# Federal Register #SR-NASDAQ-2026-076

SEC Review of Nasdaq Proposal for Consolidated Market Data Product Fees

**Buyer:** Securities and Exchange Commission
**Posted:** September 16, 2026
**Respond By:** October 07, 2026
**Identifier:** SR-NASDAQ-2026-076
**NAICS:** 523210

This notice details a proposed rule change by The Nasdaq Stock Market LLC to set fees for new consolidated market data products, with oversight by the Securities and Exchange Commission (SEC).
- Government Buyer:
  - Securities and Exchange Commission (SEC)
    - Division of Trading and Markets
- OEMs and Vendors:
  - The Nasdaq Stock Market LLC (primary OEM)
  - Nasdaq Texas, LLC
  - Nasdaq PHLX LLC
  - Investors Exchange LLC (IEX)
- Products/Services Requested:
  - Nasdaq TotalView Plus: Consolidated depth-of-book data feed combining Nasdaq, Nasdaq Texas, and Nasdaq PSX orders and quotes
  - Nasdaq Basic Plus: Consolidated top-of-book data feed with best bid, offer, and last sale information from Nasdaq U.S. Equity Markets and FINRA/Nasdaq TRF
  - External Distribution Rebate Eligibility for Extranet Providers (IEX): Service allowing Extranet Providers to earn rebates for adding new data subscribers
- Notable Requirements:
  - Fees for new products are set at or below current levels for comparable data feeds
  - Products are voluntary, non-discriminatory, and available to all market participants
  - Designed to facilitate overnight trading and reduce market data and connectivity costs
  - Includes subscriber, enterprise license, and distributor fees, with waivers and consolidation fees to support market data vendors
  - Comparable to offerings from NYSE and Cboe

### Description

The Securities and Exchange Commission (SEC) published a notice regarding a proposed rule change filed by The Nasdaq Stock Market LLC. The proposal involves setting fees for two new consolidated market data products, Nasdaq TotalView Plus and Nasdaq Basic Plus, which combine multiple existing data feeds into single offerings. These changes aim to provide customers with more choice, reduce market data and connectivity costs, and prepare investors for overnight trading starting December 2026. The fees are proposed to be at or below current levels and are designed to promote competition and facilitate market data distribution.

[View original listing](https://www.federalregister.gov/documents/2026/09/16/2026-18932/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate)