Thursday, November 12, 2026

Data News #2026 - 3
Nasdaq Announces Launch of New “Plus” Market Data Solutions to Support 23/5 Trading

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What changes will Nasdaq make to its U.S. equities market and when will they take effect?

Nasdaq is preparing to extend its U.S. equities market to operate 23 hours a day, five days a week, in response to growing global demand for near-continuous access to U.S. markets. To support this evolution, Nasdaq proposes to introduce enhanced “Plus” versions of its flagship market data products, including Nasdaq Basic and Nasdaq TotalView.

Nasdaq Plus will launch ahead of the industry's anticipated move to a 23-hour trading day — expected December 6, 2026, subject to DTCC and SIP readiness — giving customers time to integrate and test new market data solutions before the expanded session begins.

What is the Nasdaq “Plus” suite of market data products?

Nasdaq Plus is a suite of upgraded market data products built on the same products clients use today - expanded to cover all three Nasdaq U.S. equity markets and engineered to handle the increased activity anticipated when Nasdaq extends to a 23-hour trading day, currently expected in December 2026 pending regulatory approval.

Nasdaq Last Sale Plus

Nasdaq Last Sale Plus, originally launched in 2010, provides continuous last-sale trade reporting across Nasdaq trading sessions. The product has long delivered combined insights from Nasdaq’s markets, as well as TRF data, to millions of investors through hundreds of distribution partners worldwide. With extended trading hours, Nasdaq Last Sale Plus supports analytics, surveillance, and downstream systems that require uninterrupted last-sale data across the full 23-hour trading day.

The long-standing success of Nasdaq Last Sale Plus serves as the foundation for the broader Plus product suite.

Nasdaq Basic Plus

Nasdaq Basic Plus delivers best bid and offer visibility across all three Nasdaq venues, including extended trading hours, enabling clients to maintain a consistent BBO view as markets operate nearly around the clock, without the need to stitch together multiple data feeds.

The product offers both a consolidated BBO view across Nasdaq’s three exchanges and the flexibility to view individual Exchange specific BBO activity for customers seeking deeper market transparency.

Nasdaq TotalView® Plus

Nasdaq TotalView Plus delivers depth-of-book data across the 23-hour trading day by integrating order book information from all Nasdaq venues, delivered through a single, consolidated connection, simplifying data consumption for customers building trading systems, analytics tools, and real-time market displays.

Will direct feeds still be available?

Yes. Exchange and session-specific direct feeds will continue to be offered. Additional details on the extended Nasdaq connections will be communicated closer to the launch of 23-hour trading, currently anticipated toward the end of 2026, pending regulatory approval.

Why choose Plus instead of session-specific direct feeds?

Nasdaq Plus feeds are designed for clients who value simplicity, scalability, and future readiness. They are well-suited for customers seeking:

• Fewer connections and a simpler technical architecture
• Reduced operational and maintenance complexity
• A future-ready data model that scales seamlessly as trading hours expand

The Nasdaq Plus suite delivers convenience and continuity while preserving the performance, resiliency, and reliability clients already expect from Nasdaq market data products.

When will Nasdaq Plus market data products be available, and where will clients find specifications, testing, and connectivity details?

Nasdaq plans to begin rolling out the Plus suite of market data products ahead of the expected launch of 23-hour trading, pending SEC approval, with timing aligned to published technical readiness and migration milestones.

Please see product specifications below. Specifications will also be available on the Nasdaq Market Data Knowledge Center page.

• Nasdaq Last Sale Plus 5.0
• Nasdaq TotalView Plus
• Nasdaq Basic Plus

All subsequent materials will be accessible via Nasdaq.com as well as this posting, ensuring clients have clear guidance well in advance of production deployment and sufficient time to prepare for testing and integration.

What testing opportunities are available?

The following testing opportunities will be available to customers validating overnight market data functionality and connectivity. Testing will be available for Nasdaq Direct Feeds a well as their Nasdaq Plus versions.

Weekend UAT

During Weekend UAT events, Nasdaq’s 11:00 PM to 12:00 PM ET market data products will disseminate data across all symbols during the overnight trading window. Customers are encouraged to validate:

• Connectivity and network configuration
• Application and symbol handling logic
• Downstream market data processing
• Operational readiness for overnight market hours

All Reg NMS symbols are expected to be available during Weekend UAT testing.

Pre-Production Environment Testing

Beginning November 1, 2026, Nasdaq will enter a Pre-Production phase supporting the 23/5 trading initiative. During this period, overnight market data will be disseminated between 9:00 PM. ET and 4:00 AM. ET using dedicated test symbols. This data will also be spun out on the Nasdaq Plus Product Suite of products to ensure end to end infrastructure is validated for Always On readiness.

Update 11/12: The Nasdaq Plus Product Suite is in Production today and customers are actively migrating to these new 23H solutions for full Production needs. Pre-Production Data, by the very nature of its Test status, poses a data quality risk if distributed on Production networks. This risk requires a modification to our previously announced Pre-Production Testing Plan and refocuses testing efforts on UAT sample files as the primary means for 23/5 readiness testing.

• UAT Product Files
  • UAT files are available via our EMI FTP service for the previous UAT session.
    • Files are available for:
      • Nasdaq TotalView Plus, Nasdaq Basic Plus, and Nasdaq Las Sale Plus 5.0
    • Please note that the 3 channels for Nasdaq Basic Plus are in a single combined file
  • The UAT data is available here: Nasdaq Plus UAT

• UAT Sample Data Notice:
  • These files are the output of UAT data as published on the November 6 UAT. Within that UAT, there were two known deviations from the specification that are important to recognize during continued testing:
    • For All Products: Trading Action Codes:
      • The Trading Action Message, message type “H”, the Reason Code for the new M1 (Corporate Action) Halt Type was published for state “Q”, “Quotation Only Period”. This Reason Code will only be published for Trading State “H”, “Halted”, for the November 20 UAT.
    • TotalView Plus: IPO Quotation Release Time
      • The IPO release timestamp, message type “K”, was provided as 8 bytes instead of the 4 bytes defined in the specification. 4 bytes is the correct length as the IPO Release timestamp is in seconds, not nanoseconds. This field will be published in seconds as a 4 byte message on the November 20 UAT.
• These sample files will allow for offline testing of the new 23/5 trading day offline for all consumers.
• We will update these files following the next UAT, November 20 to extend additional testing opportunities.

What are the practical differences between UAT and Pre-Production Testing?

• Weekend UAT: Event-based testing with the full eligible symbol universe during the overnight session. Primary goal is validating customer systems and readiness.
• Pre-Production: Ongoing environment available daily using designated test symbols, allowing customers to continue operational validation and regression testing ahead of launch.

If you would like more details on anything discussed, please visit our FAQs here.

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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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