Wednesday, October 7, 2015
Data News #2015 - 3
Nasdaq Announces Nasdaq Level 2 Fee Changes Effective January 1, 2016
Markets Impacted:Products Impacted:Contact Information:
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What you need to know:
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What is changing?
Pending a filing to the Securities and Exchange Commission (SEC), Nasdaq® will increase the Nasdaq Level 2 Professional Subscriber fee to $60 per month, beginning January 1, 2016. Note that the Nasdaq Level 2 Non-Professional Subscriber fee and the Nasdaq OpenView Non-Professional and Professional Subscriber fees will remain unchanged.
Why is this change occuring?
Nasdaq continues to move towards a more harmonized pricing of its depth offerings. The price change allows us to continue supporting this legacy product in tandem with the premier, full-depth product, Nasdaq TotalView®.
Nasdaq continually strives to increase the value of its depth products. Nasdaq is investing in its systems, networks and operational controls to ensure that its depth offerings meet the same high level of performance and resiliency that customers have come to expect. We have also upgraded and refreshed our disaster recovery capabilities, adding to the increased focus on redundancy and resiliency.
What are the differences between Nasdaq Level 2 and Nasdaq TotalView?
Nasdaq Level 2 provides the top price level for every market participant, while Nasdaq TotalView provides the full order book (every price) for all displayable orders in the Nasdaq executions system. Plus, only Nasdaq TotalView subscribers receive the Net Order Imbalance Indicator (NOII) data for the Nasdaq Opening and Closing Crosses. Nasdaq TotalView is available for $70 per month, per subscriber.
Subscribers of Nasdaq Totalview receive many additional benefits, including full depth of book, and the Nasdaq Net Order Imbalance Indicator (NOII). Nasdaq is continuously making enhancements to the Net Order Imbalance Indicator (NOII). The NOII is a vital imbalance data tool, and is included as a part of Nasdaq TotalView. It is designed to specifically increase the value of auction information, and provide a greater level of transparency around these events. One enhancement result is shares indicated in the imbalance will now represent the excess shares to buy or sell at the reference price, inclusive of hidden, reserve and immediate or cancel (IOC) orders. For more information on the specifics surrounding these changes, please refer to: Data Technical News #2014 - 28 and Equity Trader Alert #2014 - 117.
For customers interested in a premier full-depth offering, Nasdaq TotalView is the best alternative to Level 2. For more information on the differences between TotalView and Level 2, please visit Nasdaq TotalView Benefits.
For more information on our IPO process, please visit Nasdaq IPO Cross.
When will the fees be effective?
Nasdaq 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 January 1, 2016.
This advance notice period provides Distributors and Subscribers time to budget accordingly in preparation for 2016.
Where can I find additional information?
- For more information, please contact your Sales Representative at +1 301 978 5307 (Option #1) or +45 33 93 33 66.
- For additional information about Nasdaq market data policies, please refer to the Nasdaq Global Data Policies.
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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.