Nasdaq Aligns Options Market Data Feeds Across Exchanges
Published Date: 4/22/2026
Notice
Summary
Nasdaq is updating its options market data feeds to match those of its sister exchanges, making things simpler and more consistent for traders and firms. This change affects anyone using Nasdaq options data and will take effect by August 2026, with no extra fees announced. Nasdaq will keep everyone posted with alerts before the switch happens.
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Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Standardized Feeds to Cut Data Onboarding Costs
Nasdaq is making its Nasdaq Options Market (NOM) data feeds match the feeds used by its other options exchanges to let customers ingest market data more efficiently. The filing (dated April 16, 2026) says this harmonization may result in cost savings for subscribers and will be operative in or before August 2026.
Buy Only the Data You Need
Nasdaq will split NOM market data into four specialized feeds (Depth of Market, Top of Market, Order Feed, and Trades Feed) so customers can buy just the feeds they want instead of a combined feed. The filing notes experience on a sister exchange where about 17% of customers took top-of-market only and about 14% took trades-only, and expects a similar pattern.
Last-Sale Data Moves to Separate Trades Feed
Nasdaq will move last-sale (trade) information out of the Top of Market feed and put it into a new separate Trades Feed, and will introduce a new Order Feed. This means users who currently rely on the old Top of Market (BONO) for last-sale data may need to subscribe to the new Trades Feed to continue receiving last-sale information; the changes will be in place in or before August 2026.
Fees for New Feeds Will Be Filed Separately
The filing says fees for the new Order Feed and Trades Feed will be proposed in a separate filing. The current rule change does not set those fees, and the Exchange will announce the operative date in or before August 2026.
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