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Monday, October 5, 2026

Data Technical News #2026 - 22
Nasdaq NLS 5.0 and TRF FilterView Enhancements to Support 23-Hour Trading

Markets Impacted:

  • Nasdaq

Products Impacted:

  • Nasdaq Last Sale (NLS)
  • TRF FilterView

Contact Information:

What you need to know:


Nasdaq is migrating all Nasdaq Last Sale and TRF FilterView customers to new versions in preparation for the 23 hour trading day.

What is changing?

Nasdaq is extending operating hours from the current 4:00 AM EST - 8:00 PM EST to the new 23H Trading model operating from 9:00 PM EST (previous calendar day) to 8:00 PM EST. Nasdaq’s innovative implementation of 23H trading employs a second independent matching engine inside the Nasdaq Stock Exchange, creating an extended trading day while minimizing the potential for disruption to the existing market model.

What you need to know?

To support Nasdaq's transition to a 23-hour trading model, Nasdaq is introducing new versions of NLS 5.0 and TRF FilterView. These enhanced versions will extend coverage to support the full 23-hour trading day, operating from 9:00 PM ET (previous calendar day) through 8:00 PM ET.

The new versions will be offered alongside existing NLS and TRF FilterView feeds, allowing customers to migrate through a parallel onboarding process.

What is changing?

Nasdaq is releasing new versions of:

  • NLS 5.0
  • TRF FilterView

These versions will support Nasdaq's expanded 23-hour trading model by disseminating eligible trade data across the full trading day from 9:00 PM ET through 8:00 PM ET.

Existing NLS and TRF FilterView services operating from 4:00 AM ET to 8:00 PM ET will remain available during the migration period.

Are there any specification changes?

Yes.

To support the expanded trading session and provide a uniform time representation across the trading day, timestamps in the new NLS 5.0 and TRF FilterView versions have been updated to:

  • 8-byte Epoch timestamps

Customers should review downstream applications and parsing logic to ensure compatibility with the new timestamp format prior to onboarding.

Updated technical specifications are available through Nasdaq's Market Data Knowledge Center documentation resources.

Will my existing NLS of TRF FilterView connections change?

No.

Existing NLS and TRF FilterView connections will continue to operate as they do today. The new versions are being introduced as separate services and will be onboarded in parallel.

Customers may continue using existing connections until they are ready to migrate to the new versions. A migration period deadline will be announced in the coming weeks.

What are onboarding next steps?

If you are currently consuming NLS or TRF FilterView directly from Nasdaq, please email Customer Network Operations, copying your Nasdaq Data Sales Representative, and provide:

  • Feed Name
  • Environment
  • Group IP Address(es)
  • Peering IP Details
  • IP Source Range
  • Firm Network Contact
  • Preferred Timetable for Provisioning

Customer Network Operations will coordinate provisioning and connectivity testing.

Is this a parallel migration?

Yes.

The new NLS 5.0 and TRF FilterView versions will be introduced alongside the existing services. Customers will have the opportunity to onboard, test, and migrate the new versions of the feeds in the following months.

Where can I find connectivity information?

UDP/IP addressing and connectivity details are available on the Nasdaq Market Data Knowledge Center:

UDP/IP Addresses and Connectivity Information

Who should I contact for more information?

Please contact your Nasdaq Data Sales Representative or Nasdaq Data Client Success for onboarding assistance and migration planning.


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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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