Nasdaq Files Immediate Rule Change to Cap Fees for New Consolidated Data Feeds

On November 2, 2026, The Nasdaq Stock Market LLC filed a proposed rule change (File No. SR-NASDAQ-2026-095; Release No. 34-106824) that the SEC published on November 4, 2026. The filing replaces withdrawn proposals SR-Nasdaq-2026-091, -076, -071 and -070 and is effective immediately upon filing.

The proposal sets fees for the newly created Nasdaq TotalView Plus and Nasdaq Basic Plus products at or below the fees currently charged for the combined Depth-of-Book and Top-of-Book data offerings across the Nasdaq U.S. Equity Markets. The Exchange intends the fee structure to provide customers with a lower-cost alternative to the three separate feeds presently in use.

To encourage market-data vendors to consolidate feeds, Nasdaq will exempt any firm that certifies consolidation of Nasdaq TotalView, Nasdaq Texas TotalView and Nasdaq PSX TotalView from Nasdaq Texas Market Data Distributor Fees and Nasdaq PSX Market Data Distributor Fees. In addition, the Monthly External Distributor Fee under Equity 7, Section 119(b) will be reduced by $350 per month.

Nasdaq states the change is designed to reduce market-data, networking and connectivity expenses and to support the transition to overnight trading scheduled to begin in December 2026. By offering a broader view of market depth and best-bid/offer information, the consolidated feeds aim to improve investor analysis in lower-liquidity environments.

The Exchange proposes to charge the same Professional, Non-Professional Subscriber and enterprise license fees for TotalView Plus as it does for the existing TotalView product. No alterations to Distributor or Direct Access fees are included in the filing.