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89-17 Adoption of Rule Amendments Mandating the Automated Submission Of Trading Data Technical Specifications

SUGGESTED ROUTING*

Senior Management
Legal & Compliance
Operations
Systems
Trading

*These are suggested departments only. Others may be appropriate for your firm.

EXECUTIVE SUMMARY

As previously reported in Notice To Members 88-104, the NASD, beginning February 12, 1989, will require its members to respond to requests for trading data using an automated format. The format is consistent with that required by other self-regulatory organizations, including the New York Stock Exchange (NYSE) and American Stock Exchange (Amex). This Notice briefly discusses a member's technical options regarding compliance with these requirements.

BACKGROUND AND EXPLANATION

In Notice to Members 88-104, the NASD announced that it would be filing with the SEC, in conjunction with other self-regulatory organizations, a rule that requires members to submit trading data in a standarized automated format in response to a self-regulatory organization request. The NASD will be employing the same automated format that was developed jointly by the NYSE, the Securities Industry Association (SIA) and the Securities and Exchange Commission (SEC).

All members must submit this data in an automated format starting February 12, 1989. To assist member firms in their compliance with these requirements, the following reporting options are available now or will be available in the near future.

New York Stock Exchange —Joint Members Of the NASD and Self-Clearing

The NASD is working with the Securities Industry Automation Corporation (SIAC) to develop a communications line directly to the NASD Operations Center in Rockville, Maryland. This would permit NASD/NYSE member firms to submit automated trading information relating to NASDAQ securities to SIAC using the same systems and procedures as they would in submitting NYSE information. The data link is expected to be operational shortly after the effective date of the rule. In the interim, NASD/NYSE members are required to submit this information via computer tape or diskette according to the specifications noted below.

Sole NASD Member Firms — Self-Clearing

NASD member firms that self-clear and that perform internal recordkeeping by an in-house automated system also are required to submit automated trading information via computer tape or diskette.

The specifications for responding by tape are:

  • ASCII format.
  • External label to identify the submitting firm.
  • No internal label.
  • Block size of 4096.
  • BPI of 6250.

The specifications for responding by diskette are:

  • 5.25-inch floppy disk formatted in MS-DOS or (PC-DOS) version 2.x or 3.x.
  • 360K or 1.2MEG format.
  • ASCII characters in blocks of 80 characters. The blocks may be separated by new lines or carriage returns.
  • Naming the file(s) blue.l, blue.2, etc.

Exhibit 1 contains the file format for the trading information. This format is applicable for both tape and diskette submissions. Members using service bureaus should advise them of this requirement to provide the NASD with trading information in an automated format and should determine what arrangements the service bureaus have made to provide the self-regulatory organizations with the required data.

NASD and Exchange Members That Clear on a Fully Disclosed Basis

NASD and exchange member firms that introduce their business on a fully disclosed basis should check with their clearing broker-dealers to ensure that they are able to provide automated NASDAQ trading information submissions to the NASD on behalf of the introducing firm. The NASD considers it the responsibility of the introducing firm to ensure that the requests for information and the 10-day time limitation are met. In this regard, an introducing firm must make other arrangements to provide the data electronically should its clearing firm, for whatever reason, not be prepared to act on its behalf.

As noted in Notice to Members 88-104, the NASD will consider granting limited exemptions on an "as requested" basis. In considering such exemptions, the NASD will review the nature of the firm requesting the exemption including but not limited to its back-office capabilities, the scope and nature of the information requested, and the number of Market Surveillance questionnaires that the firm is sent routinely.

In a related matter, the NASD is in the process of developing the capability of accepting requested information through a personal computer by means of dial-up communication. The NASD will keep the membership apprised on the progress being made in this regard, and will inform the membership promptly when this capability is in place. This personal computer capability will provide all members with a cost-effective way of complying with the new automated reporting requirements.

Questions concerning the technical aspects of this Notice should be directed to John DeSaix, Director, Information Systems Development, at (301) 590-6628. Questions concerning the requirements in general should be directed to James M. Cangiano, Vice President, Market Surveillance, at (202)728-8186.

RECORD LAYOUT FOR SUBMISSION OF TRADING INFORMATION

This Record Must Be the First Record of the File

1

3

3

FILLER

A

LJ

X( 3)

HDR

4

5

2

FILLER

A

LJ

X( 2)

.S

6

10

5

DTRK-SYSID

N

LJ

9 ( 5)

12343

11

12

2

FILLER

A

LJ

X( 2)

.E

13

14

2

FILLER

N

LJ

9 ( 2)

00

15

16

2

FILLER

A

LJ

X( 2)

.C

17

20

4

FILLER

A

LJ

X( 4)

B

21

22

2

FILLER

A

LJ

X( 2)

.S

23

26

4

FILLER

A

LJ

X(4)

B

27

27

1

FILLER

A

LJ

X( 1)

B

28

33

6

DTRK-DATE

N

LJ

9 ( 6)

MMDDY

     

Contains submission date.

     

Y

34

34

1

FILLER

A

LJ

X( 1)

B

35

59

25

DTRL-DESCRIPTION

A

LJ

X(25)

FIRM TRADING INFORMATION

     

Required to identify this file.

       

60

80

21

FILLER

A

LJ

X(21)

B

1

1

1

HEADER RECORD CODE

A

X

     

Value: Low Values

       

2

5

4

SUBMITTING BROKER NUMBER

A

LJ

X( 4)

B

     

If NSCC member, use NSCC clearing number. If not a NSCC member, use clearing number assigned to you by your clearing agency.

       

6

40

35

FIRM'S REQUEST NUMBER

A

X(35)

B

     

Tracking number used by the firm to record requests from an organization.

       

41

46

6

FILE CREATION DATE

A

X(6)

     

Format is YYMMDD

       

47

54

8

FILE CREATION TIME

A

X(8)

     

Format is H:MM:SS.

       

55

55

1

REQUESTOR CODE

A

X

     

Requesting Organization Identification. Value = R

       

56

70

15

REQUESTING ORGANIZATION NUMBER

A

LJ

X(15)

B

     

Number assigned by requesting organization.

       

71

80

10

FILLER

A

X(10)

B

1

1

1

RECORD SEQUENCE NUMBER ONE

A

X

     

The first record of the transaction. Value: 1

       

2

5

4

SUBMITTING BROKER NUMBER

A

LJ

X(4)

     

Identical to submitting broker number in Header Record.

       

6

9

4

OPPOSING BROKER NUMBER

A

LJ

X(4)

B

     

The NSCC clearinghouse number of the broker on the other side of the trade.

       

10

21

12

CUSIP NUMBER

A

X(12)

B

     

The cusip number assigned to the security. Left justified since the number is nine characters at present (8 + check digit) but will expand in the future.

       

22

29

8

TICKER SYMBOL

A

LJ

X( 8)

B

     

The symbol assigned to this security.

       

30

35

6

TRADE DATE

A

X( 6)

B

     

The date this trade was executed. Format is YYMMDD.

       

36

41

6

SETTLEMENT DATE

A

X( 6)

B

     

The date this trade will settle. Format is YYMMDD.

       

42

53

12

QUANTITY

N

RJ

9 (12)

Z

     

The number of shares or quantity of bonds or option contracts.

       

54

67

14

NET AMOUNT

N

RJ

S9(12)V99

z

     

The proceeds of sales or cost of purchases after commissions and other charges.

       

68

68

1

BUY/SELL CODE

A

X

B

     

Values: 0 = Buy, 1 = Sale, 2 = Short Sale, 3 = Open Long, 4 = Open Short, 5 = Close Long, 6 = Close Short. A = Buy Cancel, B = Sell Cancel, C = Short Sale Cancel, D = Open Long Cancel, E = Open Short Cancel, F = Close Long Cancel, G = Close Short Cancel. Values 3 to 6 and D to G are for options only.

       

69

78

10

PRICE

N

RJ

9(4)V(6)

Z

     

The transaction price. Format: $$$$ CCCCCC.

       

79

79

1

EXCHANGE CODE

A

X

B

     

Exchange where trade was executed. Values:

       
     

A = New York Stock Exchange

       
     

B = American Stock Exchange

       
     

C = Midwest Stock Exchange

       
     

D = Philadelphia Stock Exchange

       
     

E = Pacific Stock Exchange

       
     

F = Boston Stock Exchange

       
     

G = Cincinnati Stock Exchange

       
     

K = CBOE

       
     

L = London Stock Exchange

       
     

M = Toronto Stock Exchange

       
     

N = Montreal Stock Exchange

       
     

O = Vancouver Stock Exchange

       
     

R = NASDAQ

       
     

S = Over-the-Counter

       
     

T = Tokyo Stock Exchange

       
     

X = Securities Exchange Commission

       
     

Z = Other

       

80

80

1

BROKER/DEALER CODE

A

X

B

     

Indicates if trade was done for another Broker/ Dealer. Values: 0 = No; 1 = Yes

       

1

1

1

RECORD SEQUENCE NUMBER TWO

A

X

     

Value: 2

       

2

2

1

SOLICITED CODE

A

X

B

     

Value: 0 = No; 1 = Yes

       

3

4

2

STATE CODE

A

X( 2)

B

     

Standard postal two-character identification.

       

5

14

10

ZIP CODE/COUNTRY CODE

A

LJ

X(10)

B

     

Zip code — five or nine character (zip plus four) Country code — for future use.

       

15

22

8

BRANCH OFFICE/REGISTERED REPRESENTATIVE NUMBER

A

LJ

X( 8)

B

     

Each treated as a four-character field. Both are left justified.

       

23

28

6

DATE ACCOUNT OPENED

A

X( 6)

B

     

Format is YYMMDD.

       

29

48

20

SHORT NAME FIELD

A

LJ

X(20)

B

     

Contains last name followed by comma (or space) then as much of first name as will fit.

       

49

78

30

EMPLOYER NAME

A

LJ

X(30)

B

79

79

1

TIN 1 INDICATOR

A

X

B

     

Values: 1 = SS#; 2 = TIN

       

80

80

1

TIN 2 INDICATOR

A

X

B

     

Values: 1 = SS#; 2 = TIN — for future use.

       

1

1

1

RECORD SEQUENCE NUMBER THREE

A

X

     

Value: 3

       

2

10

9

TIN ONE

A

LJ

X( 9)

B

     

Taxpayer Identification Number; Social Security or Tax ID Number.

       

11

19

9

TIN TWO

A

LJ

X( 9)

B

     

Taxpayer Identification Number #2, reserved for future use.

       

20

20

1

NUMBER OF N&A LINES

A

X

B

21

50

30

NAME AND ADDRESS LINE ONE

A

LJ

X(30)

B

51

80

30

NAME AND ADDRESS LINE TWO

A

LJ

X(30)

B

1

1

1

RECORD SEQUENCE NUMBER FOUR

A

 

X

 
     

Value: 4

       

2

31

30

NAME AND ADDRESS LINE THREE

A

LJ

X(30)

B

32

61

30

NAME AND ADDRESS LINE FOUR

A

LJ

X(30)

B

62

62

1

PROPRIETARY-CUSTOMER INDICATOR

A

X

B

     

1 = Trade was for a proprietary account of submitting broker/dealer or another broker/dealer.

       
     

2 = Trade was for customer of submitting broker/dealer or another broker/dealer.

       

63

80

18

ACCOUNT NUMBER

A

LJ

X(18)

B

     

Account number.

       

1

1

1

RECORD SEQUENCE NUMBER FIVE

A

X

     

Value: 5

       

2

31

30

NAME AND ADDRESS LINE FIVE

A

LJ

X(30)

B

32

61

30

NAME AND ADDRESS LINE SIX

A

LJ

X(30)

B

62

80

19

FILLER

A

X(19)

B

1

1

1

TRAILER RECORD CODE

A

X

     

One record per submission. Must be the last record on the file. Value: High Values

       

2

17

16

TOTAL TRANSACTIONS

N

RJ

9(16)

B

     

The total number of transactions. This total excludes Header and Trailer Records.

       

18

33

16

TOTAL RECORDS ON FILE

N

RJ

9(16)

Z

     

The total number of 80-byte records. This total includes Header and Trailer Records, but not the Datatrak Header Record (i.e., does not include the first record on the file).

       

34

80

47

FILLER

A

X(47)

B


Field Format — Code

Default Values — Code

Justify

alphanumeric

= A

Blanks

= B

RJ =

Right Justification of Data

numeric

= N

Zero

= Z

LJ =

Left Justification of Data

packed

= P

       

binary

= B

       


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