Thursday, April 23, 2026

Data News #2026 - 3
Nasdaq Announces Launch of New “Plus” Market Data Solutions to Support 23/5 Trading

What changes will Nasdaq make to its U.S. equities market and when will they take effect?

Nasdaq is preparing to extend its U.S. equities market to operate 23 hours a day, five days a week, in response to growing global demand for near-continuous access to U.S. markets. To support this evolution, Nasdaq proposes to introduce enhanced “Plus” versions of its flagship market data products, including Nasdaq Basic and Nasdaq TotalView.

Nasdaq Plus will launch ahead of the industry's anticipated move to a 23-hour trading day — expected December 6, 2026, subject to DTCC and SIP readiness — giving customers time to integrate and test new market data solutions before the expanded session begins.

What is the Nasdaq “Plus” suite of market data products?

Nasdaq Plus is a suite of upgraded market data products built on the same products clients use today - expanded to cover all three Nasdaq U.S. equity markets and engineered to handle the increased activity anticipated when Nasdaq extends to a 23-hour trading day, currently expected in December 2026 pending regulatory approval.

Nasdaq Last Sale Plus

Nasdaq Last Sale Plus, originally launched in 2010, provides continuous last-sale trade reporting across Nasdaq trading sessions. The product has long delivered combined insights from Nasdaq’s markets, as well as TRF data, to millions of investors through hundreds of distribution partners worldwide. With extended trading hours, Nasdaq Last Sale Plus supports analytics, surveillance, and downstream systems that require uninterrupted last-sale data across the full 23-hour trading day.

The long-standing success of Nasdaq Last Sale Plus serves as the foundation for the broader Plus product suite.

Nasdaq Basic Plus

Nasdaq Basic Plus delivers best bid and offer visibility across all three Nasdaq venues, including extended trading hours, enabling clients to maintain a consistent BBO view as markets operate nearly around the clock, without the need to stitch together multiple data feeds.

The product offers both a consolidated BBO view across Nasdaq’s three exchanges and the flexibility to view individual Exchange specific BBO activity for customers seeking deeper market transparency.

Nasdaq TotalView® Plus

Nasdaq TotalView Plus delivers depth-of-book data across the 23-hour trading day by integrating order book information from all Nasdaq venues, delivered through a single, consolidated connection, simplifying data consumption for customers building trading systems, analytics tools, and real-time market displays.

Will direct feeds still be available?

Yes. Exchange and session-specific direct feeds will continue to be offered. Additional details on the extended Nasdaq connections will be communicated closer to the launch of 23-hour trading, currently anticipated toward the end of 2026, pending regulatory approval.

Why choose Plus instead of session-specific direct feeds?

Nasdaq Plus feeds are designed for clients who value simplicity, scalability, and future readiness. They are well-suited for customers seeking:

• Fewer connections and a simpler technical architecture
• Reduced operational and maintenance complexity
• A future-ready data model that scales seamlessly as trading hours expand

The Nasdaq Plus suite delivers convenience and continuity while preserving the performance, resiliency, and reliability clients already expect from Nasdaq market data products.

When will Nasdaq Plus market data products be available, and where will clients find specifications, testing, and connectivity details?

Nasdaq plans to begin rolling out the Plus suite of market data products ahead of the expected launch of 23-hour trading, pending SEC approval, with timing aligned to published technical readiness and migration milestones.

Product specifications will be published the week of April 27, 2026, with more comprehensive details to follow.

All subsequent materials will be accessible via Nasdaq.com as well as this posting, ensuring clients have clear guidance well in advance of production deployment and sufficient time to prepare for testing and integration.

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