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Nasdaq Fund Network (NFN) — Agreements & Forms

NFN Access Agreement

Nasdaq® operates the Nasdaq Fund Network (NFN) for the submission of daily price data from mutual funds, money market funds, unit investment trusts (UITs), structured products, annuities, NextShares, collective investment trust (CIT), separate accounts, managed accounts, and hedge funds.

All investment companies, trust sponsors and pricing agents firms are required to execute the Nasdaq Fund Network Access Agreement in order to use the NFN system for price reporting purposes.

NFN Instrument Set-Up Process

In addition to the NFN Access Agreement, investment companies and trust sponsors are required to complete registration applications for all mutual funds, money market funds, UITs, annuities, structured products, NextShares, collective investment trust (CIT), separate accounts, managed accounts, and hedge funds to be reported via NFN. Investment companies and trust sponsors are also required to provide advance notification to Nasdaq of listing details changes, such as name, ticker symbol and CUSIP changes - to existing NFN instruments.

Nasdaq offers two ways for firms to submit NFN instrument applications:

  • NFN Registration Service — Through the NFN secured website, investment companies and trust sponsors may submit and track instrument registration applications and change requests online. To obtain access to the NFN Registration Service, firms must complete and submit the NFN Firm Set-Up / Logon Request Form to NFN Operations.

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  • NFN Hard Copy Applications — Nasdaq also allows firms to submit hard copy applications directly to NFN Operations for processing.
  • NFN Listing Applications (All Instruments)
  • NFN New Listing Application and Change Request - Spreadsheet Version
  • NFN Change Request Forms
  • NFN New Listing Application and Change Request - Spreadsheet Version

    • NFN Valuation Service Sign Up Process

    Nasdaq offers the following NFN system interfaces for firms submitting price data for mutual funds, money market funds, UITs, structured products, annuities, NextShares, collective investment trust (CIT), separate accounts, managed accounts, and hedge funds:

    Please refer to the Nasdaq - Nasdaq Fund Network Specifications page for the technical documentation for these three NFN system interfaces.

    Please note that Nasdaq also allows investment companies and trust sponsors to submit data via authorized pricing agents. In such a case, the firm would simply denote the pricing agent's name on the listing application form.

    NFN Data Service and NFN Daily List Sign Up Process

    Market data vendors and other firms looking to order the Nasdaq Fund Network Data Service and/or NFN Daily List should refer to the Global Data Products Agreements and Forms page of the Nasdaq Trader website for the proper enrollment documentation.

    Fees — NFN Registration Service and NFN Valuation Service

    Nasdaq Fund Network (NFN)
    Fee Type Description Rate
    NFN Instrument Registration Fees
    NFN Annual Fee for Issuers / Fund Families Annual Open-end and Closed-end mutual funds instrument registration fee

    *excluding 529s

    		 $800 per year
    NFN Annual Fee for Issuers / Fund Families Annual instrument registration fee: All other fund types $700 per year
    NFN UIT Annual Fee for Issuers / Fund Families Annual UIT instrument registration fee $900 per year
    NFN Valuation Service Fees
    NFN Valuation Service - Data Entry / Access Fee NFN issuers and NFN pricing agents to enter Valuation and corporate action data via secured NFN website or secured NFN FTP server $100 per month per login.
    Computer-to-Computer Interface (CTCI) Monthly fees associated with CTCI connectivity Refer to Nasdaq Transaction Services (NTS) price list
     

    Nasdaq modified its NFN instrument fee schedule as of October 1, 2018. For details, refer to NFN News #2018-2. Please note that NFN instrument fees are typically paid by the issuer or sponsor firm.

    NFN Valuation Service access fees are typically paid by the firm that submits daily fund price data into Nasdaq.

    NFN Communications

    Prior to any technical, policy, or contractual change to the NFN product, Nasdaq will post a NFN News item on the NasdaqTrader website. In the news item, Nasdaq highlights the NFN change and includes links to any relevant documentation. At the time of posting, Nasdaq sends out the notice via email to all persons that sign up for automatic email notifications using the NASDAQ Trader News self-enrollment form. On the self-enrollment form, the NFN News check box appears on the third tab labeled "Market Data News" under the U.S. Equity Market category.

    Nasdaq highly recommends that all fund families, trust sponsors and pricing agents use the self-enrollment process to sign up for the NFN News items. To ensure that the correct contacts at the firm receives the notices, Nasdaq recommends that all NFN customers register at least one technical contact and one administration/legal contact for the automatic email notifications. Please note that there is no limit as to the number of contacts that a firm can sign up for the NFN News notifications.

    In addition to the written communications, Nasdaq has recently introduced a quarterly conference call for fund families, trust sponsors, pricing agents and market data vendors to discuss planned NFN product and administration changes. Prior to the call, Nasdaq will send an email notification to the NFN News email list with the date and time information as well as a tentative agenda.

    If you have any questions about the NFN communication process, please feel free to contact Nasdaq Global Data Products at +1 301 978 5307 (option #4).