Federal Register #SR-NASDAQ-2026-053

SEC Notice: Nasdaq Proposes Fees for New Options Market Data Feeds

The Securities and Exchange Commission (SEC) has issued a notice regarding The Nasdaq Stock Market LLC's proposal to establish fees for two new Nasdaq Options Market (NOM) data feeds. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - The Nasdaq Stock Market LLC (Nasdaq) - Products/Services Requested: - Nasdaq Options Market Order Feed - Provides detailed pricing and order information for new orders on the NOM order book - Subscription fee: $750 per month per distributor - Unlimited internal and external distribution - Nasdaq Options Market Trades Feed - Displays last trade information for each options series (symbol, put/call, expiration, strike price) - Subscription fee: $500 per month per distributor - Unlimited internal and external distribution - Notable Requirements: - Feeds are available individually or in combination - Designed to harmonize Nasdaq's data structure with its affiliated options exchanges (Nasdaq ISE, Nasdaq PHLX, Nasdaq GEMX, Nasdaq MRX) - Subscription-based model with no specified quantity limits - Fees are positioned as equitable and competitive with similar offerings from other exchanges - Intended to support efficient data ingestion and tailored purchasing for market participants

Description

The Nasdaq Stock Market LLC has filed a proposed rule change to adopt fees for two newly established data feeds for the Nasdaq Options Market (NOM): the Order Feed and the Trades Feed. These feeds are designed to harmonize the market data feed structure with affiliated Nasdaq options exchanges as part of a technology migration, allowing customers to ingest data more efficiently and tailor their purchases to only the data they need. The Order Feed provides detailed pricing information on new orders resting on the NOM order book, while the Trades Feed displays last trade information. The proposed fees are $750 per month per distributor for the Order Feed and $500 per month for the Trades Feed, both allowing unlimited internal and external distribution. The amendments are effective upon filing and designated to be operative on September 1, 2026.

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