Market Data FAQs

What are the connectivity options for OTC Markets real-time data?
Where can I find specifications for real-time OTC Markets data?
Where can I find details on OTC Markets networking configuration for real-time data feeds?
How does the OTC Markets real-time data feed differ from other exchange/market feeds?
I do not see an Order message in your specification – is this an oversight?
What is the relationship between market participants, quotes and securities?
What does the ‘Open/Close’ status for a quote mean?
Are feed handlers available for OTC Markets real-time data?
Are web service APIs available for OTC Markets real-time data?
I was sent messages from your data feed logs. What is the message format?
I am seeing security and quote messages for listed (National Market System) securities. Is this correct?

What are the connectivity options for OTC Markets real-time data?     Top
Connectivity to OTC Markets is available via our extranet partners and through direct connection. For details on our connectivity options, please view our connectivity guide.

Where can I find specifications for real-time OTC Markets data?     Top
Complete details may be found in the Multicast Data Feed Specification.

Where can I find details on OTC Markets networking configuration for real-time data feeds?     Top
Details regarding multi-cast groups, ips, ports and an overview of the network topology are available in the Multi-cast Group document.

How does the OTC Markets real-time data feed differ from other exchange/market feeds?     Top
In many ways the OTC Markets real-time data feed is very similar to feed products from other markets and exchangers; however, there are a few key differences to consider. The first is that the OTC market (and the OTC Link system) is a quote driven system and not an order driven system. A market participant quote may represent 1 order, multiple orders or the firm’s proprietary interest. There is a 1:1:1 relationship between market participant, securities and quotes – meaning that a market participant may only have one quote for a particular security at a point in time. The second is that OTC Link does not ‘match’ orders (or quotes) and automatically create executions. Executions are created by the messaging back and forth between participants. For more information on how the OTC market works, view our OTC 101 Section.

I do not see an Order message in your specification – is this an oversight?     Top
No – the OTC market (and the OTC Link system) is a quote driven system and not an order driven system. There is no concept of an order message in our real-time data feed. View our real-time specification.

What is the relationship between market participants, quotes and securities?     Top
There is a 1:1:1 relationship between market participants, securities and quotes – meaning that a market participant may only have one quote for a particular security at a point in time.

What does the ‘Open/Close’ status for a quote mean?     Top
The Open/Close status on a quote determines whether the quote is ‘firm’ under FINRA Rule 5220. Only Open quotes are firm. Closed quotes of any type should always sit below open quotes in the montage. Closed quotes may not be considered toward the inside (best bid or ask) prices.

Are feed handlers available for OTC Markets real-time data?     Top
NYSE Technologies and Spryware both have feed handlers for the OTC Markets Multicast Feed. For information regarding OTC Markets feed handlers, please contact us at marketdata@otcmarkets.com.

Are web service APIs available for OTC Markets real-time data?     Top
Yes – Interactive Data has web service APIs available that contain OTC data. More information may be found at IDC Developer Tools. For information regarding web service APIs for OTC Markets data, please contact us at marketdata@otcmarkets.com.

I was sent messages from your data feed logs. What is the message format?     Top
Our data feed log message is pipe delimited. An example of a log message is:
26 Jun 2012 11:25:01,305|QuoteBookA|167099|7|11.25.01.296| 15.25.01.302|5044338|2|12081232|01001010|41470000|200|-30|GMT.2012.06.26.15.25.01.268

The message mapping is:
Column 1 – Log file time
Column 2 – Feed name
Column 3 – Packet sequence number
Column 4 – Messages in the packet
Column 5 – Packet send time
Column 6 – Packet capture time
Column 7 – Message sequence number
Column 8 – Message Type
Columns 9 + - Message specific data

I am seeing security and quote messages for listed (National Market System) securities. Is this correct?     Top
Yes - listed equity securities and their respective quotes are sent out on the feed for regulatory reasons regarding delisting and piggyback eligibility (SEC Rule 15c2-11). Quotes for listed securities will be unpriced and there is no messaging/trading in listed securities currently via OTC Link.

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