Monday, October 01, 2012

Data News #2012 - 17
NASDAQ OMX PHLX Announces Market Data Subscriber Fees, Effective January 1, 2013

Markets Impacted:

  • NASDAQ OMX PHLX

Products Impacted:

  • PHLX Depth of Market
  • PHLX Orders
  • Top of PHLX Options (TOPO)
  • TOPO Plus PHLX Orders

Contact Information:

What you need to know:

  • Effective Tuesday, January 1, 2013, NASDAQ OMX PHLXSM (PHLX®) will implement market data fees for the PHLX market data feeds for both internal and external users, subject to filing with the Securities and Exchange Commission (SEC).
  • The monthly Subscriber fees include access to all PHLX products received.
 

What are the PHLX market data feeds?

The PHLX market currently consists of four distinct market datafeed products:

  • The new PHLX Depth of Market provides the full depth of simple orders and quotes, net order imbalance information for the opening cross and last sale data.
  • Top of PHLX Options (TOPO) provides the same Best Bid and Offer (BBO) and last sale information that are sent to the Options Price Reporting Authority (OPRA).
  • PHLX Orders provides the full depth of simple and complex orders on the PHLX order book. This feed also includes opening imbalance messages and Price Improvement XL (PIXL) data.
  • TOPO Plus Orders is a data product entitlement that includes both the TOPO and PHLX Orders data feeds.

What is the new subscriber fee schedule for the PHLX market data feeds?

As of January 1, 2013, PHLX market data feeds will be subject to the following monthly Subscriber fees for both internal and external users:

Subscriber Fee Schedule for PHLX Market Data Feeds* Monthly Fee
Professional $40 per Subscriber
Non-Professional $1 per Subscriber
Enterprise License for Internal Non-display Usage $10,000 per Firm

*The monthly subscriber fee should be reported once for PHLX, not once per datafeed. For example, if a firm has one Professional Subscriber accessing TOPO, PHLX Orders and PHLX Depth, the firm should only report the Subscriber once and pay $40, not $120.

Does this change the current TOPO Plus Orders subscriber fee?

The current $20 per month fee for External Professional Subscribers will be increased to $40 per month. Internal Professional Subscribers are now also subject to the $40 per month fee. Note, the $1 per month Non-Professional Subscriber fee will not change.

In addition, Internal use of PHLX data is no longer free of charge.

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

Specification documents are available on the Market Data Technical Specification page on the NASDAQ OMX Trader® website. For your convenience, the links are also provided below:

Note, the TOPO specifications are the same as the NOM BONO and BX Options Top specifications. In addition, PHLX Depth specifications are very similar to ITTO and BX Options Depth specifications.

What do firms need to do to connect to the PHLX data feeds?

If your firm is not currently subscribed to the PHLX data feed, please complete the following agreements:

If you need help with the application process, please contact your NASDAQ OMX Account Manager.

Where can I find additional information?


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About the NASDAQ OMX Group:
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.

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