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Wednesday, March 21, 2007

Data News #2007 - 22
NASDAQ Provides Administrative Information on NASDAQ Last Sale Data Feed

Please Route To:
  • NASDAQ Market Data Distributors

Summary:
  • As announced in NASDAQ Vendor Alert #2007-005, NASDAQ plans to launch the new, real-time proprietary NASDAQ Last Sale data feed in late March of 2007, pending approval from the Securities and Exchange Commission (SEC).
  • In preparation for this launch, NASDAQ is providing the proposed pricing for the NASDAQ Last Sale data feed, currently filed with the SEC, as well as other administrative information.

Background:
As announced in NASDAQ Vendor Alert #2007-005, NASDAQ® plans to launch the new, real-time proprietary NASDAQ Last Sale data feed in late March of 2007. The 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.

As an added value to NLS subscribers, NASDAQ will offer NLS distributors the opportunity to take and distribute the following data at no additional charge:

Pricing Information:
NASDAQ recently filed with the SEC for an innovative fee schedule for the NLS service that is designed 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.

Beginning with the service month of April 2007 and pending SEC approval, NLS distributors will be subject to a Distributor Fee of $1,500/month and the following User Fees, designed to promote maximum flexibility:

NLS User Fees
Type of Subscriber Number of Subscribers NLS for
NASDAQ-Listed
 NLS for
NYSE-/Amex-Listed
Per username/password 1 to 9,999
10,000 to 49,999
50,000 to 99,999
100,000 and more
 $0.60/usermonth
$0.48/usermonth
$0.36/usermonth
$0.30/usermonth
 $0.30/usermonth
$0.24/usermonth
$0.18/usermonth
$0.15/usermonth
Per query 1 to 10,000,000
10,000,001 to 20,000,000
20,000,001 to 30,000,000
30,000,001 and more
 $0.0030/query
$0.0024/query
$0.0018/query
$0.0015/query
 $0.0015/query
$0.0012/query
$0.0009/query
$0.000725/query
Per Internet unique visitor 1 to 100,000
100,001 to 1,000,000
1,000,001 and more
 $0.036/unique visitor
$0.030/unique visitor
$0.024/unique visitor
 $0.018/unique visitor
$0.015/unique visitor
$0.012/unique visitor
Per cable television household* 1 to 1,000,000
1,000,001 to 5,000,000
5,000,001 to 10,000,000
10,000,001 and more
 $0.0096/household
$0.0084/household
$0.0072/household
$0.0060/household
 $0.0048/household
$0.0042/household
$0.0036/household
$0.0030/household

In an effort to further promote extensive dissemination of NLS, NASDAQ plans to establish a cap for the monthly NLS user fees. Distributors can choose to pay this maximum monthly fee to distribute NLS widely at a fixed cost with reduced administrative burden:

NLS Monthly User Fee Cap
NLS Data Maximum Monthly Fee
NASDAQ Listed $100,000
NYSE-/Amex-listed $50,000

Data Feed Reporting Obligations:
Effective April 1, 2007, and pending SEC approval, all NLS data feed distributors will be required to report NLS data feed access to NASDAQ using the following codes:

Entitlement/Service Level Suggested VARS or VRXML Reporting Code
NLS for NASDAQ-listed real-time end user subscriber NPLQ
NLS for NYSE-/Amex-listed real-time end user subscriber NPLN

For more information on NASDAQ’s data feed reporting requirements, please refer to the Usage Reporting Policy in the NASDAQ Data Policies.

Display Requirements:
NLS distributors will be required to include a prominent acceptable attribution message that indicates “NASDAQ” as the source of the data on any service containing NLS data, including display devices (i.e., wall boards, tickers, mobile devices, audio announcements) and data products. Examples of such a message include:
  • Real-time NASDAQ last sale data provided by NASDAQ
  • Real-time NYSE-/Amex-listed last sale data provided by NASDAQ
  • Source: NASDAQ Last Sale

In addition, NASDAQ strongly suggests that firms displaying NLS differentiate trades from the NASDAQ execution system and trades reported through the NASD/NASDAQ TRF.

For more information on NASDAQ’s display requirements, please refer to the Display Requirements in the NASDAQ Data Policies.

Agreements:
Distributor Agreements

Subscriber Agreements
Distributors must choose one of the following options:

  • Administer the NASDAQ Subscriber Agreement to all external subscribers accessing NLS on distributor-controlled devices
  • Request that their firm be covered by the indemnification clause within the NASDAQ Distributor Agreement

For more information on NASDAQ’s subscriber agreement requirements, please refer to the Subscriber Agreement Administration Policy on the NASDAQ Trader website.

Ordering Information:
NASDAQ strongly recommends that firms contact their connectivity providers as soon as possible to order NLS.

The following extranet providers offer direct access to NASDAQ data feed products:

Extranet Provider Phone Number Email Address
BT Radianz 212.303.6825 NASDAQ@btradianz.com
SAVVIS 800.728.8471 TeamNASDAQ@savvis.net
Sector Inc. 866.383.3315 info@sectorinc.com
Transaction Network Services, Inc. (TNS) 703.453.8300 tstanley@tnsi.com
Verizon Business 800.825.9196 NasdaqPremier@verizonbusiness.com
Yipes 212.735.8959 jpanzica@yipes.com

If your firm prefers to manage its own network connections, please contact the NASDAQ Technical Support Desk at 212.231.5180 to discuss alternate direct connection options to the NASDAQ data centers.

Contact Information
For more information on NLS, please contact:


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