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Discussions > General Q/A > Differentiate between Nasdaq Exchange Executions and OTC Executions

Differentiate between Nasdaq Exchange Executions and OTC Executions

Complete message thread from old site

Michael Donahue
24 July 2006 5:13pm

With NASDAQ becoming an exchange firms will need to identify the difference btw a Nasdaq Exchange execution (XNAS) and one that will still be considered OTC (tag 30 LstMarket). Looking at the FIX specs the existing values for NASDAQ are "O" for fix versions <= 4.2 and to use MIC codes of "XNAS" for >= 4.3 (based on using "MIC" code - ISO 10383 Market Identifier Code).

Per Nasdaq - "XNAS" is value that should be used for Nasdaq exchange executions.

What should the two sets of values be?
OTC executions: "0" for versions <=4.2 What for versions >=4.3
NASDAQ Exchange Executions: What for versions <=4.2 (OQ??) "XNAS" for versions >=4.3

FIX Trading Community
24 July 2006 6:26pm

[ original email was from Michael Tsafas - Michael.Tsafas@nasdaq.com ]
> With NASDAQ becoming an exchange firms will need to identify the
> difference btw a Nasdaq Exchange execution (XNAS) and one that will
> still be considered OTC (tag 30 LstMarket). Looking at the FIX specs the
> existing values for NASDAQ are "O" for fix versions <= 4.2 and to use
> MIC codes of "XNAS" for >= 4.3 (based on using "MIC" code - ISO 10383
> Market Identifier Code).
>
> Per Nasdaq - "XNAS" is value that should be used for Nasdaq exchange
> executions.
>
> What should the two sets of values be? OTC executions: "0" for versions
> <=4.2 What for versions >=4.3 NASDAQ Exchange Executions: What for
> versions <=4.2 (OQ??) "XNAS" for versions >=4.3

We at NASDAQ would welcome "OQ" to stay compatible with our friends at Reuters. We would much rather have "NQ" but are very comfortable with "OQ" for <=4.2. For versions => 4.3 we welcome "XNAS".

Thank you, Michael Tsafas, NASDAQ

FIX Trading Community
24 July 2006 6:40pm

[ original email was from Corwin Yu - cyu@sasiny.com ]
> > With NASDAQ becoming an exchange firms will need to identify the
> > difference btw a Nasdaq Exchange execution (XNAS) and one that will
> > still be considered OTC (tag 30 LstMarket). Looking at the FIX specs
> > the existing values for NASDAQ are "O" for fix versions <= 4.2 and to
> > use MIC codes of "XNAS" for >= 4.3 (based on using "MIC" code - ISO
> > 10383 Market Identifier Code).
> >
> > Per Nasdaq - "XNAS" is value that should be used for Nasdaq exchange
> > executions.
> >
> > What should the two sets of values be? OTC executions: "0" for
> > versions <=4.2 What for versions >=4.3 NASDAQ Exchange Executions:
> > What for versions <=4.2 (OQ??) "XNAS" for versions >=4.3
>
> We at NASDAQ would welcome "OQ" to stay compatible with our friends at
> Reuters. We would much rather have "NQ" but are very comfortable with
> "OQ" for <=4.2. For versions => 4.3 we welcome "XNAS".
>
> Thank you, Michael Tsafas, NASDAQ

Thanks for the information Michael, but I'm curious what the scenario would be if we routed to a NASDAQ market maker, would it still be appropriate to indicate OQ? (I assume it is)

Regards,
Corwin Yu

FIX Trading Community
24 July 2006 9:07pm

[ original email was from Michael Tsafas - Michael.Tsafas@nasdaq.com ]
> > > With NASDAQ becoming an exchange firms will need to identify the
> > > difference btw a Nasdaq Exchange execution (XNAS) and one that will
> > > still be considered OTC (tag 30 LstMarket). Looking at the FIX specs
> > > the existing values for NASDAQ are "O" for fix versions <= 4.2 and
> > > to use MIC codes of "XNAS" for >= 4.3 (based on using "MIC" code -
> > > ISO 10383 Market Identifier Code).
> > >
> > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq exchange
> > > executions.
> > >
> > > What should the two sets of values be? OTC executions: "0" for
> > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange Executions:
> > > What for versions <=4.2 (OQ??) "XNAS" for versions >=4.3
> >
> > We at NASDAQ would welcome "OQ" to stay compatible with our friends at
> > Reuters. We would much rather have "NQ" but are very comfortable with
> > "OQ" for <=4.2. For versions => 4.3 we welcome "XNAS".
> >
> > Thank you, Michael Tsafas, NASDAQ
>
> Thanks for the information Michael, but I'm curious what the scenario
> would be if we routed to a NASDAQ market maker, would it still be
> appropriate to indicate OQ? (I assume it is)
>
> Regards, Corwin Yu

Thank you for the question. We are scheduling a conference call to discuss this, please look for the announcement.
Regards, Michael Tsafas, NASDAQ.

Tom Jordan
4 August 2006 9:52pm

All,

A subgroup of industry participants including representation from NASDAQ, Reuters, broker dealers and the FPL Program Office, discussed a number of distinct alternatives to respond to the discussion below. Please review these alternatives which are included in the following document: http://www.fixprotocol.org/documents/2790/Differentiating%20NASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this thread as soon as possible and let us know which of these would be your firm’s preferred approach.

Thanks,
Tom Jordan

> > > > With NASDAQ becoming an exchange firms will need to identify the
> > > > difference btw a Nasdaq Exchange execution (XNAS) and one that
> > > > will still be considered OTC (tag 30 LstMarket). Looking at the
> > > > FIX specs the existing values for NASDAQ are "O" for fix versions
> > > > <= 4.2 and to use MIC codes of "XNAS" for >= 4.3 (based on using
> > > > "MIC" code - ISO 10383 Market Identifier Code).
> > > >
> > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > exchange executions.
> > > >
> > > > What should the two sets of values be? OTC executions: "0" for
> > > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange Executions:
> > > > What for versions <=4.2 (OQ??) "XNAS" for versions >=4.3
> > >
> > > We at NASDAQ would welcome "OQ" to stay compatible with our friends
> > > at Reuters. We would much rather have "NQ" but are very comfortable
> > > with "OQ" for <=4.2. For versions => 4.3 we welcome "XNAS".
> > >
> > > Thank you, Michael Tsafas, NASDAQ
> >
> > Thanks for the information Michael, but I'm curious what the scenario
> > would be if we routed to a NASDAQ market maker, would it still be
> > appropriate to indicate OQ? (I assume it is)
> >
> > Regards, Corwin Yu
>
> Thank you for the question. We are scheduling a conference call to
> discuss this, please look for the announcement. Regards, Michael
> Tsafas, NASDAQ.

Tom Jordan
7 August 2006 4:09pm

Please see feedback received on the below from Matt Lavicka of Goldman Sachs:

We think that alternative #1 is a hybrid option that will make things more confusing in the market place and would be more work for us to support. We much prefer either alternative #2 or alternative #3.

Between #2 and #3, alternative #3 is more consistent with what is actually happening in the market place (i.e. Nasdaq is the new exchange and therefore it should be the one that gets assigned a new code). However, we could also live with alternative #2 if needed.

Thanks,
Matt Lavicka
Goldman Sachs

> All,
>
> A subgroup of industry participants including representation from
> NASDAQ, Reuters, broker dealers and the FPL Program Office, discussed a
> number of distinct alternatives to respond to the discussion below.
> Please review these alternatives which are included in the following
> document: http://www.fixprotocol.org/documents/2790/Differentiating%20N-
> ASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this
> thread as soon as possible and let us know which of these would be your
> firm’s preferred approach.
>
> Thanks, Tom Jordan
>
> > > > > With NASDAQ becoming an exchange firms will need to identify the
> > > > > difference btw a Nasdaq Exchange execution (XNAS) and one that
> > > > > will still be considered OTC (tag 30 LstMarket). Looking at the
> > > > > FIX specs the existing values for NASDAQ are "O" for fix
> > > > > versions <= 4.2 and to use MIC codes of "XNAS" for >= 4.3 (based
> > > > > on using "MIC" code - ISO 10383 Market Identifier Code).
> > > > >
> > > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > > exchange executions.
> > > > >
> > > > > What should the two sets of values be? OTC executions: "0" for
> > > > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange
> > > > > Executions: What for versions <=4.2 (OQ??) "XNAS" for versions
> > > > > >=4.3
> > > >
> > > > We at NASDAQ would welcome "OQ" to stay compatible with our
> > > > friends at Reuters. We would much rather have "NQ" but are very
> > > > comfortable with "OQ" for <=4.2. For versions => 4.3 we welcome
> > > > "XNAS".
> > > >
> > > > Thank you, Michael Tsafas, NASDAQ
> > >
> > > Thanks for the information Michael, but I'm curious what the
> > > scenario would be if we routed to a NASDAQ market maker, would it
> > > still be appropriate to indicate OQ? (I assume it is)
> > >
> > > Regards, Corwin Yu
> >
> > Thank you for the question. We are scheduling a conference call to
> > discuss this, please look for the announcement. Regards, Michael
> > Tsafas, NASDAQ.

FIX Trading Community
7 August 2006 5:01pm

[ original email was from Steve Wilkinson - steve.wilkinson@solutionforge.com ]
All,

In our analysis of MICs and Reuters exchange codes, we identified a similar issue with the following markets and their respective codes:

* XASE (American) - A, 1
* XKOR (Korean) - KS, KQ
* XMOO (Montreal) - M, 6
* XPSE (Pacific) - P, 8
* XTAI (Taiwan) - TW, TWO

(Apologies if any of these are now defunct).

It would be interesting to know if others have a good working solution to this problem - for example, have new MICs been proposed for some of these markets?

Thx in advance,

Steve Wilkinson, Solutionforge.

> All,
>
> A subgroup of industry participants including representation from
> NASDAQ, Reuters, broker dealers and the FPL Program Office, discussed a
> number of distinct alternatives to respond to the discussion below.
> Please review these alternatives which are included in the following
> document: http://www.fixprotocol.org/documents/2790/Differentiating%20N-
> ASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this
> thread as soon as possible and let us know which of these would be your
> firm’s preferred approach.
>
> Thanks, Tom Jordan
>
> > > > > With NASDAQ becoming an exchange firms will need to identify the
> > > > > difference btw a Nasdaq Exchange execution (XNAS) and one that
> > > > > will still be considered OTC (tag 30 LstMarket). Looking at the
> > > > > FIX specs the existing values for NASDAQ are "O" for fix
> > > > > versions <= 4.2 and to use MIC codes of "XNAS" for >= 4.3 (based
> > > > > on using "MIC" code - ISO 10383 Market Identifier Code).
> > > > >
> > > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > > exchange executions.
> > > > >
> > > > > What should the two sets of values be? OTC executions: "0" for
> > > > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange
> > > > > Executions: What for versions <=4.2 (OQ??) "XNAS" for versions
> > > > > >=4.3
> > > >
> > > > We at NASDAQ would welcome "OQ" to stay compatible with our
> > > > friends at Reuters. We would much rather have "NQ" but are very
> > > > comfortable with "OQ" for <=4.2. For versions => 4.3 we welcome
> > > > "XNAS".
> > > >
> > > > Thank you, Michael Tsafas, NASDAQ
> > >
> > > Thanks for the information Michael, but I'm curious what the
> > > scenario would be if we routed to a NASDAQ market maker, would it
> > > still be appropriate to indicate OQ? (I assume it is)
> > >
> > > Regards, Corwin Yu
> >
> > Thank you for the question. We are scheduling a conference call to
> > discuss this, please look for the announcement. Regards, Michael
> > Tsafas, NASDAQ.

Mike Turner
7 August 2006 7:36pm

All,
For version 4.2 and lower we agree with alternative 3 from a trade capture perspective, because we want to maintain the legacy "O" and use the new "OQ" for the new exchange. At this point we could use "DF" for the NASD ADF (Alternative Display Facility) since these will need to be segregated from other OTC for Blue Sheet purposes by 12/31/06.

Mike Turner, Pershing

> All,
>
> In our analysis of MICs and Reuters exchange codes, we identified a
> similar issue with the following markets and their respective codes:
>
> * XASE (American) - A, 1
> * XKOR (Korean) - KS, KQ
> * XMOO (Montreal) - M, 6
> * XPSE (Pacific) - P, 8
> * XTAI (Taiwan) - TW, TWO
>
> (Apologies if any of these are now defunct).
>
> It would be interesting to know if others have a good working solution
> to this problem - for example, have new MICs been proposed for some of
> these markets?
>
> Thx in advance,
>
> Steve Wilkinson, Solutionforge.
>
> > All,
> >
> > A subgroup of industry participants including representation from
> > NASDAQ, Reuters, broker dealers and the FPL Program Office, discussed
> > a number of distinct alternatives to respond to the discussion below.
> > Please review these alternatives which are included in the following
> > document: http://www.fixprotocol.org/documents/2790/Differentiating%20N-
> > ASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this
> > thread as soon as possible and let us know which of these would be
> > your firm’s preferred approach.
> >
> > Thanks, Tom Jordan
> >
> > > > > > With NASDAQ becoming an exchange firms will need to identify
> > > > > > the difference btw a Nasdaq Exchange execution (XNAS) and one
> > > > > > that will still be considered OTC (tag 30 LstMarket). Looking
> > > > > > at the FIX specs the existing values for NASDAQ are "O" for
> > > > > > fix versions <= 4.2 and to use MIC codes of "XNAS" for >= 4.3
> > > > > > (based on using "MIC" code - ISO 10383 Market Identifier
> > > > > > Code).
> > > > > >
> > > > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > > > exchange executions.
> > > > > >
> > > > > > What should the two sets of values be? OTC executions: "0" for
> > > > > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange
> > > > > > Executions: What for versions <=4.2 (OQ??) "XNAS" for versions
> > > > > > >=4.3
> > > > >
> > > > > We at NASDAQ would welcome "OQ" to stay compatible with our
> > > > > friends at Reuters. We would much rather have "NQ" but are very
> > > > > comfortable with "OQ" for <=4.2. For versions => 4.3 we welcome
> > > > > "XNAS".
> > > > >
> > > > > Thank you, Michael Tsafas, NASDAQ
> > > >
> > > > Thanks for the information Michael, but I'm curious what the
> > > > scenario would be if we routed to a NASDAQ market maker, would it
> > > > still be appropriate to indicate OQ? (I assume it is)
> > > >
> > > > Regards, Corwin Yu
> > >
> > > Thank you for the question. We are scheduling a conference call to
> > > discuss this, please look for the announcement. Regards, Michael
> > > Tsafas, NASDAQ.

FIX Trading Community
15 August 2006 4:59pm

[ original email was from Michael Tsafas - Michael.Tsafas@nasdaq.com ]
From NASDAQ's point of view we think alternatives 2 and 3 are better solutions and we support either. If we had to chose one we would lean toward 3. It makes more sense given that it will represent our new exchange designation.
Michael Tsafas - NASDAQ

> All, For version 4.2 and lower we agree with alternative 3 from a trade
> capture perspective, because we want to maintain the legacy "O" and use
> the new "OQ" for the new exchange. At this point we could use "DF" for
> the NASD ADF (Alternative Display Facility) since these will need to be
> segregated from other OTC for Blue Sheet purposes by 12/31/06.
>
>
> Mike Turner, Pershing
>
> > All,
> >
> > In our analysis of MICs and Reuters exchange codes, we identified a
> > similar issue with the following markets and their respective codes:
> >
> > * XASE (American) - A, 1
> > * XKOR (Korean) - KS, KQ
> > * XMOO (Montreal) - M, 6
> > * XPSE (Pacific) - P, 8
> > * XTAI (Taiwan) - TW, TWO
> >
> > (Apologies if any of these are now defunct).
> >
> > It would be interesting to know if others have a good working solution
> > to this problem - for example, have new MICs been proposed for some of
> > these markets?
> >
> > Thx in advance,
> >
> > Steve Wilkinson, Solutionforge.
> >
> > > All,
> > >
> > > A subgroup of industry participants including representation from
> > > NASDAQ, Reuters, broker dealers and the FPL Program Office,
> > > discussed a number of distinct alternatives to respond to the
> > > discussion below. Please review these alternatives which are
> > > included in the following document: http://www.fixprotocol.org/documents/2790/Differentiating%20N-
> > > ASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this
> > > thread as soon as possible and let us know which of these would be
> > > your firm’s preferred approach.
> > >
> > > Thanks, Tom Jordan
> > >
> > > > > > > With NASDAQ becoming an exchange firms will need to identify
> > > > > > > the difference btw a Nasdaq Exchange execution (XNAS) and
> > > > > > > one that will still be considered OTC (tag 30 LstMarket).
> > > > > > > Looking at the FIX specs the existing values for NASDAQ are
> > > > > > > "O" for fix versions <= 4.2 and to use MIC codes of "XNAS"
> > > > > > > for >= 4.3 (based on using "MIC" code - ISO 10383 Market
> > > > > > > Identifier Code).
> > > > > > >
> > > > > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > > > > exchange executions.
> > > > > > >
> > > > > > > What should the two sets of values be? OTC executions: "0"
> > > > > > > for versions <=4.2 What for versions >=4.3 NASDAQ Exchange
> > > > > > > Executions: What for versions <=4.2 (OQ??) "XNAS" for
> > > > > > > versions
> > > > > > > >=4.3
> > > > > >
> > > > > > We at NASDAQ would welcome "OQ" to stay compatible with our
> > > > > > friends at Reuters. We would much rather have "NQ" but are
> > > > > > very comfortable with "OQ" for <=4.2. For versions => 4.3 we
> > > > > > welcome "XNAS".
> > > > > >
> > > > > > Thank you, Michael Tsafas, NASDAQ
> > > > >
> > > > > Thanks for the information Michael, but I'm curious what the
> > > > > scenario would be if we routed to a NASDAQ market maker, would
> > > > > it still be appropriate to indicate OQ? (I assume it is)
> > > > >
> > > > > Regards, Corwin Yu
> > > >
> > > > Thank you for the question. We are scheduling a conference call to
> > > > discuss this, please look for the announcement. Regards, Michael
> > > > Tsafas, NASDAQ.

Brian Mcnelis
16 August 2006 9:53pm

Tom,

The major industry utilities, the Nasdaq UTP SIP and SIAC, now use the letter code "D" to identify over-the-counter trades for NMS securities reported through the NASD ADF. Reuters equivalent of that is the exchange ID "DF". We use the exchange ID "OQ" to identify trades attributable to the Nasdaq Stock Exchange. Thus we would prefer the solution that designates the Nasdaq Stock Exchange as "OQ" and designates over-the-counter trades as "DF".

Some have asked why not retain "O" for Nasdaq. Reuters uses the exchange ID "O" to designate the record containing the consolidated last sale information and the NBBO. Since the NASD ADF is represented in the consolidated last sale and the NBBO, we believe this would potentially muddy the waters of what was an exchange trade vs. an OTC trade.

So we would not like to see "O" continue to be used.

Thanks,
Brian McNelis
Reuters

> All,
>
> A subgroup of industry participants including representation from
> NASDAQ, Reuters, broker dealers and the FPL Program Office, discussed a
> number of distinct alternatives to respond to the discussion below.
> Please review these alternatives which are included in the following
> document: http://www.fixprotocol.org/documents/2790/Differentiating%20N-
> ASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this
> thread as soon as possible and let us know which of these would be your
> firm’s preferred approach.
>
> Thanks, Tom Jordan
>
> > > > > With NASDAQ becoming an exchange firms will need to identify the
> > > > > difference btw a Nasdaq Exchange execution (XNAS) and one that
> > > > > will still be considered OTC (tag 30 LstMarket). Looking at the
> > > > > FIX specs the existing values for NASDAQ are "O" for fix
> > > > > versions <= 4.2 and to use MIC codes of "XNAS" for >= 4.3 (based
> > > > > on using "MIC" code - ISO 10383 Market Identifier Code).
> > > > >
> > > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > > exchange executions.
> > > > >
> > > > > What should the two sets of values be? OTC executions: "0" for
> > > > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange
> > > > > Executions: What for versions <=4.2 (OQ??) "XNAS" for versions
> > > > > >=4.3
> > > >
> > > > We at NASDAQ would welcome "OQ" to stay compatible with our
> > > > friends at Reuters. We would much rather have "NQ" but are very
> > > > comfortable with "OQ" for <=4.2. For versions => 4.3 we welcome
> > > > "XNAS".
> > > >
> > > > Thank you, Michael Tsafas, NASDAQ
> > >
> > > Thanks for the information Michael, but I'm curious what the
> > > scenario would be if we routed to a NASDAQ market maker, would it
> > > still be appropriate to indicate OQ? (I assume it is)
> > >
> > > Regards, Corwin Yu
> >
> > Thank you for the question. We are scheduling a conference call to
> > discuss this, please look for the announcement. Regards, Michael
> > Tsafas, NASDAQ.

Tom Jordan
22 August 2006 11:31pm

All,

Based on this feedback received in this discussion forum, the consensus solution on this issue is as follows: http://www.fixprotocol.org/documents/2825/Nasdaq%20Exchange%20Executions%20and%20OTC%20Executions_20060822.doc. Three alternatives were posted on this discussion forum for wider input and although some preferred different solutions, all of the responding firms can live with and are satisfied with this approach. Since there will probably be some implementations where firms still use O, the FPL Global Technical Committee will monitor discussion boards and industry feedback to determine what the impact is and to make further postings as appropriate.

Regards,

Tom Jordan
Jordan & Jordan

---------------------------------------------

> Tom,
>
> The major industry utilities, the Nasdaq UTP SIP and SIAC, now use the
> letter code "D" to identify over-the-counter trades for NMS securities
> reported through the NASD ADF. Reuters equivalent of that is the
> exchange ID "DF". We use the exchange ID "OQ" to identify trades
> attributable to the Nasdaq Stock Exchange. Thus we would prefer the
> solution that designates the Nasdaq Stock Exchange as "OQ" and
> designates over-the-counter trades as "DF".
>
> Some have asked why not retain "O" for Nasdaq. Reuters uses the exchange
> ID "O" to designate the record containing the consolidated last sale
> information and the NBBO. Since the NASD ADF is represented in the
> consolidated last sale and the NBBO, we believe this would potentially
> muddy the waters of what was an exchange trade vs. an OTC trade.
>
> So we would not like to see "O" continue to be used.
>
> Thanks, Brian McNelis Reuters
>
> > All,
> >
> > A subgroup of industry participants including representation from
> > NASDAQ, Reuters, broker dealers and the FPL Program Office, discussed
> > a number of distinct alternatives to respond to the discussion below.
> > Please review these alternatives which are included in the following
> > document: http://www.fixprotocol.org/documents/2790/Differentiating%20N-
> > ASDAQ%20Exchange%20Executions%20vs%20OTC.doc. Please respond to this
> > thread as soon as possible and let us know which of these would be
> > your firm’s preferred approach.
> >
> > Thanks, Tom Jordan
> >
> > > > > > With NASDAQ becoming an exchange firms will need to identify
> > > > > > the difference btw a Nasdaq Exchange execution (XNAS) and one
> > > > > > that will still be considered OTC (tag 30 LstMarket). Looking
> > > > > > at the FIX specs the existing values for NASDAQ are "O" for
> > > > > > fix versions <= 4.2 and to use MIC codes of "XNAS" for >= 4.3
> > > > > > (based on using "MIC" code - ISO 10383 Market Identifier
> > > > > > Code).
> > > > > >
> > > > > > Per Nasdaq - "XNAS" is value that should be used for Nasdaq
> > > > > > exchange executions.
> > > > > >
> > > > > > What should the two sets of values be? OTC executions: "0" for
> > > > > > versions <=4.2 What for versions >=4.3 NASDAQ Exchange
> > > > > > Executions: What for versions <=4.2 (OQ??) "XNAS" for versions
> > > > > > >=4.3
> > > > >
> > > > > We at NASDAQ would welcome "OQ" to stay compatible with our
> > > > > friends at Reuters. We would much rather have "NQ" but are very
> > > > > comfortable with "OQ" for <=4.2. For versions => 4.3 we welcome
> > > > > "XNAS".
> > > > >
> > > > > Thank you, Michael Tsafas, NASDAQ
> > > >
> > > > Thanks for the information Michael, but I'm curious what the
> > > > scenario would be if we routed to a NASDAQ market maker, would it
> > > > still be appropriate to indicate OQ? (I assume it is)
> > > >
> > > > Regards, Corwin Yu
> > >
> > > Thank you for the question. We are scheduling a conference call to
> > > discuss this, please look for the announcement. Regards, Michael
> > > Tsafas, NASDAQ.