Muzan Trade and Quote Data

INTENT TO SOLE SOURCE

Muzan Trade and Quote Data

#SS-OFR-24-143

The Bureau of Fiscal Service (Fiscal Service), on behalf of The Office of Financial Research (OFR) and the Financial Stability Oversight Council (FSOC), intends to contract with Muzan LLC, 89 Locust LN, Upper Saddle River, NJ 07458-2231, on a sole source basis. There is no competitive vendor or regulatory agency that provides these datasets. Muzan’s TAQ data provides in-depth analysis of intra-day trading, as opposed to open, close, and mid-prices offered by similar vendors.  Additionally, TAQ provides Bid Offers and Asks as well as intra-day trading volume allowing analysis of high frequency trading events and market movement tracking in certain sectors and securities.  OFR users utilize this data to regularly monitor liquidity and financial risk in equity markets.  This data will continue to support the OFR Market Structure Program.

TAQ data is required for multiple exchanges including NYSE, AMEX NASDAQ, and Chicago Stock Exchange.  The data contains all trades, quotes and best bid and offer data with timestamp to at least the second. The data also provides and maintains all mappings for corporate actions, symbology changes, mergers and acquisitions, bankruptcies, de-listings and re-listings, dividends, and splits (reverse splits). The TAQ data found on the Consolidated Tape and its Over-The-Counter counterpart corresponding to the OTC/UTP data feed, Tape C which is the single consolidated source of data for NASDAQ listed securities.  The Consolidated Tape is an electronic program that provides continuous, real-time data on trading volume and price for exchange-traded securities.  Through the consolidated tape, numerous major exchanges, including the NASDAQ the Chicago Board options Exchange and the New York Stock Exchange, report their trades and quotes.  Securities often trade on more than one exchange and the consolidated tape reports a security's trading activity for all of these exchanges, not just its primary exchange.  Muzan’s TAQ data also includes the additional trade data that was reported through the FINRA TRF facility (TRF). The FINRA Trade Reporting Facility includes all trades that were executed otherwise than on an exchange. This includes trades that were executed in dark pools and crossing algorithms. Currently, these trades account for approximately 30% of all market volume.  Muzan’s data is tick by tick, not bar data. Muzan provides and maintains all mappings for corporate actions, symbology changes, mergers and acquisitions, bankruptcies, de-listings and re-listings, dividends, and splits (reverse splits). Muzan maintains a database for any correction made to a transaction by the exchange (such as cancelled, revised, additional). Muzan provides mappings and trade condition codes denoted when and why revisions were made. Muzan has direct redistribution licenses with all the venues. Therefore, there are no limitations on how OFR can use and display the data (as it would with other vendors agreements with the exchanges) licenses.

Lastly, in order for the TAQ data to provide 10 years of history the OFR made a one-time purchase of this historical data from Muzan in 2015.  In the event an award was made to any other vendor, this purchase would no longer provide value and the OFR would be required to purchase a new historical data set that matches vendor formatting and transmission methods.  Awarding a sole source contract to Muzan allows OFR to continue to benefit from the 2015 historical dataset purchase.

NO SOLICITATION IS AVAILABLE.  A request for more information or a copy of the solicitation will not be considered an affirmative response to this Special Notice. Telephone responses or inquiries to this Special Notice will not be accepted.

Fiscal Service will consider written responses received no later than Friday, September 13, 2024. Responses must be submitted electronically to purchasing@fiscal.treasury.gov, all Responses must include sufficient evidence that clearly shows your company is capable of providing the content described in this notice. Responses received will be evaluated; however, a determination by the Government not to compete the proposed procurement based upon responses to this notice is solely within the discretion of the Government. If no written response is received by the aforementioned deadline that clearly demonstrates an ability to meet all requirements, and that is more advantageous to the Government, Fiscal Service will make award on a sole source basis to the Muzan LLC.

Qualified Contractors must provide the following:

1. The name and location of your company, contact information, and identify your business size (Large Business, Small Business, Disadvantaged Business, 8(a), Service-Disabled Veteran Owned Small Business, HUBZone, etc.).  Please ensure contact information includes the name of the point of contact, email address, and telephone number, should the Government have questions regarding individual responses.

2. UEI Number.

3. Specific details of the product(s) that your company offers in regards to this notice.

4. Whether your content is available through a government contract vehicle or Open Market.

5. A brief capabilities statement (not to exceed 5 pages) that includes a description of your company's standard line of business, as well as a list of customers to whom your company currently provides the specific required content.

The following file extensions are not allowable and application materials/data submitted with these extensions cannot be considered:

.bat, .cmd, .com, .exe, .pif, .rar, .scr, .vbs, .hta, .cpl, and .zip files.

Microsoft Office and Adobe compatible documents are acceptable.

No other information regarding this Special Notice will be provided at this time.

The period of performance for the purchase order is anticipated to be a twelve (12) month base period with four (4) option periods of twelve (12) months each. Fiscal Service may consider information received no later than 10:00 a.m. EST on Friday, September 13, 2024, submitted electronically to purchasing@fiscal.treasury.gov, Muzan Trade and Quote Dat /Attn: CG –JMS.