Opportunity
Federal Register #SR-PHLX-2026-47
SEC Notice: Nasdaq Proposes Consolidated Market Data Feeds (TotalView Plus & Basic Plus)
Buyer
Securities and Exchange Commission
Posted
July 31, 2026
Identifier
SR-PHLX-2026-47
NAICS
523210
This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by Nasdaq PHLX LLC to introduce new consolidated market data feeds. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Nasdaq PHLX LLC (proposing entity) - Nasdaq (data source) - Nasdaq Texas (data source) - Nasdaq PSX (data source) - Products/Services Requested: - Nasdaq TotalView Plus: A consolidated depth-of-book data feed combining information from Nasdaq TotalView, Nasdaq Texas TotalView, and PSX TotalView - Nasdaq Basic Plus: A consolidated top-of-book data feed combining Nasdaq Basic, Nasdaq Texas BBO, Nasdaq Texas Last Sale, PSX BBO, and PSX Last Sale - Notable Requirements: - Feeds are designed to provide a single connection for consolidated market data, optimizing data ingestion for customers - Intended to support overnight trading by offering a broader market view in lower liquidity environments - No procurement of products or services is being requested; this is a regulatory notice, not a solicitation - No specific quantities or part numbers are provided - The proposal states there is no competitive advantage for Nasdaq over other vendors, and fees will be addressed separately
Description
The Securities and Exchange Commission has filed a proposed rule change to introduce two new data feeds: Nasdaq TotalView Plus and Nasdaq Basic Plus. These feeds will offer consolidated top of book and depth of book information currently disseminated by Nasdaq, Nasdaq Texas, and Nasdaq PSX. The new feeds are modeled on the existing NLS Plus feed and aim to provide customers with a consolidated option for consuming market data through a single connection, potentially optimizing data ingestion. The proposal is expected to facilitate the transition to overnight trading by providing a broader market view in lower liquidity environments.