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Monday, October 3, 2016

Data News #2016 - 7
Nasdaq Announces Nasdaq Level 2 Fee Changes, Effective January 1, 2017

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

Effective January 1, 2017, the following fee changes will go into effect:

  • The Nasdaq Level 2 Non-Professional Subscriber fee will increase to $14 per month
  • The Nasdaq Level 2 Professional Subscriber fee will increase to $70 per month
  • Nasdaq OpenView Non-Professional and Professional Subscriber fees will increase to $15 and $76 respectively

What is changing?

Pending a filing to the Securities and Exchange Commission (SEC), Nasdaq will increase the Nasdaq Level 2 user pricing for Professional and Non-Professional subscribers, effective January 1, 2017. The price increases will be as follows:

  • Nasdaq Level 2 Non-Professional User Fee: $14.00 USD per month
  • Nasdaq Level 2 – OpenView Non-Professional User Fee: $15.00 USD per month
  • Nasdaq Level 2 Professional User Fee: $70.00 USD per month
  • Nasdaq Level 2 – OpenView Professional User Fee: $76.00 USD per month

The Nasdaq TotalView/Nasdaq OpenView Enterprise License for Professional and Non-Professional users will not be changed as part of this annual increase.

Why is this change occurring?

This price change completes a price harmonization effort amongst Nasdaq Depth products that began in 2014. This price change allows Nasdaq to continue supporting this legacy product in tandem with the premier, full-depth product, Nasdaq TotalView-ITCH. Nasdaq continually strives to increase the value of its depth products. Nasdaq is investing in its systems, networks and operational controls to ensure that its depth offerings meet the same high level of performance and resiliency that customers have come to expect. We have also upgraded and refreshed our disaster recovery capabilities, adding to the increased focus on redundancy and resiliency.

What are the differences between Nasdaq Level 2 and Nasdaq TotalView-ITCH?

Nasdaq Level 2 provides the top price level for every market participant, while for the same fee, Nasdaq TotalView-ITCH provides the full order book (every price) for all displayable orders in the Nasdaq executions system. Additionally, only Nasdaq TotalView-ITCH subscribers receive the Net Order Imbalance Indicator (NOII) data for the Nasdaq Opening and Closing Crosses. Nasdaq TotalView-ITCH is available for $70 per month, per Professional subscriber.

Subscribers of Nasdaq TotalView-ITCH receive many additional benefits, including full depth of book, and the Nasdaq Net Order Imbalance Indicator (NOII). The NOII is a vital imbalance data tool, and is included as a part of Nasdaq TotalView-ITCH. It is designed to specifically increase the value of auction information, and provide a greater level of transparency around these events.

For customers interested in a premier full-depth offering, Nasdaq TotalView-ITCH is the best alternative to Nasdaq Level 2. For more information on the differences between Nasdaq TotalView-ITCH and Nasdaq Level 2, please visit Nasdaq TotalView-ITCH Benefits. For more information on our IPO process, please visit Nasdaq IPO Cross.

When will the fees be effective?

Nasdaq strives to give an appropriate amount of time in changing fees so customers can adequately plan. In keeping with this strategy, these fees will be effective January 1, 2017.

This advance notice period provides Distributors and Subscribers time to budget accordingly in preparation for 2017.

Where can I find additional information?

For more information, please contact your Nasdaq Sales Representative at +1 301 978 5307 (Option #1).

For additional information about Nasdaq market data policies, please refer to the Nasdaq Global Data Policies.



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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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