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TOPO Plus PHLX Orders

The TOPO Plus PHLX Orders data product offers full PHLX order and top of market quote information via two data feeds: TOPO and PHLX Orders.


PHLX Orders is designed to provide the real-time status of simple and complex orders on the Nasdaq PHLX (PHLX) order book directly to PHLX market participant firms. This includes new orders and changes to orders resting on the PHLX book for all PHLX listed options.

PHLX Orders is available as a standalone data feed or through the TOPO Plus PHLX Orders data product, which includes access to both the Top of PHLX Options (TOPO) data feed and the PHLX Orders data feed. By subscribing to TOPO Plus PHLX Orders directly from PHLX, market participants can eliminate any extra transmission and processing latencies and be able to process the information faster - a valuable advantage in a competitive market environment. Firms now have the option to subscribe to either the TOPO data product singly, the PHLX Orders data product singly or the TOPO Plus PHLX Orders data product directly from PHLX.

Additionally, PHLX offers a historical record of all simple and complex order message data from the PHLX Orders data feed. Historical PHLX Orders subscribers may download the daily message logs on a T+1 basis from a secure FTP server.

Benefits & Features

  • Allows firms to gain additional market perspective and react to changing market conditions with a more complete view by providing both an order feed and a top of market quote feed.
  • Eliminates extra transmission and processing latencies.
  • Allows for increased market transparency by supplying PHLX Best Bid and Offer and last sale information in addition to a real-time view of both simple and complex orders on the PHLX order book.

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.