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Top of PHLX Options - TOPO

Is a speed advantage important to you when trading options? Take Top of PHLX Options and be faster than your competition!


Top of PHLX Options (TOPO) is designed to provide Nasdaq PHLX (PHLX) Best Bid and Offer and last sale information directly to PHLX market participant firms - the same information PHLX provides to the Options Price Reporting Authority (OPRA) for inclusion in the consolidated market feed. However, by subscribing to TOPO directly from PHLX, market participants can eliminate any extra transmission and processing latencies and be able to process the information faster, giving them an additional tool to compete with those taking the data from OPRA.

Firms also interested in simple and complex order data should refer to the TOPO Plus Orders data product.

Benefits & Features

  • Eliminates extra transmission and processing latencies.
  • Ability to create real-time display options with a manageable set of data without having to consume an oversized data set

Access Options

  • Via Nasdaq Direct Data Feed Products: Trading firms and market data vendors may create a real-time display by processing direct Nasdaq data feed products. For detailed technical documentation for Nasdaq direct products, please refer to the Market Data technical specifications page.
  • Via Market Data Vendors: Individual investors and traders may access real-time data through a number of authorized Nasdaq market data distributors. Market data distributors provide both display devices and data feed products containing Nasdaq real-time data. Refer to the Market Data Vendors page for a complete list of companies.


Please refer to the U.S Derivatives Price List for pricing information.

Agreements & Forms

To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from Nasdaq:

For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.

To order this data on a stand-alone terminal/controlled display product, end users or end-user firms should contact their market data vendor for the appropriate agreements and forms.