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Exchange Information

Exchange Background

Nasdaq Futures, Inc. (NFX) is a Designated Contract Market regulated by the U.S. Commodity Futures Trading Commission. NFX is one of Nasdaq’s four U.S. derivative exchanges, which taken together with NASDAQ OMX NORDIC (one of the largest derivatives exchanges in Europe) represent a global options and futures offering. NFX is a wholly-owned subsidiary of Nasdaq (Nasdaq: NDAQ), a leading provider of trading, exchange technology, information and public company services across six continents.

NFX is fully electronic exchange utilizing Nasdaq’s high-performing GENIUM INET technology, which features a transparent central limit order book and real-time trade reporting functionality along with robust pre-trade risk management capabilities. This platform will bring a competitive mix of new products, fees, innovative technology, and clearing services via The Options Clearing Corporation (OCC).

Required Connection Information

Before you can install a NFX Gateway, you must work with the exchange to configure the following connection information:

  • Receive primary and backup order session connection IP addresses and port assignments.
  • Receive the firm’s SenderCompID from the exchange. This value will be used as the GatewayCompany parameter in each order session.
  • Receive SenderSubID values from the exchange for each order session.

When requesting login credentials, users can work with the exchange to configure the behavior of orders on disconnect. This allows orders to automatically delete on disconnect or enter a Held state for a certain period of time.

The exchange can set orders to react to a FIX session disconnect as listed below:

  • Keep all orders working at the exchange
  • Suspend all outstanding orders
  • Suspend all outstanding orders except overnight orders (i.e., GTC/GTD)

Exchange API Interface

For order management, the NFX Gateway connects to the exchange via the FIX interface to NASDAQ Futures, Inc. (NFX), which is based on FIX Protocol 5.0 SP2.For market data, NFX Gateways connect to the exchange via the Genium INET ITCH 2.0 multicast protocol. The ITCH feeds are taken straight off the matching engine to achieve ultra-low latency and full depth of market by order.Basic reference data, orders, trades and the net order imbalance indicator is distributed via the ITCH feed while reported trades, trade cancels, settlement prices, open interest etc. is distributed via the Auxiliary Market Data (AMD) feed.

Matching and Clearing

NASDAQ Futures Exchange matches orders based on one of two algorithms and based on the product:

  • Price-time
  • Pro-rata

All NFX products are cleared through a single clearing house, the Options Clearing Corporation (OCC).

Available Products

NASDAQ Futures Exchange offers contracts based on the following products.

Note

The products listed in this section have a look alike product on CME and ICE. TT will support aggregation between all these products.

NFX Gateway supports trading the following NFX Futures products:

  • Oil Products:
    • NFX Brent Crude Financial Futures
    • NFX Heating Oil Financial Futures
    • NFX Low Sulphur Gasoil Financial Futures
    • NFX Option on Brent Crude Financial Futures
    • NFX Option on NFX WTI Crude Financial Futures
    • NFX RBOB Gasoline Financial Futures
    • NFX WTI Crude Financial Futures
  • Natural Gas Products
    • NFX Henry Hub Natural Gas Financial Futures - 10,000
    • NFX Henry Hub Natural Gas Financial Futures - 2,500
    • NFX Henry Hub Natural Gas Penultimate Financial Futures - 2,500
    • NFX Henry Hub Natural Gas Penultimate Financial Futures - 10,000
    • NFX Option on NFX Henry Hub Penultimate Financial Future
  • Power Contracts
    • NFX CAISO NP-15 Hub Day-Ahead Off-Peak Financial Futures
    • NFX CAISO NP-15 Hub Day-Ahead Peak Financial Futures
    • NFX CAISO SP-15 Hub Day-Ahead Off-Peak Financial Futures
    • NFX CAISO SP-15 Hub Day-Ahead Peak Financial Futures
    • NFX ISO-NE Massachusetts Hub Day-Ahead Off-Peak Financial Futures
    • NFX ISO-NE Massachusetts Hub Day-Ahead Peak Financial Futures
    • NFX MISO Indiana Hub Real-Time Off-Peak Financial Futures
    • NFX MISO Indiana Hub Real-Time Peak Financial Futures
    • NFX PJM AEP Dayton Hub Real-Time Off-Peak Financial Futures
    • NFX PJM AEP Dayton Hub Real-Time Peak Financial Futures
    • NFX PJM Northern Illinois Hub Real-Time Off-Peak Financial Futures
    • NFX PJM Northern Illinois Hub Real-Time Peak Financial Futures
    • NFX PJM Western Hub Day-Ahead Off-Peak Financial Futures
Note

The exchange may change its listed products at any time. For currently listed products, contact NASDAQ Futures Exchange or visit their website.

Asset Classes

NASDAQ Futures Exchange offers products in the following classes:

  • Futures
  • Options
  • Spreads
  • Strategies

Supported Order Types and TIF Order Restrictions

Supported native order types:

  • Limit
  • Market (requires a TIF of IOC or FOK)
  • Market-To-Limit
  • Stop Limit
  • Stop Market
  • Iceberg

Supported TIF order restrictions:

  • GTD
  • GTC
  • IOC (Immediate or Cancel)
  • FOK (Fill or Kill)
  • GTDate

Unsupported Exchange Functionality

The following lists exchange functionality that TT currently does not support:

  • Automatic Password Renewal
  • Mass quote
  • Contingent orders
  • On Behalf of transactions

NFX Trading Hours

The follow table shows the general trading periods available from NFX. All hours are listed in Eastern Standard Time (EST). The exchange is available 18:45 - 17:30 EST, and is unavailable at 17:45 EST after market close the following day.

Trading times are:

  • Pre-Open: 18:45 EST
  • Open: 19:00 EST
  • Close: 17:00 EST the next day
  • Post-Close: 17:00-17:30 EST 

 

NFX Order/Messaging Throughput

NFX does not apply order throughput restrictions.