Federal Register #SR-Phlx-2026-55

Proposed Rule Change for Fees on Nasdaq TotalView Plus and Nasdaq Basic Plus Market Data

This notice from the Securities and Exchange Commission (SEC) concerns a proposed rule change by Nasdaq PHLX LLC regarding new fees for market data products. - Government buyer: - Securities and Exchange Commission (SEC) - Nasdaq PHLX LLC (as the rule submitter) - OEMs/vendors mentioned: - Nasdaq PHLX LLC - Nasdaq Stock Market LLC - Nasdaq Texas - Nasdaq PSX - Products/services requested: - Market data services for Nasdaq TotalView Plus and Nasdaq Basic Plus - These products consolidate Depth-of-Book and Top-of-Book information from multiple Nasdaq exchanges - Unique/notable requirements: - Fee waivers for vendors consolidating feeds for external redistribution - Fee waivers for firms purchasing Nasdaq TotalView Plus - Introduction of consolidation and administrative fees for distributors of Nasdaq Basic Plus - Fees are set at or below current rates - Changes aim to maximize distribution, promote competition among market data vendors, and provide more customer choice - No physical products or purchase quantities are requested; the notice pertains to rule changes and fee structures for market data products

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by Nasdaq PHLX LLC. The rule change introduces conforming changes to Nasdaq Phlx rules related to the establishment of fees for Nasdaq TotalView Plus and Nasdaq Basic Plus. The proposal includes fee waivers and consolidations to align with Nasdaq's new data products, aiming to provide more customer choice and maintain competitive market data vendor conditions. The filing is effective immediately and seeks comments from interested persons.

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