Pending a filing with the SEC, effective Monday, April 12, 2021, Nasdaq will be introducing WorkX and Real-Time Stats, which are re-platformed and upgraded versions of the ACT Workstation and Nasdaq InterACT services, respectively.
Nasdaq WorkX™ will facilitate trade reporting and clearing functions for the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago. Nasdaq Real-Time Stats will provide trade statistics for activity on the FINRA/Nasdaq TRFs.
WorkX™ is designed to facilitate FINRA member reporting in accordance with FINRA’s trade reporting rules. This does not change or impact FINRA/Nasdaq TRF processing, electronic FIX submission or the FIX for Trade Reporting Specification.
Firms will migrate to WorkX™ each month in waves starting April 12, 2021. Firms may request to migrate in a given wave or be assigned a migration wave. In the first month of transitioning to WorkX™ and Real-Time Stats, users will have the option of operating both the ACT Workstation and InterACT products and the re-platformed WorkX™ and Real-Time Stats products. After the first month on the re-platformed service, a member firm will be expected to fully migrate to the re-platformed product.
Nasdaq is offering the same pricing structure for Nasdaq WorkX™ and Real-Time Stats as for ACT Workstation and Nasdaq InterACT services, respectively. In the first month of usage (i.e. when WorkX™ and Workstation services are available to users in parallel), WorkX™ and Real-Time Stats fees will be waived. After the first month of service on each of the re-platformed products, a member firm will be charged for any fees incurred for using the new products thereafter.
As previously announced, Nasdaq will support timestamps up to nanosecond (HH:MM:SS.sssssssss) granularity in accordance with amendments to FINRA rules, effective November 15, 2021. Firms will be able to submit timestamps up to nanoseconds to the FINRA/Nasdaq TRF using TRF FIX 4.2 ports and Nasdaq WorkX. If a firm is required to report to the FINRA/Nasdaq TRF in microseconds or nanoseconds pursuant to the FINRA rule amendments, the firm must migrate to TRF FIX 4.2 and/or Nasdaq WorkX™ prior to November 15, 2021.
Prior to their WorkX migration, customers are encouraged to test Nasdaq WorkX service offerings.