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Product LoginLevel 1 - UTP/FINRA
Overview
Level 1 Service provides critical information that investors and traders need to track NASDAQ OMX-listed and OTC Bulletin Board (OTCBB) issues throughout the day.
The Level 1 Service is designed to:
- Ensure that investors know the prevailing market price before entering a buy or sell order for a NASDAQ OMX or OTCBB security.
- Allow individuals and firms to value their investment portfolios and to determine profit or loss for each of their positions.
- Provide UTP participant quotation and trade data for NASDAQ-listed securities as required under the Securities and Exchange Commission (SEC) Quote Rule.
- Provide over-the-counter (OTC) trade data via the for publicly traded equities that are not listed on the NASDAQ OMX, New York Stock Exchange, or American Stock Exchange and traded over the counter.
Benefits & Features
For NASDAQ OMX-listed issues:
Section 12(f) of the Securities and Exchange Act of 1934 permits NASDAQ OMX to extend “unlisted trading privileges” (UTP) for its listed securities. Through UTP, other U.S. exchanges and markets are able to quote and trade issues listed on the NASDAQ Stock Market. Under the UTP Plan, all U.S. exchanges that quote and trade NASDAQ-listed securities must provide their data to a centralized securities information processor (SIP) for data consolidation and dissemination.
For over the counter (OTC) issues:
Level 1 service is designed to carry over-the-counter (OTC) trade data via the for publicly traded equities that are not listed on the NASDAQ OMX, New York Stock Exchange, or American Stock Exchange and traded over the counter.
In October of 2005, the Financial Industry Regulatory Authority (FINRA) assumed ownership of the OTCBB service from The NASDAQ Stock Market. In the transfer, NASDAQ OMX retained the role of technology and administrative provider for the OTCBB service.
Access Options
For all data consumers:
-
Via Market Data Vendors: Individual investors and traders may access real-time data through a number of authorized NASDAQ market data distributors. Market data distributors provide both display devices and data feed products containing NASDAQ real-time data. Refer to the Market Data Vendors page for a complete list of companies.
For firms only:
-
Via NASDAQ Direct Data Feed Products: Trading firms and market data vendors may create a real-time display by processing direct NASDAQ data feed products. For detailed technical documentation for NASDAQ direct products, please refer to the specifications page of the NASDAQ Trader website.
Pricing
The UTP Operating Committee has established the following per user fees for real-time Level 1 data:
| UTP Level 1 Monthly Fees | ||
|---|---|---|
| Entitlement Name | Security Coverage | Monthly Fee |
| Usage Fees1 | ||
| UTP Level 1 — Per Subscriber Option |
NASDAQ Issues | Professional/Corporate: $20 Per Subscriber Non-Professional: $1 Per Subscriber |
| UTP Level 1 — Per Query Option |
NASDAQ Issues | $0.005/Query |
| UTP Level 1 — Voice Response Port |
NASDAQ Issues | $21.25 per port |
| UTP Level 1 — Cable Television Ticker |
NASDAQ Issues | First 10 million: $2 per 1,000 Households Next 10 million: $1 per 1,000 Households Subsequent: $0.50 per 1,000 Households |
| Distributor Fees2 | ||
| UTP Level 1 — Access Fees |
NASDAQ Issues | Indirect Access $500 per firm Direct Access $1,500 per firm |
| UTP Level 1 — Hosted Data Feed (Non-Display Only) |
NASDAQ Issues | $500 per firm |
Enterprise License Option3 |
| UTP Level 1 Non-Professionals | NASDAQ Issues | $600,000 per firm |
| UTP Annual Administration Fee | ||
|---|---|---|
| Entitlement Name | Usage Tier | Annual Fee |
| UTP Level 1 Annual Administration Fee | Delayed Data Only | $250 |
1The usage fees are assessed based on the number and type of Subscribers that access real-time UTP/FINRA Level 1 market data. For firms using per query pricing, capping is permitted at the applicable professional or non-professional user rates. See the NASDAQ OMX Data Policies Document for additional information.
2UTP Level 1 Real-Time Annual Administration fee has been replaced with monthly access fees for Level 1 Services. Please refer to UTP Vendor Alert #2011 - 9 - UTP Plan Announces Replacement of Level 1 Real-Time Annual Administration Fee for more information.
3The enterprise license option is only available to broker-dealers registered under the Securities Exchange Act of 1934. It covers Non-Professional usage of UTP Level 1 data offered via a single entitlement system. Please note that the enterprise license covers Non-Professional users of UTP Level 1 data entitlements only. Firms must continue to report and pay the applicable usage fees for Professional users accessing UTP Level 1 data as well as annual administration fees.
Agreements & Forms
To order this data on a stand-alone terminal/controlled display product, end users or end-user firms should contact their market data vendor for the appropriate agreements and 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
Level 1 distributors may be interested in the following news items that have been posted to NASDAQ Trader website:
