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The Nasdaq Stock Market | Nasdaq BX | Nasdaq PSX | Nasdaq Web-Based Reports | Nasdaq Monthly Administration Fee

 

The Nasdaq Stock Market

Nasdaq TotalView | Nasdaq Level 2 | Nasdaq Basic | Nasdaq Last Sale | NLS Plus | Nasdaq MatchView | Nasdaq Market Pathfinders | Nasdaq Market Analytix


Nasdaq TotalView
Entitlement Name Security Coverage Monthly Fee
Usage Fees
Nasdaq TotalView
with Nasdaq OpenView
Nasdaq Issues Professional/Corporate: $70 per subscriber
Non-Professional: $14 per subscriber
NYSE and NYSE MKT Issues Professional/Corporate: $6 per subscriber
Non-Professional: $1 per subscriber
Managed Data Solution
(Internal Use Only)
Nasdaq, NYSE and NYSE MKT Issues Professional/Corporate: $375 per subscriber
Non-Professional: $60 per subscriber
Enhanced Display Solution Nasdaq Issues Professional/Corporate: $74 per subscriber
Non-Professional: $14 per subscriber
NYSE and NYSE MKT Issues Professional/Corporate: $6 per subscriber
Non-Professional: $1 per subscriber
Nasdaq Depth Non-Display
(Direct Access Only)
Nasdaq, NYSE and NYSE MKT Issues 1 to 39 subscribers = $375 per subscriber
40 to 99 subscribers = $15,000
100 to 249 subscribers = $30,000
250 subscribers or more = $75,000
Nasdaq Depth Non-Display Platform Nasdaq, NYSE and NYSE MKT Issues $5,000 per Trading Platform
(up to a maximum charge of $15,000)
Distributor Fees
Nasdaq Depth Data Nasdaq Issues Internal Distribution: $1,000 per firm
External Distribution: $2,500 per firm
Direct Access: $2,000 per firm
NYSE and NYSE MKT Issues Internal Distribution: $500 per firm
External Distribution: $1,250 per firm
Direct Access: $1,000 per firm
FilterView/NOIView Net order imbalance data only Direct Access: $500 per firm
Nasdaq Managed Data Solutions License Fee (For the right to offer Managed Data Solutions to Clients)
Nasdaq, NYSE and NYSE MKT Issues $2,500 per Distributor
Enhanced Display Solution Nasdaq, NYSE and NYSE MKT Issues 1 to 399 subscribers = $4,000
400 to 999 subscribers = $7,500
1,000 subscribers or more = $15,000

plus applicable EDS TotalView and OpenView subscriber fees
Enterprise License Option
Nasdaq TotalView / Nasdaq OpenView
Enterprise License— Non-Professionals
Nasdaq, NYSE and NYSE MKT Issues $25,000 plus applicable Level 2 subscriber fees
Nasdaq TotalView / Nasdaq OpenView
NASDAQ Depth Enterprise License— Non-Professionals
Nasdaq, NYSE and NYSE MKT Issues $500,000
Nasdaq TotalView / Nasdaq OpenView
Enterprise License— Professionals
Nasdaq, NYSE and NYSE MKT Issues $100,000 plus applicable Level 2 subscriber fees
Nasdaq TotalView / Nasdaq OpenView
Nasdaq Depth Non-Display— Direct Access
Nasdaq, NYSE and NYSE MKT Issues $75,000 (250+ subscribers)
Nasdaq TotalView / Nasdaq OpenView
Enterprise License— Enhanced Display Solution
Nasdaq, NYSE and NYSE MKT Issues $33,500 plus applicable TotalView and OpenView subscriber fees
TotalView-ITCH FPGA Distributor Fees
TotalView-ITCH FPGA Internal Distributor $25,000 per distributor
External Distributor $2,500 per distributor
Internal and External Distributor $27,500 per distributor
Managed Data Solutions (MDS) Distributor 1 subscriber = $5,000
Additional Subscribers = $750 each

Nasdaq Level 2
Entitlement Name Security Coverage Monthly Fee
Usage Fees
Nasdaq Level 2 with
Nasdaq OpenView
Nasdaq Issues Professional/Corporate: $70 per subscriber
Non-Professional: $14 per subscriber
NYSE and NYSE MKT Issues Professional/Corporate: $6 per subscriber
Non-Professional: $1 per subscriber
Enhanced Display Solution Nasdaq Issues Professional/Corporate: $74 per subscriber
Non-Professional: $14 per subscriber
NYSE and NYSE MKT Issues Professional/Corporate: $6 per subscriber
Non-Professional: $1 per subscriber
Nasdaq Depth Non-Display
(Direct Access Only)
Nasdaq, NYSE and NYSE MKT Issues 1 to 39 subscribers = $375 per subscriber
40 to 99 subscribers = $15,000
100 to 249 subscribers = $30,000
250 subscribers or more = $75,000
Nasdaq Depth Non-Display Platform Nasdaq, NYSE and NYSE MKT Issues $5,000 per Trading Platform
(up to a maximum charge of $15,000)
Managed Data Solution
(Internal Use Only)
Nasdaq, NYSE and NYSE MKT Issues Professional/Corporate: $375 per subscriber
Non-Professional: $60 per subscriber
Depth Distributor Fees
Nasdaq Depth Fee Nasdaq Issues Internal Distribution: $1,000 per firm
External Distribution: $2,500 per firm
Direct Access: $2,000 per firm
Nasdaq Depth Fee for OpenView NYSE and NYSE MKT Issues Internal Distribution: $500 per firm
External Distribution: $1,250 per firm
Direct Access: $1,000 per firm
Enhanced Display Solution Nasdaq, NYSE and NYSE MKT Issues 1 to 399 Subscribers = $4,000
400 to 999 Subscribers= $7,500
1,000 or more Subscribers = $15,000

plus applicable EDS Level 2 and OpenView subscriber fees

Nasdaq Basic
Entitlement Name Security Coverage Monthly Fee
Usage Fees
Nasdaq Basic—
Per User Option
Nasdaq Issues Professional/Corporate: $13 each
Non-Professional: $0.50 each
NYSE Issues Professional/Corporate: $6.50 each
Non-Professional: $0.25 each
Amex Issues Professional/Corporate: $6.50 each
Non-Professional: $0.25 each
Nasdaq Basic—
Per Query Option
Nasdaq Issues $0.0025 each
NYSE issues $0.0015 each
Amex Issues $0.0015 each
Nasdaq Basic—
Enterprise License
Nasdaq, NYSE and Amex Issues $365,000 for unlimited internal Professional (display only) usage*
*($2 per user fee for usage over 16,000 via a controlled display device)
Nasdaq Basic—
Broker Dealer Enterprise License
Nasdaq, NYSE and Amex Issues $100,000 per broker dealer electronic system
Distributor Fees
Nasdaq Basic Distributor Fee Nasdaq, NYSE and Amex Issues $1,500 per firm
Derived License Option
Non-Professional Derived Data License Nasdaq, NYSE and Amex Issues $1,500 per firm
Data Consolidation Fee
Nasdaq Basic with NLS Plus Nasdaq, NYSE and
NYSE MKT Listed Issues
$350
Monthly Administrative Fees
Nasdaq Basic with NLS Nasdaq, NYSE and
NYSE MKT Listed Issues
Nasdaq: $100
Nasdaq Basic with NLS Plus Nasdaq, NYSE and
NYSE MKT Listed Issues
Nasdaq: $100
BX: $100
PSX: $100

Nasdaq Last Sale (NLS)
Entitlement Name Security Coverage Monthly Fee
Usage Fees
NLS — Non-Professional User Option Nasdaq Issues 1 to 9,999 users: $0.60 each
10,000 to 49,999 users: $0.48 each
50,000 to 99,999 users: $0.36 each
100,000 user or more: $0.30 each
NYSE and Amex Issues 1 to 9,999 users: $0.30 each
10,000 to 49,999 users: $0.24 each
50,000 to 99,999 users: $0.18 each
100,000 users or more: $0.15 each
NLS — Per Query Option Nasdaq Issues Up to 10 million: $0.0030 each
10 million to 20 million: $0.0024 each
20 million to 30 million: $0.0018 each
Over 30 million: $0.0015 each
NYSE and Amex Issues Up to 10 million: $0.0015 each
10 million to 20 million: $0.0012 each
20 million to 30 million: $0.0009 each
Over 30 million: $0.000725 each
NLS — Unique Website Visitor Option Nasdaq Issues Up to 100,000: $0.036 each
100,001 to 999,999: $0.030 each
Over 1 million: $0.024 each
NYSE and Amex Issues Up to 100,000: $0.018 each
100,001 to 999,999: $0.015 each
Over 1 million: $0.012 each
NLS — Television Per Household Option Nasdaq Issues Up to 1 million: $0.00096 each
1 million to 5 million: $0.00084 each
5 million to 10 million: $0.00072 each
Over 10 million: $0.00060 each
NYSE and Amex Issues Up to 1 million: $0.00048 each
1 million to 5 million: $0.00042 each
5 million to 10 million: $0.00036 each
Over 10 million: $0.00030 each
Distributor Fees
NLS Distributor Fee Nasdaq, NYSE and Amex Issues $1,500 per firm
FilterView - Nasdaq Trades Nasdaq, NYSE and Amex Issues (Nasdaq Execution System only) $500 per firm
FilterView - TRF Trades Nasdaq, NYSE and Amex Issues (FINRA/Nasdaq Trade Reporting Facility only) $500 per firm
Enterprise License Option
NLS Enterprise License Nasdaq, NYSE and Amex Issues $41,500 per firm

NLS Plus
Entitlement Name Security Coverage Fees
Monthly Usage
and Distributor Fees
Nasdaq, NYSE and
NYSE MKT Listed Issues
Firms are liable for
Nasdaq Last Sale OR
Nasdaq Basic fees
Monthly Administration
Fees
Nasdaq, NYSE and
NYSE MKT Listed Issues
Nasdaq: $100
BX: $100
PSX: $100
Monthly Data Consolidation Fee Nasdaq, NYSE and
NYSE MKT Listed Issues
$350

Nasdaq MatchView
Entitlement Name Security Coverage Monthly Fee
Nasdaq MatchView Nasdaq, NYSE and Amex Issues $5,000 per firm for 1st server
Nasdaq MatchView Enterprise License Nasdaq, NYSE and Amex Issues $10,000 per firm for 2+ servers

Nasdaq Market Pathfinders
Entitlement Name Monthly Fee
Nasdaq Market Pathfinders
Distributor Fee
$2,500

Nasdaq Velocity & Forces (Nasdaq MAX)
Entitlement Name Security Coverage Monthly Fee
Usage Fees
Nasdaq Velocity & Forces —
Subscriber Fees
Nasdaq, NYSE and Amex Issues Professional/Corporate: $10 per user
Non-Professional: $1 per user
Distributor Fees
Nasdaq Velocity & Forces —
Distributor Fee
Nasdaq, NYSE and Amex Issues $2,000 per firm - Allows distributor to provide Nasdaq MAX data to 10 Subscribers. Additional users can be added at the subscriber fee rate.
Enterprise License Option
Nasdaq Velocity & Forces —
Enterprise License
Nasdaq, NYSE and Amex Issues $4,000 per month OR
$36,000 per year

Nasdaq BX

BX TotalView
Entitlement Name Security Coverage Monthly Fee
Usage Fees
BX TotalView Nasdaq Issues
NYSE and Regional Issues

Nasdaq, NYSE and Regional Issues
Professional/Corporate: $20 per subscriber
Professional/Corporate: $20 per subscriber

Non-Professional: $1 per subscriber
Managed Data Solution
(Internal Use Only)
Nasdaq, NYSE and NYSE MKT Issues Professional/Corporate: $150 per subscriber
Non-Professional: $20 per subscriber
Distributor Fees
BX TotalView Nasdaq, NYSE and Regional Issues Internal Distribution: $750 per firm
External Distribution: $1,500 per firm
Direct Access: $1,000 per firm
Managed Data Solution Administration Fee
(For the right to offer Managed Data Solutions to client organizations)
Nasdaq, NYSE and NYSE MKT Issues $1,500 per distributor
Enterprise License Option
BX TotalView Non-Display Usage Nasdaq, NYSE and Regional Issues $16,000

BX Basic
Entitlement Name Security Coverage Monthly Fee
BX Basic Nasdaq, NYSE
and Regional Issues
Fees are currently waived

BX Last Sale
Entitlement Name Security Coverage Monthly Fee
BX Last Sale Nasdaq, NYSE
and Regional Issues
Fees are currently waived

BX Monthly Administration Fee
Entitlement Name Usage Type Monthly Fee
BX Data Products —
Monthly Administration Fee
Delayed Data Products $50 per firm
Real-Time Data Products $100 per firm
 

Nasdaq PSX

PSX TotalView
Entitlement Name Security Coverage Monthly Fee
Usage Fees
PSX TotalView Nasdaq, NYSE, NYSE Amex and NYSE Arca
Professional/Corporate: $40 per subscriber
Non-Professional: $1 per subscriber
Managed Data Solution
(Internal Use Only)
Nasdaq, NYSE and NYSE MKT Issues Professional/Corporate: $150 per subscriber
Non-Professional: $20 per subscriber
Distributor Fees
PSX TotalView Nasdaq, NYSE, NYSE Amex and NYSE Arca Internal Distribution: $500 per firm
External Distribution: $1,250 per firm
Direct Access: $1,000 per firm
Managed Data Solution Administration Fee
(For the right to offer Managed Data Solutions to client organizations)
Nasdaq, NYSE and NYSE MKT Issues $1,500 per Distributor
Enterprise License Option
PSX TotalView Non-Display Usage Nasdaq, NYSE, NYSE Amex and NYSE Arca $16,000

PSX Basic
Entitlement Name Security Coverage Monthly Fee
PSX Basic Nasdaq, NYSE
and Regional Issues
Fees are currently waived

PSX Last Sale
Entitlement Name Security Coverage Monthly Fee
PSX Last Sale Nasdaq, NYSE
and Regional Issues
Fees are currently waived
 
PSX Monthly Administration Fee
Entitlement Name Usage Type Monthly Fee
PSX Data Products —
Monthly Administration Fee
Delayed Data Products $50 per firm
Real-Time Data Products $100 per firm

Nasdaq Web-Based Reports

Nasdaq Trading Insights |Nasdaq Data-On-Demand Premier | Nasdaq Market Replay | Nasdaq Daily List| Nasdaq Fundamental Data| Nasdaq Historical TotalView ITCH | BX Historical TotalView ITCH | PSX Historical TotalView ITCH |Nasdaq ModelView | Historical Nasdaq Velocity and Forces | Historical Nasdaq Market Pathfinders | Nasdaq Daily Share Volume | Nasdaq Short Interest | Nasdaq Short Sale | 144A Reference Database Report

Nasdaq Trading Insights
Entitlement Name Security Coverage Number of Ports (Monthly Fee)
Trading Insights - Internal Use Nasdaq Issues 1-5: $1,500
6-15: $2,000
16-25: $2,500
26+: $3,500
Trading Insights - Sponsored Access Fee (Applies when member firm distributes a copy of the data to a sponsored firm.) Nasdaq Issues $1,000 per firm

Nasdaq Data-On-Demand Premier Service
Entitlement Name Security Coverage Annual Fee
Nasdaq Data-On-Demand
Distributor Fee
Nasdaq, NYSE, Amex,
OTCBB and Non-OTC Issues
$24,000 per firm
Download Tier Monthly Fee
Monthly Gigabyte (GB) Download Fees 1 to 300 GB Included in annual distributor fee
301 GB or more $5/per GB

Nasdaq Market Replay
Entitlement Name Security Coverage Monthly Fee
Usage Fees
Nasdaq Market Replay —
Subscriber Fees
Nasdaq, NYSE and Amex Issues Professional/Corporate: $50 per user
Non-Professional: $20 per user
Distributor Fees
Nasdaq Market Replay —
Distributor Fee
Nasdaq, NYSE and Amex Issues Professional
Internal Distribution: $1,000 per firm
External Distribution: $5,000 per firm
Non-Professional
$5,000 per firm
Enterprise License Option
Nasdaq Market Replay —
Enterprise License
Nasdaq, NYSE and Amex Issues $25,000 per month

Nasdaq Daily List and Nasdaq Fundamental Data
Entitlement Name Monthly Fee
Nasdaq Daily List and/or Fundamental Data
Distributor Fee
$1,750 per organization

Nasdaq Historical TotalView-ITCH*
Entitlement Name Usage Tier Monthly Fee
Nasdaq Historical TotalView-ITCH
Distributor Fee
1 to 500 subscribers $1,250
501 to 999 subscribers $1,500
1,000 to 4,999 subscribers $2,500
5,000 to 9,999 subscribers $3,500
10,000 or more subscribers $5,000

BX Historical TotalView-ITCH*
Entitlement Name Monthly Fee
BX Historical TotalView-ITCH
Distributor Fee
$500

PSX Historical TotalView-ITCH*
Entitlement Name Monthly Fee
PSX Historical TotalView-ITCH
Distributor Fee
$500

Nasdaq ModelView
Entitlement Name Monthly Fee
Nasdaq ModelView
Distributor Fee
$2,000

Historical Nasdaq Velocity and Forces*
Entitlement Name Usage Tier Monthly Fee
Historical Nasdaq Velocity and Forces
Distributor Fee
1 to 500 subscribers $1,000
501 to 999 subscribers $1,500
1,000 to 4,999 subscribers $2,500
5,000 to 9,999 subscribers $3,500
10,000 or more subscribers $5,000

Historical Nasdaq Market Pathfinders*
Entitlement Name Usage Tier Monthly Fee
Historical Nasdaq Market Pathfinders
Distributor Fee
1 to 500 subscribers $1,000
501 to 999 subscribers $1,500
1,000 to 4,999 subscribers $2,500
5,000 to 9,999 subscribers $3,500
10,000 or more subscribers $5,000

Nasdaq Daily Share Volume
Entitlement Name Monthly Fee
Nasdaq Daily Share Volume
Distributor Fee
$2,500

Nasdaq Short Interest
Entitlement Name Distributor Type Subscribers (Non-Data Feed Recipients) Monthly Fee
Nasdaq Short Interest
Distributor Fee
Nasdaq Short Interest - Direct Access N/A $500
Nasdaq Short Interest - Internal Distribution Unlimited Internal Use $1,000
Nasdaq Short Interest - External Distribution 1-499
500-9,999
10,000+
$2,500
$5,000
$7,500
Nasdaq Short Interest External Distribution to external Controlled Products with $5,000 or more spend on Nasdaq Last Sale (NLS) or NLS Plus in monthly usage fees or Distributors on the 100K or 500K Enterprise License for Nasdaq Basic or Nasdaq Depth (respectively) (Direct Access fees still apply) N/A $1,500

Nasdaq Short Sale Volume Reports
Entitlement Name Usage Tier Monthly Fee
Nasdaq Short Sale Volume Reports
Distributor Fee
Internal Distributor $750 per firm
External Distributor $1,250 per firm


The BX and PSX short sale files are available for free download.


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.

Nasdaq Monthly Administration Fees and Monthly License Fees

Nasdaq Administration Fees
Entitlement Name Usage Type Fee
Nasdaq Global Data Products —
Monthly Administration Fee
Delayed Data Products $50 per month
Web-Based Products $100 per month
Real-Time Data Products $100 per month
Nasdaq Monthly License Fee
Entitlement Name Usage Type Fee
Nasdaq Managed Data Solutions License Fee
(For the right to offer Managed Data Solutions to Clients)
Nasdaq Depth Products* $2,500 per month

*Includes Level 2, OpenView and TotalView


Details:

The usage fees are assessed based on the number and type of subscribers that access Nasdaq market data. See the Nasdaq Data Policies for additional information. Please consult with your Nasdaq Global Information Services Account Manager to determine which fee option is best suited to your company's needs.

For Nasdaq real-time data feed products, the distributor fees are assessed on subscribers that receive Nasdaq information in a data feed format. This product is also covered by Nasdaq monthly administration fee(s). Refer to Nasdaq Data Policies for details.


The monthly Enhanced Display Solution fee gives Distributors the right to provide U.S. Depth Information on an API or similar solution delivered from a Controlled Terminal.

The EDS Enterprise License entitles the EDS Distributor to distribute to an unlimited number of Professional EDS Subscribers at the underlying NASDAQ TotalView and OpenView Subscriber rates, not the underlying EDS Subscriber Rates. In addition, applicable non-professional Subscriber fees are at the $9 Subscriber rate.

For additional information regarding EDS, please refer to Data News #2014-10.


Nasdaq Depth Non-Display: The Nasdaq Depth Non-Display fees are only applicable to direct access subscribers. Indirect Depth Non-Display subscribers will pay the Nasdaq TotalView Usage fees.

Nasdaq Depth Non-Display Platform Pricing: Vendors offering Managed Data Solution (MDS) are responsible for payments of fees associated with this program. Platform fees are not applicable if a firm operating the Platform incurs monthly non-display usage charges of $15,000 or more. For additional information, please refer to Data News #2014-12.

TotalView-ITCH FPGA is an optional service upgrade for data feed subscribers and MDS clients. Distributors using the TotalView-ITCH FPGA product would be subject to the TotalView hardware-based distributor fees in addition to the other listed Nasdaq TotalView® / Nasdaq OpenView distributor and usage fees.

Historical Data Products are available on an annual basis. Distributors will be billed for the year on a monthly basis during the initial 12 month period. After the initial 12 months, firms may cancel at any time. Applies to: BX Historical TotalView-ITCH | PSX Historical TotalView-ITCH | PHLX Historical Orders | Nasdaq Historical TotalView-ITCH | Historical Nasdaq Market Pathfinders | Nasdaq Historical Market Analytix (Velocity & Forces) | Nasdaq Short Sale Volume Reports

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.


Nasdaq Basic only:

The Derived Data License covers non-professional subscriber fees only; firms must still pay applicable distributor fees and professional subscriber fees. See the Nasdaq Data Policies for additional information on the Non-Professional Derived Data License. Please contact Nasdaq Global Information Services at +1 301 978 5307 (Option #1) for details.

Subscribers of the Nasdaq Basic web service must still play applicable distributor fees and subscriber fees.

TotalView only:

Nasdaq GLIMPSE retransmission facility is available only to Nasdaq TotalView ITCH and/or Nasdaq Options Depth Data Feed Recipients also paying for Direct Access and Distributor Fees.

The enterprise license option for professional and non-professional subscribers is available to Nasdaq broker/dealer firms only. The enterprise license for non-display terminals is available to Nasdaq internal data distributors only. Enterprise licenses cover subscriber fees only; firms must still pay applicable distributor fees. For some products, there may be a minimum subscription length. Please contact your Nasdaq Global Information Services Account Manager to discuss these pricing options.

Other Nasdaq products with enterprise license option:

The enterprise license option is available to all firms. For some products, there may be a minimum subscription length. Please contact your Nasdaq Global Information Services Account Manager to discuss this pricing option.

The FilterView distributor fee is assessed only on firms that access a filtered data feed product offered directly by Nasdaq.

All distributors of Nasdaq proprietary data are subject to the Nasdaq monthly Administration Fee. The fee is assessed upon a firm based on its highest level of service. See the Nasdaq Data Policies for additional information.