BBDS Market Center Originator Value Change

Effective Monday January 27, 2014, FINRA will modify the Market Center Originator value for Emergency Market Condition (EMC) messages on the Bulletin Board Dissemination Service (BBDS) data feed. FINRA is updating its market center code from “Q” to “U” to reflect the true content of the BBDS data feed under emergency market conditions. Note: This change does not impact TDDS message processing. TDDS will continue to support Emergency Market Condition (EMC) events via a General Administrative message.

 

Overview of Change

BBDS

A new Market Center Originator value of U will be used in this field for the following messages:

Category

Type

Usage

New Market Center Orig. Value

C

A

Emergency Market – Halt

U

C

B

Emergency Market – Resume

U

FINRA produces EMC messages when there are extraordinary market-wide conditions that necessitate a halt in OTCBB quoting activity and OTCBB and Other OTC trading activity.

 

FINRA may impose a trading and quotation halt in OTC equity securities pursuant to Rule 6440(a)(3) if it determines that halting trading in the security is the appropriate mechanism to protect investors and ensure a fair and orderly marketplace. In determining whether to impose an Extraordinary Event Halt under Rule 6440(a)(3), FINRA will consider several factors in making its determination, including but not limited to: (1) the material nature of the event; (2) the material facts surrounding the event are undisputed and not in conflict; (3) the event has caused widespread confusion in the trading of the security; (4) there has been a material negative effect on the market for the subject security; (5) the potential exists for a major disruption to the marketplace; (6) there is significant uncertainty in the settlement and clearance process for the security; and/or (7) such other factors as FINRA deems relevant in making its determination. FINRA may review all or some of these factors as it determines appropriate.

 

Because FINRA acts independently of the other exchanges, firms should limit marketplace logic based on the BBDS and TDDS administration messages to OTCBB and other OTC equity issues.

 

BBDS disseminates EMC messages via an EMC Halt control message (Category C, Type A) when the halt is instituted and an EMC Resume control message (Category C, Type B) when the halt is lifted. TDDS disseminates a General Administrative Message (Category A, Type A) with text language describing the halt when the halt is instituted and a second General Administrative Message (Category A, Type A) with text language describing the resumption when the halt is lifted.

 

Testing Opportunities

Firms may test the systems changes on Saturday, January 25, 2014.

Subject

Information

Testing hours

9 a.m. – 12 p.m. ET

Test Connectivity requirements (BBDS)

Production lines
BBDS:
Group IP = 224.3.0.24
Port = 55366
Source IP = 206.200.5.24

 

Please contact FINRA Product Management or call (866) 899-2107 with questions regarding these changes.