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New Nasdaq/UTP Data Feed Services

New Nasdaq/UTP Data Feed Services. Nasdaq’s Dual Role. Nasdaq the Market Listing Market Venue for Trading & Quoting of Nasdaq-Listed securities Other Markets (UTP Exchanges) trade Nasdaq securities. Nasdaq’s Dual Role. Nasdaq the Securities Information Processor (SIP):

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New Nasdaq/UTP Data Feed Services

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  1. New Nasdaq/UTP Data Feed Services

  2. Nasdaq’s Dual Role • Nasdaq the Market • Listing Market • Venue for Trading & Quoting of Nasdaq-Listed securities • Other Markets (UTP Exchanges) trade Nasdaq securities

  3. Nasdaq’s Dual Role • Nasdaq the Securities Information Processor (SIP): • SIP for the UTP Plan. • Consolidates Trade & Quote information from all exchanges and markets that trade Nasdaq-Listed securities. • Disseminates consolidated data. • SIP and market functions are very integrated in existing Nasdaq systems and data feeds.

  4. Current Data Feed Products

  5. Separation of SIP Functions • Nasdaq must separate SIP and Market systems and functions • Nasdaq Exchange Registration • Generation of a Nasdaq BBO with aggregate size. • NASD (not Nasdaq) must operate an Alternative Display Facility (ADF) for quoting and trade reporting. • Capacity • Increasing volume of trading and quoting by UTP exchanges.

  6. New Nasdaq SIP Data Feed Products • Nasdaq plans to introduce three new data feed products in association with the SIP separation: • SIP Quote: Will be comprised of BBO from UTP exchanges, Nasdaq Exchange, and NASD ADF as well as the National Best Bid and Offer (NBBO) quotes for Nasdaq National Market (NNM) and Nasdaq SmallCap Market (SCM) issues. • NASD ADF Quote: Will be comprised of market participant quotes from the NASD ADF for the NNM and SCM issues. • SIP Trade: Will be comprised of trade-related data from UTP exchanges, Nasdaq Exchange, and NASD ADF for NNM and SCM issues.

  7. Nasdaq Data Feed Products • Nasdaq Products: • NQDS • ADAP • Prime • InterMarket (iM) Quote • OTCBB, Indexes and Mutual Funds

  8. Introduction of SIP Feeds • Second Quarter of 2002. • Planned parallel period of at least three months: • NBBO on both SIP Quote and Level 1. • Consolidated last sale on both SIP Trade and NTDS.

  9. Capacity Issues for 2002 • Higher traffic rates from current UTP participants: Chicago, Boston, and Cincinnati. • New UTP participants including Amex, Philadelphia, Pacific/Archipelago, and NASD ADF. • Separate Nasdaq BBO quotes with aggregated size. • New SuperMontage data feeds.

  10. Projected Data Feed Traffic Rates for 2002

  11. Data Feed Network • Current network configuration: • WorldCom Intelligent Shared Network II (ISNII). • T-1 connectivity to direct connect customers. • Total bandwidth allocation: 1.256 Megabits per second. • IP multicasting protocol.

  12. Data Feed Network • Without any market structure changes or new UTP participants, Nasdaq expected to reach maximum ISNII capacity by the end of next year. • With the major project initiatives outlined today, Nasdaq will need substantially more network capacity to carry its data feeds. • Therefore, Nasdaq is planning to move to a new higher speed network for its data feeds in 2002.

  13. New Network Infrastructure • Handling projected message traffic rates for new and existing data feeds. • New infrastructure to be available in 2nd Quarter 2002. • Migrate data feeds to WorldCom Enterprise Wide Network II (EWNII). • Offer multiple customer premise configurations to meet individual customer needs. • Provide point-to-point connectivity only for new Prime data feed.

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