Nasdaq PHLX adopts fee waivers and new charges for TotalView Plus and Basic Plus

The Securities and Exchange Commission published a notice on September 11, 2026 (Release No. 34-106337; File No. SR-Phlx-2026-55; FR Doc No. 2026-18931) that Nasdaq PHLX LLC filed a proposed rule change on August 31, 2026. The filing seeks immediate effectiveness of conforming amendments to Phlx rules in connection with the establishment of fees for Nasdaq TotalView Plus and Nasdaq Basic Plus.

The amendment proposes a $1,620 per month waiver of external market data distributor fees for vendors that certify they will consolidate Nasdaq TotalView, Nasdaq Texas TotalView and Nasdaq PSX TotalView for external redistribution. It also waives PSX TotalView subscriber fees of $44.50 per month (operative January 1, 2026) for each subscriber for display usage or non-display usage not based on Direct Access, and $1.00 per month for each professional subscriber.

Administrative and consolidation fees are clarified: firms receiving Nasdaq Basic Plus, in addition to or instead of Nasdaq Last Sale Plus, will pay the same monthly administrative fee currently applied to PSX Last Sale, and distributors of either Nasdaq Last Sale Plus or Nasdaq Basic Plus will incur a data consolidation fee of $350 per month.

Nasdaq TotalView Plus and Nasdaq Basic Plus will be offered at the same professional, non-professional subscriber and enterprise license fees as the existing TotalView and Basic products. The changes are intended to support the rollout of consolidated depth-of-book and top-of-book feeds on a 23-hour, five-day-per-week schedule beginning in December 2026.

The full text of the proposed rule change is available on the Exchange's website at https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings and at the Exchange's principal office.