Top of PHLX Options - TOPO
Is a speed advantage important to you when trading options? Take Top of PHLX Options and be faster than your competition!
Top of PHLX Options (TOPO) is designed to provide NASDAQ OMX PHLX (PHLX) Best Bid and Offer and last sale information directly to PHLX market participant firms - the same information PHLX provides to the Options Price Reporting Authority (OPRA) for inclusion in the consolidated market feed. However, by subscribing to TOPO directly from PHLX, market participants can eliminate any extra transmission and processing latencies and be able to process the information faster, giving them an additional tool to compete with those taking the data from OPRA.
Firms also interested in simple and complex order data should refer to the TOPO Plus Orders data product.
Benefits & Features
- Eliminates extra transmission and processing latencies.
- Ability to create real-time display options with a manageable set of data without having to consume an oversized data set
- Via NASDAQ OMX Direct Data Feed Products: Trading firms and market data vendors may create a real-time display by processing direct NASDAQ OMX data feed products. For detailed technical documentation for NASDAQ OMX direct products, please refer to the Market Data technical specifications page.
- Via Market Data Vendors: Individual investors and traders may access real-time data through a number of authorized NASDAQ OMX market data distributors. Market data distributors provide both display devices and data feed products containing NASDAQ real-time data. Refer to the Market Data Vendors page for a complete list of companies.
This product is subject to the following distributor fees:
|Top of PHLX Options (TOPO)|
|Entitlement Name||Security Coverage||Monthly Fee|
|Top of PHLX Options (TOPO)||NASDAQ OMX PHLX Issues||Internal: $2,000
|Managed Data Solution Administration Fee*|
|PHLX Managed Data Solution Subscriber Fee|
*For the right to offer Managed Data Solutions to client organizations
Agreements & Forms
To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from NASDAQ OMX:
- Data Feed Request Form - Required for all firms
- NASDAQ OMX Global Data Agreement - Required for all firms prior to initiation of the first NASDAQ OMX data service only
- System Application - Required for firms only if the data will be displayed or used in a system that is not yet approved by NASDAQ OMX
For the complete list of NASDAQ OMX and UTP market data agreements and forms, please refer to the NASDAQ OMX Global Data Products Agreements and Forms page.
To order this data on a stand-alone terminal/controlled display product, end users or end-user firms should contact their market data vendor for the appropriate agreements and forms.