Thursday, April 7, 2011

Data News #2011 - 4
The NASDAQ Options Market Announces Market Data Fees

Market Impacted:

Products Impacted:

  • Best of NASDAQ Options (BONO)
  • NASDAQ ITCH to Trade Options (ITTO)

Contact Information:

What you need to know:

  • Effective July 1, 2011, NASDAQ OMX® will implement market data fees for the Best of NASDAQ Options (BONO) and NASDAQ ITCH to Trade Options (ITTO) data feeds, subject to filing with the Securities and Exchange Commission (SEC).
  • Updated 6/29/2011: The fees for the NASDAQ Options Market (NOM) have been filed with the SEC, and the BONO and ITTO data feeds will be subject to market data fees effective Friday, July 1, 2011.

What are the BONO and ITTO market data feeds?

BONO and ITTO are market data feeds that provide the following information about NOM:

  • BONO provides the same Best Bid and Offer (BBO) and last sale information that is sent to the Options Price Reporting Authority (OPRA).
  • ITTO provides the depth of orders, net order imbalance information for the opening cross and last sale data. With the advent of NOM 2.0, ITTO will also include depth of quote data.

What is the fee schedule for BONO and ITTO?

As of July 1, 2011, BONO and ITTO data will be subject to the following distributor and subscriber fee schedule:

  • Internal Distribution - $1,500 per month
    • BONO Internal Per User Fees
      • $5 professional
    • ITTO Internal Per User Fees
      • $10 professional
    • Non-Display Enterprise License
      • $2,500 per month
  • External Distribution - $2,000 per month
    • BONO External Per User Fees
      • $5 professional
      • $1 non-professional
    • ITTO External Per User Fees
      • $10 professional
      • $1 non-professional

Please note that one distributor fee will allow a subscriber access to both BONO and ITTO.

Will there be fees for NASDAQ Options Depth at Price (DAP) and NASDAQ Options NOIView?

No. NASDAQ Options Depth at Price (DAP) and NASDAQ Options NOIView will not be fee liable. However, both data feeds will be retired at the completion of the migration to NOM 2.0.

What is NOM 2.0?

As announced in Options Trader Alert #2011-12, NASDAQ OMX is planning several technological enhancements and updates for NOM, referred to as NOM 2.0, to provide richer functionality. Some of the NOM 2.0 enhancements and changes are subject to filing with the SEC.

Also, as announced in Data Technical News Alert #2011-7, NOM will release new versions of the BONO and ITTO data feeds.

Will the BONO and ITTO data feed fees change with the implementation of NOM 2.0?

No, the enhancements to NOM and the new versions of the BONO and ITTO data feeds will not result in an increase in fees.

Which market data feeds will be available on NOM 2.0?

Along with BONO and ITTO, NASDAQ Options GLIMPSE will be available for NOM 2.0. GLIMPSE will be a complement to the ITTO data feed product that will provide ITTO subscribers with a state of the book retransmission capability.

Where can I find the NOM market data technical interface specifications?

New specification documents are available on the NASDAQ OMX Global Data Products - U.S. Derivative Data Feed Specifications page on the NASDAQ OMX Trader® website. For your convenience, the links are also provided below:

For more information on the NOM protocol specifications, refer to Options Technical Update #2011-03.

Where can I find additional information?

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