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Thursday, January 25, 2007

UTP Vendor Alert #2007 - 6
SIP Enhancement Release 10.0 SEC Regulation NMS Testing and Production Dates Modified

Please Route To:
  • Direct UTP Data Feed Subscribers
  • NASDAQ Market Data Redistributors

Data feeds impacted:
  • UTP Trade Data Feed (UTDF)
  • UTP Quotation Data Feed (UQDF)

Summary:
  • As announced in NASDAQ Regulatory Alert 2007-005, the Securities and Exchange Commission (SEC) has postponed the Regulation NMS (Reg NMS) implementation date from Monday, February 5, 2007, to Monday, March 5, 2007.
  • As a result of the postponement, the UTP Operating Committee (UTPOC) has approved a delay for implementation of the SIP Enhancement Release 10.0.
  • The revised implementation date for the SIP Enhancement Release 10.0 SEC Regulation NMS will be Monday, February 26, 2007.

Overview:
As announced in UTP Vendor Alert #2006-029, in conjunction with the implementation of the SEC Reg NMS rules, the NASDAQ Securities Information Processor (SIP) planned to implement SIP Enhancement Release 10.0 SEC Regulation NMS on Monday February 5, 2007. As a result of the SEC delay in the Trading Phase of Reg NMS and in order to allow the vendor and trading community more time to prepare for this initiative, the UTPOC has decided to postpone the implementation date for this Release.

The revised implementation date for the SIP Enhancement Release 10.0 SEC Regulation NMS will be Monday, February 26, 2007. This will be a hot cut* release of the new data formats.

*On the release date, the SIP will only support the new data formats. Firms must be prepared to support the new data format on the stated release date. If a firm has failed to code to the new data formats, it will lose data.

Testing and Implementation Schedule:

As a result of the SEC delay order, the SIP will cancel the Reg NMS User Acceptance Test (UAT) scheduled for Saturday, January 27, 2007. The SIP will accommodate current production formats (non-Reg NMS) for testing conducted on January 27, 2007.

The SIP will provide additional testing opportunities for the Reg NMS formats in February:

Type of Testing Scheduled Dates Description
Evening Test Transmissions Will continue through Friday, February 23, 2007 A test file will be recorded to be replayed in the evenings from 9:00 p.m. to 10:30 p.m., Eastern Time (ET), to all UTP data feed subscribers. No registration is required to participate in evening testing.
Saturday User Acceptance Tests (UATs) Select Saturdays in February:
February 3, 2007 (tentative); February 10, 2007; February 17, 2007; and a Confidence Test on Saturday, February 24, 2007.		 NASDAQ SIP will conduct production tests on select Saturdays. UTP participants will be invited to test their connectivity and send Reg NMS-compliant trade and quote data to the SIP. As it is generated, the NASDAQ SIP will disseminate the test data via the UTP data feeds. Advance registration is requested for the UATs.
Production Date Monday, February 26, 2007 SIP 10.0 goes live into production as a hot cut release.

To register for the UATs, please email your testing contact information to NASDAQ Market Data Distribution at least one day prior to the scheduled testing date.

Contact Information: