Federal Register #SR-NASDAQ-2026-095

SEC notice on proposed Nasdaq TotalView Plus and Basic Plus market-data fees

The SEC notice concerns Nasdaq’s proposed fees for two consolidated U.S. equity market-data feeds. - Government agency: U.S. Securities and Exchange Commission (SEC); this is a regulatory notice, not a government purchase. - OEM / filer: The Nasdaq Stock Market LLC (Nasdaq) proposes fees for Nasdaq TotalView Plus and Nasdaq Basic Plus. - The feeds combine Top-of-Book and Depth-of-Book information from Nasdaq’s U.S. equity markets and other exchanges. - Nasdaq proposes fees at or below the fees for the underlying products, citing the potential to reduce data-feed, networking, and connectivity costs. - The notice discusses potential usefulness for overnight trading, including periods of lower liquidity, and invites public comment on whether the proposal is consistent with the Securities Exchange Act. - No quantities, contract term, or government purchase value are specified.

Description

The Nasdaq Stock Market LLC filed a proposed rule change to establish fees for Nasdaq TotalView Plus and Nasdaq Basic Plus. These consolidated market data products combine information from multiple Nasdaq U.S. Equity Markets and other exchanges, offering Top-of-Book and Depth-of-Book information through fewer feeds. The proposed fees are at or below fees charged for the underlying products, and the filing describes potential cost savings and support for overnight trading planned to begin in December 2026. The notice invites public comments on whether the proposed rule change is consistent with the Securities Exchange Act.

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