144A Reference Database Report – Annual Subscription

Overview

The NASDAQ 144A Reference Database Report product is designed to provide increased transparency and trading efficiency in the 144A securities market by providing summary data for those 144A private placement securities that have been designated as PORTAL securities by Nasdaq. This proprietary 144A database currently contains a core group of debt and equity securities with data available for each issue based on offering documentation from the issuer.

Benefits & Features

The 144A Reference Database is easy-to-use and offers investors the opportunity to research valuable information on existing and potential new securities.

It is useful for Qualified Institutional Buyers (QIBs), Broker/Dealers, Research Analysts, Investment Bankers and Market Data Vendors in the following ways:

  • Aides investors in understanding the security offerings in the 144A market
  • Helps identify new security issuances and investment opportunities
  • Identifies securities that may meet investors’ portfolio needs
  • Helps Issuers and Investment Banks structure future offerings
  • Provides specific information such as interest rates and amount of offerings.

     

Data Description

The 144A Reference Database Report is comprised of the following data sets and access is dependent upon the customer’s subscription:

  • Daily change files for the current business month that compares the current trading day information to the prior trading days’ information to determine if the approval status or the final documentation status of the security has changed. If so, the record is provided in the current days’ file.
  • Full current year file that contains all 144A securities that have been approved by Nasdaq in the current year with the most updated information as provided by the applicant.
  • Annual files for the older application data (1990-2007) that contain all 144A securities that have been approved by Nasdaq from 1990 through 2007.

The Daily and Yearly files are generated on a daily basis. Daily files, once published will remain static whereas annual files will continually be updated to reflect changes that can occur over time with the security offering.

Data Delivery Options

All files are available for download via a secured FTP interface and available for download, viewing, or searching from a secured website interface.

Pricing

Firms may use the NASDAQ 144A Reference Database in any display based products without limitations. While only qualified institutional buyers (QIBs) are allowed to invest directly in 144A securities, Nasdaq believes that it is in the public interest to make the 144A offering data available to all investors as private placement securities may be included in public pension plan and mutual fund portfolios.

Firms may also include the NASDAQ 144A Reference Database content in downstream data feed products. Nasdaq does require, however, that all firms that access the 144A data via a distributor data feed product to execute the appropriate Nasdaq agreements and to pay the annual fees.

This product is subject to the following distributor fees:



Nasdaq 144A Reference Database Report
Entitlement Name Usage Tier Annual Fee Details
Nasdaq 144A Reference
Database Report
Distributor Fee
1 to 20
subscribers
$20,000
per calendar year
Not to exceed $200,000 for access to all
144A Reference Database Report historical
data files dating back to 1990.
21 or more
subscribers
$50,000
per calendar year
Not to exceed $500,000 for access to all
144A Reference Database Report historical
data files dating back to 1990.

For select Nasdaq web-based reports, the distributor fees are assessed based on the number of Subscribers, while other web-based reports have monthly fees assessed on the distribution of the data. Internal Distributor is defined as a firm that distributes market data internally (i.e. to employees or authorized agents of the organization and/or within the premises of the Distributor. External Distributor is defined as a firm that distributes the data externally to third-party recipients. The External Distributor fee includes internal usage of the data. Web-based products are also covered by the Nasdaq monthly administration fee. Refer to Nasdaq Data Policies for details.

Agreements & Forms

To order this web-based data product, firms must submit the appropriate documentation and receive prior approval from Nasdaq:

For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.

Product News & Updates

Data News #2010-003:Nasdaq Simplifies and Reduces Distributor Fees for the 144A Reference Database Report Product

NASDAQ Vendor Alert #2008-81: Nasdaq Announces a New Web-Based Product: NASDAQ 144A Reference Database Report