Nasdaq Sets Fees for New TotalView Plus and Basic Plus Data Feeds

On Sep. 8 2026 Nasdaq Stock Market LLC filed a proposed rule change (Release No. 34-106336; File No. SR-NASDAQ-2026-076) that the SEC published on Sep. 11 2026. The filing is immediately effective under Section 19(b)(1) of the Securities Exchange Act of 1934.

The Exchange proposes to set fees for Nasdaq TotalView Plus and Nasdaq Basic Plus at or below the fees currently charged for the combined Depth-of-Book and Top-of-Book products offered by the Nasdaq U.S. Equity Markets. The fee design is intended to give customers the option of lowering market-data, networking, and connectivity costs by replacing three separate feeds with a single consolidated feed.

Nasdaq TotalView Plus will include all orders and quotes from members of any Nasdaq U.S. Equity Market, consolidating the information currently disseminated through Nasdaq TotalView, Nasdaq Texas TotalView, and PSX TotalView. Nasdaq Basic Plus will provide best bid and offer and last-sale information, consolidating the feeds currently provided through Nasdaq Basic, Nasdaq Texas BBO and Last Sale, and PSX BBO and Last Sale.

Fees for both products will match the Professional and Non-Professional Subscriber and enterprise license fees of the existing Nasdaq TotalView and Nasdaq Basic products. Any firm that certifies it will consolidate the three underlying feeds for external redistribution will be exempt from Nasdaq Texas and Nasdaq PSX Market Data Distributor Fees, while internal and external distributor and Direct Access fees remain unchanged.

The proposal is framed as a step toward the overnight trading schedule set to begin in Dec. 2026, which will run 23 hours, 5 days per week. By offering consolidated data at or below current combined fees, Nasdaq aims to maximize distribution of the new feeds throughout that schedule.