Nasdaq Level 2 (NQDS)
Nasdaq Level 2 provides the top-of-file position for Nasdaq exchange participants. When it was introduced in 1983 as Nasdaq Quotation Dissemination Service (NQDS), it was the first product to provide Nasdaq market participant depth to the investing public. At the time, NQDS carried only Nasdaq market participant depth for Nasdaq-listed securities. In 2007, Nasdaq expanded the Level 2 product to include market participant depth in NYSE-, Amex- and regional exchange-listed securities.
While Level 2 has since been surpassed by Nasdaq TotalView with respect to market liquidity, the entitlement still offers valuable insight into Nasdaq market participant trading strategies.
Benefits & Features
- Helps Nasdaq market participants track their quotation positions and comply with SEC and Nasdaq marketplace rules
- Provides investors and traders with a bird's-eye view into Nasdaq market participants' quotation activity and market momentum
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
- 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.
Please refer to the U.S Equities Price List for pricing information.
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:
- Data Feed Request Form - Required for all firms
- Nasdaq Global Data Agreement - Required for all firms prior to initiation of the first Nasdaq 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
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.