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Tuesday, June 24, 2014

Data News #2014 - 7
The NASDAQ Options Market (NOM) Announces Market Data User Fee Changes, Effective January 1, 2015

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • Effective Thursday, January 1, 2015,The NASDAQ Options Market (NOM) will revise the Professional User fees for NOM market data feeds users, subject to filing with the Securities and Exchange Commission (SEC).

What are the NOM market data feeds?

There are two distinct market data feed products:

  • NASDAQ ITCH to Trade Options (ITTO) provides full quote and order depth using the standard ITCH® protocol. ITTO tracks the life of a quote or order through NOM and supports NOM last sale data as well as Net Order Imbalance (NOI) data for the opening auction.
  • Best of NASDAQ Options (BONO) is an options feed designed to provide the NASDAQ Best Bid and Offer and last sale information directly to NOM participant firms.

What are the new Professional User fees for NOM market data?


As of Thursday, January 1, 2015, NOM market data will be subject to the following monthly User fees, with access to both feeds:

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

*The monthly user fee should be reported once for the NOM market, not once per data product. For example, if a firm has one Professional User accessing both ITTO and BONO data products, the firm should only report the User once and pay $40, not $80.

Why is NASDAQ OMX implementing this fee change?

Over the last four years, NOM has continued to gain traction and value in the marketplace. There has not been a price change for its data products since inception. Additionally, the new combined fee will be much easier to administer, as customers will be able to access both products for one user fee. This change also harmonizes pricing between other options markets operated by NASDAQ OMX.

When will the fees be effective?

NASDAQ OMX strives to give an appropriate amount of time in changing fees so customers can adequately plan. In keeping with this strategy, these fees will be effective Thursday, January 1, 2015.

This advance notice period provides Distributors and Subscribers time to budget accordingly in preparation for 2015.

What do firms need to do to subscribe to the NOM data feeds?

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

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

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

Specification documents are available on the U.S. Derivatives Data Feed Specifications page on the NASDAQ OMX Trader® website. For your convenience, the links are also provided below:

Where can I find additional Information?


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