Federal Register #SR-NasdaqTX-2026-043

SEC Notice: Nasdaq Texas Rule Change for Market Data Fee Alignment

This notice from the Securities and Exchange Commission (SEC) addresses a proposed rule change by Nasdaq Texas, LLC regarding market data fee structures. - Government Buyer: - Securities and Exchange Commission (SEC) - Nasdaq Texas, LLC (as the regulated entity) - OEMs and Vendors: - Nasdaq Texas, LLC - Nasdaq Stock Exchange - Nasdaq PSX - Products/Services Requested: - Introduction of fees for new consolidated market data products: - Nasdaq TotalView Plus (Depth-of-Book consolidated feed) - Nasdaq Basic Plus (Top-of-Book consolidated feed) - No physical products or purchase quantities; changes pertain to fee schedules for data services - Unique or Notable Requirements: - Fee waivers for market data vendors consolidating feeds - Introduction of administrative and consolidation fees for distributors - Alignment of Nasdaq Texas fees with Nasdaq Stock Exchange - Enhances customer choice and competitive fairness in market data offerings - No increase in existing fees; only new fees for new products - Technical Information: - Consolidated feeds combine data from Nasdaq, Nasdaq Texas, and Nasdaq PSX - Clarifies fee structure for firms receiving these new data feeds

Description

The Securities and Exchange Commission announced the filing and immediate effectiveness of a proposed rule change by Nasdaq Texas, LLC. The rule change introduces conforming modifications to Nasdaq Texas Rules related to the establishment of fees for Nasdaq TotalView Plus and Nasdaq Basic Plus. The proposal includes fee waivers and consolidation fees to ensure market data vendors can compete effectively. The changes align Nasdaq Texas fees with those of the Nasdaq Stock Exchange and aim to provide more customer choice without increasing existing fees.

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