Nasdaq to Launch WorkX™ on April 12

Nasdaq​ has announced that it will be introducing WorkX™ and Real-Time Stats, which are re-platformed and upgraded versions of the ACT Workstation and Nasdaq InterACT services, respectively, on Monday, April 12, 2021, pending a filing with the U.S. Securities and Exchange Commission (SEC).  

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 (collectively, the "FINRA/Nasdaq TRFs"). 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. But it 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 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.

Nasdaq continues to speed up its steps to become a leading tech provider and strengthen its existing regulatory solutions. As Fazzaco reported last month, Nasdaq acquired Verafin​, an industry leader in enterprise Financial Crime Management solutions that provides a cloud-based, secure software platform for Fraud Detection and Management.