May 2, 2003
The 2nd Quarter 2003 OATS release currently scheduled for July 28, 2003, contains certain enhancements that will require coding changes on the part of member firms and OSOs. Therefore, NASD is providing advance notice to members and OSOs so that they may plan accordingly. NASD is expecting to publish the full Technical Specifications by mid-May. These enhancements are being implemented so that NASD can: 1) better identify whether an order routed to a Nasdaq Execution System or an ECN was sent electronically or non-electronically; 2) simplify system validations by breaking out the receiving method (electronic vs. non-electronic) from the order's origination (member, ECN, non-member); and 3) more easily identify when an ECN is the order receiving firm.
Outlined below is an overview of the specific 2nd Quarter enhancements.
1. New Order, Cancel/Replace, Combined Order/Route and Combined Order/Execution Reports
2. Route and Combined Order/Route Reports
3. Execution and Combined Order/Execution Reports
In order to provide firms with early guidance on necessary coding changes for the release, NASD is publishing companion documents designed to provide firms with the following: 1) the order report formats to be effective on July 14, 2003 in the Testing environment and July 28, 2003 in the Production environment; 2) a matrix of all system validations on New Order Type Reports with the new codes for the New Order, Cancel/Replace, Combined Order/Route and Combined Order/Execution Reports and 3) a matrix of all system validations on Route Type Reports with the new codes for the Route and Combined Order Route Reports. These documents are designed to assist programmers with their system coding.
The additions and modifications to these codes will have an impact on OATS validations and resulting rejections. Please monitor the OATS Web site and coming Email notices for additional information as it becomes available.