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Thursday, January 14, 2010

Data News #2010 - 3
NASDAQ OMX Simplifies and Reduces Distributor Fees for the 144A Reference Database Report Product

Market Impacted:

  • The NASDAQ Stock Market

Product Impacted:

  • 144A Reference Database Report

Contact Information:

What you need to know:

  • NASDAQ OMX is pleased to announce a new simplified fee schedule for the 144A Reference Database Report product, effective immediately.
  • In the new pricing model, NASDAQ OMX has reduced the top distributor fee by 50%.

What is the NASDAQ OMX 144A Reference Database product offering?

The NASDAQ OMX 144A Reference Database is a proprietary database designed to provide increased transparency in the 144A securities market. The product provides a web-based report of 144A private placement securities that were previously designated as PORTAL securities. The easy-to-use report offers detailed information for 144A debt and equity securities for each issue based on documentation from the issuer.

What is the new pricing?

NASDAQ OMX® is pleased to announce a new simplified fee schedule for the 144A Reference Database Report product. Under the new schedule, NASDAQ OMX reduces the top distributor fee for the 144A Reference Database files by 50%. In addition, NASDAQ OMX has added two additional years to its historical price cap for the 144A data.

Effective immediately, the new pricing schedule is as follows:

Entitlement Name Usage Tier Annual Fee Details
NASDAQ 144A Reference
Database Report
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.

How can I access the 144A Reference Database Report and what data is available?

NASDAQ OMX delivers the 144A Reference Database Report via a secured website and secured FTP server. The following files are available for download:

  • Daily change files for the current business month
  • Current year file, updated daily
  • Annual files for application data prior to the current year

Are there any redistribution limitations for the 144A Reference Database Report?

Firms may use the 144A Reference Database in any display-based products without limitations.

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

How can I order the 144A Reference Database Report product?

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.

Where can I find additional information?


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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