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Friday, May 5, 2023

Data News #2023 - 3
Nasdaq Introduces New Hardware-Based Option for BX TotalView-ITCH

Markets Impacted:

  • BX Equities

Products Impacted:

  • BX Totalview-ITCH

Contact Information:

What you need to know:

Pending SEC approval, Nasdaq will introduce a new TotalView-ITCH FPGA service on BX for Nasdaq equity depth data subscribers.

What is BX Totalview-ITCH?

BX TotalView-ITCH is a real-time market data product that provides full order depth using a series of order messages to track the life of customer orders in the BX market, offers trade data for BX executions, and carries administrative messages such as Trading Action messages, Symbol Directory, and Event Control messages.

What are the benefits of BX Totalview-ITCH

The data available via BX Totalview-ITCH allows subscribers to:

  • View all displayed quotes and orders
  • Access total displayed anonymous interest
  • See total size of all displayed quotes and orders

What is the new offering for BX Totalview-ITCH

Effective June 1, 2023, pending SEC approval, Nasdaq will introduce a new BX TotalView-ITCH equities depth feed product using field-programmable gate array (FPGA) technology. FPGA is an integrated circuit designed to run user specified, high performance business applications and to provide a high degree of parallelism allowing for consistent, deterministic behavior.

What is the fee for the new BX Totalview-ITCH FPGA Product?

Firms subscribing to BX-TotalView ITCH FPGA will be subject to the following distributor fees in addition to current BX TotalView distributor and usage fees:

Distributor Type Monthly Fee
Internal Only Distributor $3,500 per distributor
External Only Distributor $350 per distributor
Internal and External Distributor $3,850 per distributor

If I am a current BX TotalView-ITCH subscriber, do I need to migrate to the FPGA offering?

No. The BX TotalView-ITCH FPGA product is an optional service for BX depth data feed subscribers. Nasdaq plans to support the software-based version of the BX TotalView-ITCH data feed indefinitely.

How do I order BX TotalView-ITCH FPGA?

If you are interested in the new BX TotalView-ITCH FPGA offering, please contact Investment Intelligence.


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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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