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Monday, July 20, 2026

Data Technical News #2026 - 14
Nasdaq Announces Retirement of Two Depth Solution Products

Markets Impacted:

Products Impacted:

  • Nasdaq Level 2
  • Nasdaq TotalView Aggregated

Contact Information:

What you need to know:

As a part of its 23/5 market expansion, Nasdaq is retiring Depth Data products, Nasdaq Level 2 and Nasdaq Totalview Aggregated. Pending SEC review.

Customers are encouraged to migrate to Nasdaq TotalView or TotalView Plus offerings during the parallel migration period lasting until November 20th, 2026.

Why is Nasdaq making this change?

As part of its broader strategy to modernize and streamline market data offerings, Nasdaq is retiring Nasdaq Level 2 and TotalView Aggregated, two Depth Data solutions that provide a subset of the data available through Nasdaq TotalView. By consolidating customers onto TotalView, Nasdaq can deliver a more comprehensive, consistent, and scalable market data experience.

What are the benefits of TotalView/TotalView Plus?

Nasdaq TotalView provides the complete depth of book for Nasdaq-listed securities, offering visibility into all displayed orders at every price level as well as advanced insights such as Net Order Imbalance indicator data (NOII) data. TotalView Plus will deliver consolidated depth-of-book data across Nasdaq, Nasdaq Texas, and PSX through a single format, providing broader market coverage, reduced complexity, and a future-ready foundation for extended trading hours. This enhanced transparency supports better price discovery, deeper liquidity insights, and more informed trading decisions.

To learn more about TotalView, please visit our recent TotalView webinar.

What is the Migration Plan?

Nasdaq Level 2 and TotalView Aggregated will continue to run until November 20, 2026. Following this date, access to both products will be discontinued for all customers. We strongly encourage customers connected to these legacy products to migrate to TotalView 5.0 or our new TotalView Plus 1.0 offering.

Specifications for TotalView and TotalView Plus can be found below:

Nasdaq is committed to providing hands-on onboarding support throughout the migration process to ensure a seamless transition. Dedicated product, sales, and technical resources will work closely with each firm to guide onboarding, support testing and development efforts, address questions, and help minimize operational disruption as clients move to their new solution.

How to get connected to Nasdaq TotalView and TotalView Plus Offerings?

Firms can access Nasdaq TotalView and TotalView Plus through their existing market data provider or by connecting directly to Nasdaq. Please contact your Nasdaq Data Sales Representative to gain access to the new feeds.

What happens if you do not migrate by November 20th, 2026?

Following the retirement of Nasdaq Level 2 and TotalView Aggregated on November 20, 2026, customers who have not migrated to Nasdaq TotalView or TotalView Plus will no longer receive data from the retired products. Nasdaq encourages firms to begin planning their migration early to ensure a seamless transition and avoid any disruption to service.

Can I Recreate the Data using another Product?

The functionality and data experience provided by Nasdaq Level 2 and TotalView Aggregated can be recreated using Nasdaq TotalView data.

  • Nasdaq Level 2: TotalView provides the full depth of the Nasdaq order book, including all displayed orders at every price level with market participant attribution. Customers can recreate a Level 2 feed by selecting the desired depth levels and associated market participant information from the TotalView feed.
  • TotalView Aggregated: TotalView contains the complete underlying order-level data that is used to produce an aggregated depth view. Customers can recreate TotalView Aggregated by grouping orders at each price level and summing displayed share volume to generate price-level depth.

Will migrating to the TotalView or TotalView Plus Products result in any additional data licensing costs?

Both TotalView and TotalView Plus maintain the same data licensing costs as the Level 2 and Totalview Aggregated Products, providing customers with additional market depth and functionality at no additional data licensing cost.

Who should I reach out to for more information?

Please reach out to the Nasdaq Data Client Success team or your Nasdaq Representative for more information.


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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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