NASDAQ Workstation users or WeblinkACT 2.0 subscribers should fill out an order form and fax it to 212.231.5426 to sign up for the free 90 day trial.

To subscribe to the NASDAQ Workstation or WeblinkACT 2.0, visit www.NASDAQTrader.com/nnw.

Who can I contact for additional information?


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