Nasdaq PHLX Unveils Two New Data Feeds with Fresh Pricing Tags
Published Date: 9/30/2025
Notice
Summary
Nasdaq PHLX is adding two new market data feeds called the Trades Feed and the Spread Feed, updating their descriptions and setting new fees for them. These changes will affect traders and firms who use Phlx’s data services and will start by December 20, 2025. Get ready to see fresh data options and new pricing soon!
Analyzed Economic Effects
5 provisions identified: 3 benefits, 0 costs, 2 mixed.
New Spread Feed for Complex Orders
Nasdaq Phlx will create a new Spread Feed that consolidates complex order (spread/strategy) data, including complex order depth and last-trade information. The Exchange will remove complex order details from the Order Feed and offer the Spread Feed at no additional cost with purchase of the Order Feed now; a separate fee for the Spread Feed will be proposed later.
Harmonized Feed Format Across Nasdaq Options
Phlx is harmonizing its market data feed formats to match other Nasdaq options exchanges (ISE, MRX, GEMX). The Exchange says this will let subscribers use a common format across Nasdaq markets, enable customers to ingest information from multiple Nasdaq exchanges without reprogramming, and may result in customer cost savings.
New Trades Feed Added
Nasdaq Phlx will create a new Trades Feed that displays last-trade (last sale) information and will remove last-sale information from the Top of Market (TOPO) feed. The Trades Feed will be offered at no additional cost with the purchase of TOPO now, and the Exchange says a separate fee for the Trades Feed will be proposed at a later date.
Port Fees Set To $0 Per Port
Phlx proposes that port fees for five feeds (Order Feed port, Depth of Market port, Trades Feed port, Spread Feed port, and Top of Market port) will be $0 per port, per month. This change is part of the Exchange's revised Options 7, Section 9(B) pricing schedule.
Depth Feed Loses Exposure-by-Capacity
The Nasdaq Phlx Depth of Market Feed will no longer include exposure notifications with market participant capacity (for example, Customer or Firm). The Exchange states that order imbalance information will continue to be offered on the Order Feed and that exposure and capacity details remain available on the Order Feed.
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