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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (8671)	1/24/2001 2:08:50 AM
From: Jon Tara	Read Replies (1) \| Respond to of 12617

Dan, actually, there IS a retransmission capability for NQDS. It is rather amusing: "Retransmission requests, which may be made by placing a phone call to the Level One Supervisor, can only be honored during the period from the Start of Day (Category C, Type I) message through the End of Retransmission Request (Category C, Type K) message. The recipient can specify by message sequence number or data which message range the recipient would like retransmitted. For Level 1 and NQDS, the current and prior day data will be made available for retransmissions. For NTDS, only the current day's data will be made available for retransmissions. ... It is the prerogative of the data recipient to ignore retransmitted messages not requested by them. Retransmissions will be assigned a low priority in the outgoing message queue in order to prevent any delay or interfering with current message delivery." From the NQDS specification: nasdaqtrader.com No, the whole montage is not transmitted every time there is a change in the quote. Each time a market participant changes their quote, a 2-sided quote (MMID, bid and ask, bid and ask size, "inside indicator") is sent. There are some miscelaneous other reasons why a quote might be sent - for example, for a halt or resume, but, generally, when each MM changes their bid or ask, then a quote is sent with that MMs bid and ask. So, you gotta catch em' as they fly by, or else do the bizarre tin can and string routine... BTW, I see now that NASDAQ does have a bandwidth upgrade plan: nasdaqtrader.com They are planning on upgrading from 270kbit/sec to 665 kbit/sec in conjunction with decimalization. Combined with bandwidth increases for Level 1 and NTDS, they are maxing-out the customer T-1 circuits, which had previously been loaded only to 512K. So, if this increase is not enough, everybody is going to be Quite Screwed. This increase should be reasonably painless for users. MCI will have to allocate the bandwidth, and everybody's routers will have to be reconfigured for the new subchannels, but nobody will need any new equipment. The process for going beyond this bandwidth is going to be painful and slow, as it will involve installing new lines for everybody. IMO, this bandwidth increase would probably be sufficient - if NASDAQ were NOT going to decimals...