What Happened to CINN?

Discussion in 'Order Execution' started by EricP, Mar 31, 2003.

  1. EricP


    Seems that starting today, CINN is not showing up on Level II displays for Nasdaq stocks... What gives?

    I don't recall reading of any new rules for Level II display... Has Nasdaq pushed through some new rule in an attempt to screw CINN (i.e. ISLD) out of the public view in an attempt to gain market share that they can't win fairly? Anyone know what's going on, or have a link to explain this?

  2. trader3


    I see CINN (ISLD) on level 2 today.
  3. EricP


    hmmm... Ok, thx.

    Maybe it's a problem with my provider, S&P Comstock. Thanks.
  4. Seems that Cinn has been replaced with Cin (so as not to be confused with cinnabun?).

    Any idea on why my best now has an asterix next to it today and why inca and ADF* always move together? What is going on lately in L2. Nothing makes sense anymore.
  5. EricP


    Yes, ADFN is the identifier for the Alternative Display Facility (or something like that). Up until recently, INCA was the only ECN that agreed to participate in this system, although I now think that some lesser ECN is also participating... As a result, ADFN will almost always correspond to INCA, but at times it might be the seconds ECN that uses this for display.

    As I recall, the ADFN was a requirement put on Nasdaq to be in place prior to implementation of SuperMontage, and it has been up and running for about the same amount of time as SuperMontage (~5 months?)

  6. As of today, March 31, 2003, Nasdaq has removed the UTP (Unlisted Trading
    Privileges) Participants from the Nasdaq Level II feed. These UTP
    Participants (AMEX, ADFN, CINN, ARCX stocks T-Z) are no longer quoting on
    the Nasdaq feed at all. This means that they do not affect Nasdaq's
    National Bid Tick.
    The major benefit of this change is that you will see less overlaps and a
    greater ability to SOES without AMEX or other UTP's continually in the way
    of stock movements.