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Thursday, March 1, 2012

Data News #2012 - 3
REVISED 3-26-2012: NASDAQ OMX Introduces NASDAQ Depth Non-Display Fee for Direct Access Subscribers

Markets Impacted:

  • The NASDAQ Stock Market

Products Impacted:

  • NASDAQ TotalView
  • NASDAQ OpenView
  • NASDAQ Level 2

Contact Information:

What you need to know:

  • Effective April 2, 2012, NASDAQ OMX® will introduce a new Direct Access Non-Display Fee structure for NASDAQ® Depth data (including NASDAQ TotalView®, NASDAQ OpenView® and NASDAQ Level 2), pending approval from the Securities and Exchange Commission (SEC).
  • This pricing structure applies to Distributors who are accessing and processing NASDAQ Depth data directly from the exchange and utilizing NASDAQ depth data in a non-display manner.

What is changing?

Effective April 2, 2012, NASDAQ OMX® will introduce a new Direct Access Non-Display Fee structure for NASDAQ Depth data (NASDAQ TotalView, NASDAQ OpenView and NASDAQ Level 2), pending approval from the SEC.

As a reminder, "Direct Access" is defined as a telecommunications interface for receiving NASDAQ data, receiving a NASDAQ data feed within the NASDAQ co-location facility, or receiving NASDAQ data via an Extranet access provider. For details on the definition of Direct Access, please see NASDAQ Data News Item #2010 - 34.

What do the new fees cover?

The new Direct Access depth fee covers the fees associated with Direct Access non-display Subscriber/Device usage; firms are still liable for the applicable Direct Access, Annual Administrative and Distributor fees. Additionally, NASDAQ has filed to replace the existing Non-Display Enterprise License of $30,000 per month for Direct Access customers. Please see NASDAQ Data News Item #2010-12 for more details on this Non-Display Enterprise License.

Subscribers of non-display data via Indirect Access pay the same fees as display users of that data product.

What is the pricing structure as of April 2, 2012?

REVISED 3-26-2012: The fees for NASDAQ Depth Non-Display usage for Direct and Indirect Access are below:

Direct Access Non-Display Depth Subscriber/Devices
 Monthly Fee
1 - 10 Subscribers
$300 per Subscriber
11 - 29 Subscribers
$3,300
30 - 49 Subscribers
$9,000
50 - 99 Subscribers
$15,000
100 - 249 Subscribers
$30,000
250+ Subscribers
$75,000
Indirect Access Non-Display Depth Subscriber/Devices
 Existing Monthly Fee
Number of Subscribers/Devices
Existing Monthly Fees for each underlying
product apply as referenced in the Pricelist


Please refer to the NASDAQ OMX Global Data Policies for more information on Unit of Count and Non-Display Usage.

What do I need to do?

Firms with possible Direct or Indirect Non-Display usage will see a new report title in NORA-NASDAQ OMX Reporting Application for their Non-Display NASDAQ Depth usage. These firms will need to separate their reporting of Display usage from the Non-Display usage. If your firm only has Non-Display usage, please inform your NASDAQ account manager to close your firm’s Display only report title. Once your Non-Display usage is reported, NASDAQ OMX’s billing system will automatically convert the usage reports to the correct amounts for invoicing.

Going forward, monthly usage reporting is required for non-display usage based on the number of non-display Subscribers/Devices with the exception of Distributors opting for the highest tier for Direct Access. There is no tier for Indirect Access.

Where can I find additional information?


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