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Friday, December 12, 2025

Data News #2025 - 7
Nasdaq Updates the Nasdaq Canada Data Agreement

Markets Impacted:

  • CX2
  • CXC
  • CXD

Agreement Update:

  • Nasdaq Canada Data Agreement (CDA)

Contact Information:

References:

What you need to know:

• Nasdaq is restructuring the Canada Data Agreement to enhance clarity and usability for you.

• Nasdaq has also enhanced the Affiliate ordering process, enabling direct ordering and billing for affiliates.

• These changes are made in accordance with applicable regulations.

• These updates apply to all Distributors and do not require recipients of Nasdaq Market Information from Canada to sign a new CDA.

• These updates do not impact any other market data agreements, including the Global Data Agreement (“GDA”).

• The updated CDA (version 2.0) will be effective March 12, 2026.

What is changing?

Nasdaq is making certain amendments and clarifications to the current version of the Canada Data Agreement (CDA) to simplify and streamline the agreement structure and data product ordering process. These updates will be effective 90 days following the date of this Alert. The following changes are the key material changes to the agreement:

CDA Format Updates

  • Nasdaq has consolidated the CDA Summary and CDA Terms and Conditions to create a unified agreement.
  • Nasdaq has restructured the order of provisions to make it easier for Distributors to locate applicable rights and obligations.

Ordering Improvements

  • Nasdaq has implemented a streamlined ordering process for Nasdaq Market Information from Canada.
  • Nasdaq has improved the Affiliate ordering process allowing Affiliates to order Information and be invoiced directly from Nasdaq.
  • Nasdaq has included terms on which Distributors may access Information on a trial basis.

Simplification of Terms

  • Nasdaq has added, revised, and/or removed certain definitions to streamline the CDA and align with the current ordering process. Examples include new or modified versions of “Agreement”, “Affiliate”, “Data Feed”, “Distributor’s Data”,“Information”, “Nasdaq Markets”, “Recipient””, “Redistributor”, and “Service Order” definitions.
  • Nasdaq has migrated the audit and compliance process from the CDA to a revised, streamlined Compliance Policy.
  • Nasdaq has simplified the governing law and dispute resolution clauses to mitigate costs by reducing the number of locations for dispute resolution and mandating consolidation of related proceedings.

Other Changes

  • Nasdaq has updated the definition of Affiliate(s) to align with industry standard definitions.
  • Nasdaq has enhanced the connection between Third Party Information Provider terms that may apply to Information and the CDA.

The updated CDA (version 2.0) can be accessed here. Service Orders will incorporate the terms and conditions as a hyperlink, accessible here. A summary table detailing the changes is available upon request. Please email Nasdaq Data Operations for a copy.

Why has a Data News Alert been issued?

This Data News Alert serves as notification to clients of a number of improvements to our CDA and the ordering process. Nasdaq is amending the terms of the CDA in accordance with Section 22 of the current Agreement. Pursuant to the Agreement, the means of notifying Distributors may include, but not be limited to, posting on Nasdaq Trader. Except as otherwise detailed in current Agreement, use of the Services provided under the Agreement by Distributor ninety (90) days from the date of this Alert shall be deemed acceptance of the amended terms. If there are specific use cases not covered below or if you have additional questions, please reach out to your Sales Representative. We have also updated the definition of Affiliate and made it easier for Affiliates to order from and be billed directly by Nasdaq.

Does my firm need to sign a new agreement?

No. Distributors are not required to execute the updated version of the Canada Data Agreement if a previous version has been executed.

Are there any policy updates related to these changes?

Yes. The compliance review process terms can now be found in the Compliance Policy. The material differences in the Compliance Policy include:

  • Replacing “audit” terminology with “compliance review”.
  • Clarifying Distributor’s limitations of liability for financial non-compliance based on the type of data.
  • Updating the Review Process, including addition of a review agenda as an appendix to the Policy, to detail Nasdaq’s and Distributor’s responsibilities in the process.
  • Added provisions for Post-Review Periods and Self-Reported non-compliance.

Who should I contact for additional information?

  • Refer to the Market Data Knowledge Center page on the Nasdaq Data Link website.
  • Contact Nasdaq Investment Intelligence at + 1 301 978 5307 or + 45 33 93 66.

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