Nasdaq will introduce new API fields on order entry, as of 20th of November 2017.
The fields are:
· TraderID
· Client identification code
· Investment decision within firm
· Execution within firm
· Order Capacity
Trader ID
Trader ID will become a mandatory field on all order entries and on-exchange trade reports on November 20th.
The field must be populated with a value issued by Nasdaq. The Trader ID represents the human trader or the technical trading flow (for example an algo, routing or DMA) responsible for that entry.
Members shall register each trader (human or technical flow) according to Nasdaq’s rules. As part of the trader authorization process, Nasdaq will issue a Trader ID.
For existing traders and technical flows, Nasdaq launched a member readiness activity that must be completed prior to November 20th. Trader IDs will be issued as part of this activity.
ORK fields
Client ID, Investment decision within firm and Execution within firm will be mandatory when applicable and each will have one respective PartyRoleQualifier field to be populated.
The Client ID, Investment decision within firm and Execution within firm fields will need to be populated with a short code created by the member, following a defined format. Short codes 0, 1, 2 and 3 are reserved values, and can only be used under certain circumstances.
From November 20 to January 2, short codes will be required when applicable in the accepted format. Starting on January 3, each short codes will be required to be mapped up with a corresponding long code. The upload of long codes will be done via the Member Portal GUI, the Member Portal Rest API or the Member Portal file upload.
As required by MiFID II, order information containing short codes and corresponding long codes will be saved for a minimum of 5 years. Upon request from a National Competent Authority, Nasdaq will make order information available in a report in a predefined format.
The ORK fields are only mandatory on order entries and not on trade reports.
Order Capacity
The field Order capacity will become mandatory on all orders and trade reports on November 20th. It must be populated with a value that defines the kind of order or trade. The mandatory use of the fields Client ID and Investment Decision Maker depends on the value selected in the Order Capacity field.
For more information on Order Record Keeping and order entry validations, consult the ORK Implementation Guide available on the enhancement page of the Genium INET 5.0.0201 upgrade.
For further information and feedback concerning this information, please contact:
MiFID2.QA@nasdaq.com
