Nasdaq Adds Backup Data Feed for Stock Market Quotes
Published Date: 9/19/2025
Notice
Summary
Nasdaq is updating its rules to add a new market center’s data feeds as primary and backup sources for stock price quotes. This change affects traders and systems that rely on Nasdaq’s data for order handling and compliance. The update is effective immediately, helping Nasdaq keep trading smooth and reliable without extra costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New Primary and Backup Quote Feeds
Nasdaq will add the new 24X Stock Exchange ("24X") direct feed as the primary source of quotation data and CQS/UQDF as the secondary source for that market center. This change applies to how Nasdaq handles, routes, and executes orders and performs related regulatory compliance, and it became operative upon filing on September 12, 2025.
SEC May Temporarily Suspend Change
The SEC may summarily suspend the proposed rule change at any time within 60 days of the filing if it appears necessary for investor protection or the public interest. If suspended, the Commission will institute proceedings to decide whether the proposed rule should be approved or disapproved.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in