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Monday, January 29, 2007

Data News #2007 - 5
NASDAQ Introduces Plans for New Proprietary Real-Time NASDAQ Last Sale Data Feed

Please Route To:
  • NASDAQ market data distributors

Summary:
  • NASDAQ has announced plans to introduce a new real-time proprietary last sale service that features:
    • Last Sale data from the consolidated NASDAQ system for NASDAQ-listed and non-NASDAQ listed securities.
    • Last Sale data reported via the NASD/NASDAQ Trade Reporting Facility (TRF) for NASDAQ-listed and non-NASDAQ listed securities.
  • In preparation for the launch of this new product, NASDAQ has filed proposed pricing for the NASDAQ Last Sale (NLS) service with the Securities and Exchange Commission (SEC).
  • The innovative NLS pricing is designed to keep costs low for all market data redistributors.

Background:
NASDAQ® has announced plans to introduce a new real-time proprietary Last Sale data feed. The NASDAQ Last Sale (NLS) service will carry real-time order execution data from the consolidated NASDAQ system as well as trade data from the NASD/NASDAQ Trade Reporting Facility (TRF) for the full range of NASDAQ- and non-NASDAQ listed securities. NASDAQ plans to release data feed format specifications and ordering information for the NLS service in February of 2007.

Pricing Information:
NASDAQ recently submitted its NLS pricing proposal to the SEC. In developing NLS pricing, it was NASDAQ’s goal to keep costs fair for all market data redistributors as well as to promote wide-spread distribution of NASDAQ real-time data to the public: 

  • For traditional market data vendors, NASDAQ will offer per user and query-based fees at a significant discount to Level 1 fees.
  • For public Internet sites, NASDAQ will introduce tiered fees based on site usage statistics (rather than traditional user or query counts).
  • NASDAQ will also offer monthly fee caps for NLS data.

In addition to low prices, NASDAQ offers administrative flexibility for market data redistributors. As with other NASDAQ data products, redistributors can provide NASDAQ real-time market data to their customers without end-user subscriber agreements.

Under a separate pilot program, NASDAQ also allows firms to redistribute its real-time best bid and offer (BBO) quotation in NYSE- and Amex-listed issues free of charge.

For the full NLS pricing proposal, please refer to NASDAQ Rule Filing SR-2006-060.

Contact Information:
For more information on NASDAQ Last Sale (NLS), please contact:


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