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Friday, September 22, 2017

Data News #2017 - 9
Nasdaq Will Modify the Mutual Fund Dissemination Service Fee Structure, Effective January 1, 2018

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

Effective January 1, 2018, Nasdaq will modify the fees for the Mutual Fund Dissemination Service (MFDS) product.

  • MFDS External Distribution Fee
  • MFDS Direct Access Fees

What is changing?

Effective January 1, 2018, Nasdaq will modify the Fee structures as follows:

Entitlement Name Usage Tier Monthly Fee
Mutual Fund Dissemination Service (MFDS) -
External Distribution		 0 to 499 Subscribers
500 to 4,999 Subscribers
5000+ Subscribers		 $1,500
$3,000
$6,500
Mutual Fund Dissemination Service (MFDS) -
Direct Access		 Monthly fee to receive MFQS daily
valuation data directly from Nasdaq		 $750

What data does MFDS provide?

MFDS collects and distributes daily price and distribution data for 35,500 Mutual Funds, Money Market Funds, Unit Investment Trusts (UITs), Structured Products, Annuities, Alternative Investment Product (AIP), and NextShares. This represents a 20% increase over the last three years. For the complete data description, please refer to the MFDS data feed specification document.

Why is Nasdaq implementing this fee change?

Nasdaq strives to provide a complete and robust experience for our mutual fund customers. Nasdaq recently upgraded the production systems with greater security and resiliency. Additionally, Nasdaq is currently upgrading the Disaster Recovery support for MFDS and MFQS with all new equipment and new connectivity in Chicago, IL. Finally, Nasdaq has not increased fees for external distribution of MFDS since 2013, during which we have seen double digit growth in listings and distribution.

Who is subject to the MFDS Real-time Distributor Fee?

Distributors that externally disseminate MFDS price data before 12:00 a.m., Local Time, the next business day are subject to the MFDS External Distribution Fee.

At what point does this data become free internally and/or externally?

Firms that receive MFDS data on a data feed and distribute the MFDS daily price data after 8:00 p.m. Local Time the following business day are not subject to any fees at this time.

Will Nasdaq modify the MFQS Instrument Registration Fees or Valuation Service Fees?

No. At this time, Nasdaq will continue to assess the fees as outlined in the Nasdaq Global Data Products — U.S. Pricing page for MFQS.

Where can I find additional information?

For more information, please contact your Nasdaq Sales Representative at +1 301 978 5307 (Option #1).



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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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