Tuesday, May 2, 2017
Data News #2017 - 3
Nasdaq To Cover the ISE exchanges (Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX) Market Data Services Under The Nasdaq Global Data Agreement
Markets Impacted:
Contact Information:
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What you need to know:Effective immediately, Nasdaq will cover ISE, GEMX, and MRX market data products under the terms and conditions of the Nasdaq Global Data Agreement (GDA). Nasdaq will require all clients receiving an ISE, GEMX and/or MRX data feed product to be party to the GDA. Nasdaq will expect ISE and GEMX redistributors to report summary and detailed usage reporting data via the Nasdaq Reporting Application (NORA) system. Nasdaq will integrate ISE and GEMX market data products onto the same invoice with other U.S. exchange data products, beginning in June 2017. |
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What is changing?
Nasdaq acquired the International Securities Exchange which includes Nasdaq ISE, Nasdaq GEMX, and Nasdaq MRX products. Nasdaq is in the process of migrating ISE markets to the state-of-the-art INET platform. As part of the transition, Nasdaq will also be moving ISE market data products to the Nasdaq administration model.
With the INET migration, Nasdaq will cover ISE market data feeds and ISE historical report clients under the terms and conditions of the Nasdaq Global Data Agreement (GDA). Effective immediately, ISE products will be administered by Nasdaq Global Information Services from an ordering perspective. Effective June 2017, ISE products will also be subject to Nasdaq’s market data usage reporting policies.
Who needs to execute the GDA?
Nasdaq will require ISE market data distributors to have a counter-executed GDA in place. An ISE market data distributor is defined as a firm that receives ISE, GEMX and/or MRX data via a direct data feed, indirect data feed, and/or FTP report (such as ISE Open / Close reports).
While most ISE distributors have already executed the GDA, there are several firms which may need to execute a new GDA or to submit an updated List of Affiliates. Nasdaq Global Information Services has reached out via email to those firms that need to submit paperwork.
What Nasdaq agreement will cover downstream ISE market data clients?
Nasdaq will require ISE, GEMX and MRX market data redistributors to execute Nasdaq Subscriber Agreement with third party recipients with a controlled market data device. Redistributors may find information on the Nasdaq Subscriber Agreement execution options on the Nasdaq data policies page of the Nasdaq Trader website.
How will I order ISE, GEMX and MRX services moving forward?
As with Nasdaq’s other market data services, firms must complete a DataFeed Request Form to order a new data feed or historical data product for ISE, GEMX, and/or MRX market. ISE, GEMX and MRX subscribers receiving data via a direct or indirect data feed product must also complete the System Application Form.
How should I submit ISE and GEMX market data usage reporting to Nasdaq?
As is the current policy, ISE distributors are expected to report usage statistics by the 15th of each month for the prior service month.
For the month of May 2017, ISE distributors should continue to report for ISE market data usage via electronic mail to marketdatabilling@ise.com.
Beginning June 2017, Nasdaq will require that all ISE distributors submit summary usage reporting statistics via the Nasdaq Reporting Application (NORA) system. ISE report titles should be added to the NORA system no later than June 01, 2017.
To get access to the NORA system, firms should complete the online form located at https://nora.nasdaq.com/public/RegisterUser.aspx. To ensure firms have sufficient time to update ISE reporting file formats and processes, Nasdaq will continue to process reporting submitted via email through July 31, 2017.
When will ISE report titles be available in the NORA system for reporting purposes?
Nasdaq will add ISE and GEMX report titles to the NORA system on or about June 01, 2017.
Where can I locate the Nasdaq detailed reporting formats for redistributors?
Nasdaq currently supports two inbound file formats for detailed reporting: CSV or MS-Excel. Please see the Nasdaq file format specifications for more details.
How will the invoicing of ISE market data change?
For direct bill distributors, Nasdaq will move ISE and GEMX market data products to the Nasdaq U.S. exchange market data invoice beginning June 2017.
Currently, ISE data fees are invoiced under separate ISE exchange invoices. With the transition, Nasdaq will move both ISE and GEMX market data fees to the U.S. exchange market data invoice. Once the transition is complete, firms will receive a single market data invoice for all of Nasdaq’s U.S. equity and options exchanges.
If a firm wishes to request a separate invoice for the ISE market data products, it should submit a written request to Nasdaq Global Information Services at least two weeks prior to scheduled invoice date.
Is Nasdaq changing ISE market data fees as part of this transition?
No. Nasdaq has no plans to modify the ISE or GEMX market data fee structure with the June 2017 transition. Moving forward, Nasdaq will announce any ISE, GEMX or MRX market data fee changes at least 30 day in advance by posting a Data News item on the Nasdaq Trader website as outlined in the GDA.
Please refer to the ISE fee schedule and GEMX fee schedule for the relevant exchange’s market data fees.
Will Nasdaq changing ISE policies as part of this transition?
Nasdaq will not make any ISE policy changes prior to the May/June 2017 transition.
Moving forward, however, Nasdaq will look to integrate ISE products into the Nasdaq Global Data Policies document. As Nasdaq is updating the policy document, it reserves the right to standardize its policies to facilitate cross-U.S. exchange data administration for distributors.
Who should I contact for additional information?
- Questions about ISE market data products and services should be directed to Nasdaq Global Information Services (GIS) Sales at +1 301 978 5307 (Option 1) or +45 33 93 33 66.
- Questions about Nasdaq market data usage reporting and invoices should be directed to Nasdaq GIS Operations at +1 301 978 5307 (Option 2).
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