Nasdaq files new pricing for consolidated equity feeds before overnight trading expansion

Nasdaq has filed the latest version of a market-data pricing plan designed to combine top-of-book and depth-of-book information from three US equity venues into two consolidated products. The SEC’s 4 November notice, release 34-106824, identifies Nasdaq TotalView Plus and Nasdaq Basic Plus and describes proposed fees at or below the cost of purchasing the relevant existing data products together. The proposal matters to broker front ends, market-data aggregators and trading applications because a combined feed can reduce the number of contracts, connections or vendor processes needed to display a coherent order book.[1][2]

The legal and commercial history is unusually important. The 2 November filing, SR-NASDAQ-2026-095, replaced a withdrawn filing from earlier the same day; the SEC notice lists earlier withdrawn versions from October, September and August. A firm pricing a service from an old filing may therefore be using the wrong schedule. The immediate-effectiveness mechanism described in the notice should not be mistaken for proof that every distributor has migrated to the new feed or that every end-user permission is identical.[1][2]

The exchange says the consolidated products combine information disseminated by the Nasdaq Stock Market, Nasdaq Texas and Nasdaq PSX equities markets. A market-data licence is not a right to trade, and a display entitlement is not automatically an entitlement to redistribute raw feed data. A retail broker must still distinguish non-display use, individual and professional users, depth entitlements, external distribution and any additional network charges specified in the tariff.[1][2]

Why venue attribution and data rights still matter

Nasdaq explicitly links its proposal to plans for overnight equity trading in December 2026. If venues add later sessions, a broker needs coherent session status, timestamps, market-centre attribution and failover handling, not merely attractive streaming prices. A consolidated data product could simplify that workflow; whether it reduces total cost for a particular customer depends on the customer’s actual entitlement mix and prior data spend.[1][2]

The defensible interpretation is a filed fee structure and a stated cost rationale. The SEC publication invites comments and provides the issuer’s economic explanation. It does not independently verify that all broker subscribers will save money, nor does it establish that an overnight trading expansion is already live on 4 November.[1][2]

Report an error or submit an update