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Tuesday, February 27, 2007

Data News #2007 - 14
NASDAQ Plans to Migrate Direct NQDS Data Feed Recipients to New Level 2 Data Feed By August 31, 2007

  • NASDAQ Quotation Dissemination Service (NQDS)
Please Route To:
  • Direct NASDAQ Data Feed Recipients

Data Feed Impacted:
Summary:
  • As outlined in NASDAQ Vendor Alert #2007-004, NASDAQ introduced the Level 2 data feed as part of NASDAQ systems integration as a replacement for the legacy NQDS product.
  • Given the significant speed and data advantages of the new Level 2 data feed, NASDAQ plans to migrate all NQDS direct data feed subscribers to the Level 2 product over the next six months.
  • At the end of this transition period, NASDAQ plans to retire the legacy NQDS data feed product.

Overview:
As announced in NASDAQ Vendor Alert #2007-004, NASDAQ® recently introduced a new Level 2® data feed, in conjunction with NASDAQ systems integration, which features the NASDAQ market participant top-of-file quotations for non-NASDAQ listed issues (OpenView BasicSM data) as well as for NASDAQ-listed issues (legacy NQDSSM data). This new Level 2 data feed is faster and more efficient than the legacy NQDS product, and since Level 2 displays market participant quotes in actual shares, it provides greater market transparency than the traditional NQDS and OpenView Basic formats. In addition, given the significant increase in NASDAQ’s share volume in NYSE- and Amex-listed securities, which is now more than 30%, the addition of non-NASDAQ listed depth has significantly increased the value of the Level 2 product.

Customer Transition Plans:
NASDAQ strongly believes that it is in the public interest to provide timely and accurate data to the investors and traders. Given the significant processing advantages of the new Level 2 data feed, NASDAQ is now requiring that all NQDS direct data feed subscribers migrate to the new Level 2 data formats by August 31, 2007.

To ensure a smooth transition, NASDAQ will offer customers a six-month transition period in which to make the data feed conversion. During this transition period, NASDAQ will operate both Level 2 and NQDS in a parallel production mode. At the conclusion of the parallel period, NASDAQ will retire the legacy NQDS product.

Level 2 Ordering Information:
Direct data feed subscribers must contact their network provider(s) to order connectivity for the new Level 2 feed.

To access the Level 2 data format specification and network support documents, please refer to the NASDAQ Data Products – Real-time Data Feed Specifications page.

Contact Information


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