Nasdaq PHLX adopts fee waivers for TotalView Plus and Basic Plus feeds

The Securities and Exchange Commission published a notice on November 4, 2026 announcing the immediate effectiveness of Nasdaq PHLX LLC's proposed rule change filed on October 28, 2026 (Release No. 34-106823; File No. SR-Phlx-2026-68). The amendment introduces conforming changes to PHLX rules to align with the newly established fees for Nasdaq TotalView Plus and Nasdaq Basic Plus.

Key fee amendments include a $1,620 per month waiver of external market-data distributor fees for vendors that certify consolidation of Nasdaq TotalView, Nasdaq Texas TotalView and Nasdaq PSX TotalView for external redistribution, and a $350 per month reduction in the Monthly External Distributor Fees for the Nasdaq Stock Market. In addition, PSX TotalView subscriber fees are waived at $44.50 per month (operative January 1, 2026) for each subscriber, plus a $1.00 per professional subscriber per month.

The rule change also waives market-data distributor fees for PSX TotalView for firms consolidating it with certain other feeds, and revises fees for PSX Last Sale, Nasdaq Last Sale Plus, and PSX BBO feeds to reflect the addition of Nasdaq Basic Plus as a product subject to a consolidation fee. These adjustments ensure that firms receiving Nasdaq Last Sale Plus or Basic Plus, or both, will pay monthly administrative and data-consolidation fees as described.

Nasdaq TotalView Plus and Basic Plus will be offered at the same professional, non-professional, enterprise-license, and distributor fees as the existing TotalView and Basic products. The fee schedule is being aligned with Nasdaq's Equity 7 sections 123, 132, 139, and 147 for the new offerings.

The filing replaces SR-Phlx-2026-55, withdrawn on October 28, 2026, and supersedes SR-Phlx-2026-54, withdrawn on August 31, 2026.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.