NASDAQ Last Sale (NLS)
Overview
On June 2, 2008, NASDAQ OMX officially launched the NASDAQ Last Sale (NLS) service. NASDAQ has more liquidity than any other U.S. exchange, making NLS a reliable and accurate source for real-time, intraday trade data.
The launch of NLS is a remarkable advancement in transparency, allowing millions of people around the world to access NASDAQ real-time validated data.
Benefits & Features
NLS provides real-time, intraday trade data from the NASDAQ platform, which trades the largest volume of U.S. exchange-listed equities. NLS is designed to:
- Encourage universal distribution of NASDAQ real-time trade data to the public via the Internet and other electronic media.
- Enable firms to create dynamic stock tickers, portfolio trackers and time/price graphs products for public use.
- Ensure widespread delivery of NLS through its innovative pricing — multiple fee schedule options as well as monthly fee caps.
- Include data from both the NASDAQ trading platform, which has the most liquidity in U.S. Equities than any other U.S. exchange, as well as data from the FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM).
- Support the full range of U.S. exchange-listed equities — NYSE- and Amex-listed issues as well as NASDAQ-listed issues
Access Options
NLS is available via the following distribution channels:
- The Internet: Real-time NLS data is available at no charge to the end user on the following public websites:
- Market Data Vendors: Individual investors and traders may also access real-time data via terminal and data feed products offered by NASDAQ market data distributors, including:
- 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's direct products, please refer to the specifications page of the NASDAQ Trader website.
Pricing
This product is subject to the following usage and distributor fees:
| 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 | $50,000 per firm |
The usage fees are assessed based on the number and type of subscribers that access NASDAQ OMX market data. See the NASDAQ OMX Data Policies document for additional information. Please consult with your NASDAQ OMX Global Data Product account manager to determine which fee option is best suited to your company's needs.
For NASDAQ OMX real-time data feed products, the distributor fees are assessed on subscribers that receive NASDAQ OMX information in a data feed format. This product is also covered by the NASDAQ annual administration fee. Refer to NASDAQ OMX Data Policies document for details.
The enterprise license option is available to all firms. For some products, there may be a minimum subscription length. Please contact your NASDAQ OMX Global Data Product account manager to discuss this pricing option.
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.
Product News & Updates
NLS distributors may be interested in the following news items:
- NLS highlighted on the The Hobson and Holtz Report — Podcast #351: June 5, 2008. Listen Now.
- NASDAQ Press Release 06/02/2008 - NASDAQ is the First U.S. Stock Exchange to Facilitate Free, Universal Access to Real-time Stock Data
- NASDAQ Vendor Alert #2008-25 - NASDAQ OMX Launches NASDAQ Last Sale (NLS) Service
For the complete list of NASDAQ direct data feed changes, please refer to the NASDAQ Data Product Release Schedule.
FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority.
