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Decimalization for ACES Pass-Thru CTCI in OTCBB (Head Trader Alert#2000-10)

In response to numerous requests by the trading community, effective Monday, March 27, 2000, Aces Pass-ThruSM will accept orders with decimal pricing via Computer-to-Computer Interface (CTCI). This new feature will provide Aces Pass-Thru Market Makers and order-entry firms, since they may already quote in decimals, the ability to send orders and receive executions in decimal format for OTC Bulletin Board (OTCBB) issues only. This change does not affect the conversion of Nasdaq issues to decimal pricing which is currently scheduled for July 2000.

In addition to fractional prices, Aces Pass-Thru will accept the following decimal price formats:

  • Ten characters maximum (including decimal point);
  • No more than six whole digits;
  • No more than four decimal places;
  • If the dollar amount exceeds five digits, only three decimal places will be allowed; and
  • Prices less than $1.00 must include a zero to the left of the decimal point.
Please note, Aces Pass-Thru will deliver orders and executions in the format (decimal or fraction) the system receives. For example, if an order-entry firm sends an order with a decimal price of $4.25 and the Market Maker responds with an execution price of 4, Aces Pass-Thru will deliver the execution in fractions, as entered by the Market Maker.

These changes are being made to Nasdaq's internal system. Market Makers and order-entry firms need to coordinate any possible changes within their internal systems to support decimal processing for these securities.

Weekday testing will be available beginning the week of February 22, 2000. To schedule test time, please call the API/CTCI Testing Center at (800) 288-3783, and leave a message. An analyst will return your call promptly to schedule a testing date and time.

A production test is tentatively scheduled for Saturday, March 11, 2000. To schedule a weekend production test, firms must call the API/CTCI Testing Center by 12:00 p.m., Eastern Time (ET), the Thursday before the test. Please be sure to leave your name, your firm's name, telephone and fax numbers, e-mail address and any CTCI lines you will use during the test.

If you have any questions regarding this information, please contact Karen Peterson, Nasdaq Product Development, at (212) 858-4137.  


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