NASDAQ Exchange API Mapping MiFID II

Exchange API Mapping for MiFiD II

To support MiFiD II, NASDAQ_OMX_EU Gateway 7.18.25 and higher supports the exchange API fields described in the following table. The valid values are entered in the client trading application for each of the following fields and sent to the exchange by the TT Gateway.

X_TRADER®/TT User Setup Field

Sent to Exchange as...

Description

Mandatory for Order Routing?

Direct Electronic Access N/A

Indication of whether or not the order is sent from direct/sponsored access, or from another source. Valid values: 

  • 1: True
  • 0: False
Not required for order routing. Values received from client trading applications are logged in the TT Gateway audit file.

No

Trading Capacity 

Tag 528-OrderCapacity , Tag 529-OrderRestrictions

Indication of whether the trader is acting in the capacity of agent, trading for its own account, or acting as a market maker. Populated based on Account Type or Trading Capacity values received from X_TRADER. Valid values:

  • A: Agency or AOTC
  • P: Principal or DEAL*
  • R: Riskless Principal or MATCH
Valid values for Order Restrictions:
  • B: Issuer Holding (Requires 528=A)
  • C: Issuer Price Stabilization (Requires 528=A)
  • 5: Acting as Market Maker or Specialist in the security (Requires 528=P)

Yes

Liquidity Provision Tag 2594=2

Indication of market making. Valid values: 

  • 1: True
  • 0: False
The TT Gateway only supports Liquidity Provision with Tag 528=A with 529=C.

No

Commodity Derivative Indicator

Tag 2594=3

Indication of whether the order is for hedging purposes to reduce risk. Valid values: 

  • 0: True
  • 1: False

No

Investment Decision**

Tag 448 with 452 PartyRole = 122

Indication of who made the trading decision. Contains the short code sent to the exchange.

Yes

InvestmentDecisionIsAlgo Tag 2376 Indication of whether an algo made the trading decision. Valid values:
  • 22= Algorithm
  • 23 = Firm
  • 24 = Natural Person
Yes

Execution Decision

Tag 448 with 452 PartyRole = 12

Indication of who or what algo submitted the order. Contains the short code sent to the exchange.

Yes

ExecutionDecisionIsAlgo Tag 2376

Indication of whether an algo submitted the order. Valid values: 

  • 22= Algorithm
  • 23 = Firm
  • 24 = Natural Person
 Yes

Client

Tag 448 with 452 PartyRole = 3

Identification of the customer (LEI/Short Code). 

Yes

FFT4

Tag 448 with 452 PartyRole = 53

If entered, this field overrides the Registered Trader ID*** sent on the the order.

No

FFT5

N/A

If received from the client, this value will be logged in the TT Gateway audit file.

No

FFT6

N/A

If received from the client, this value will be logged in the TT Gateway audit file.

No

Notes:

*DEAL is not allowed on Direct Electronic Access (DEA) orders. DEA is set at the TraderID level and registered with the exchange. The TraderID is configured in the Exchange 1 field in TT User Setup and may be overwritten via FFT4 in X_TRADER Customer Defaults.

**Investment Decision is only required if Trading Capacity = DEAL

***TraderID is registered with Nasdaq and required to be added in the Exchange 1 field in TT User Setup. This value may be overwritten via FFT4 in Customer Defaults.

 

Default Exchange API Mapping for MiFiD II

When the UseDefaultMiFID parameter is set to "1" (ON) in hostinfo.cfg, the TT Gateway sends the following default values on submitted orders:
  • Trading Capacity = AOTC

  • Investment Decision ID = 0000000004

  • Execution Decision ID = 0000000004

  • Client ID = 0000000004