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.
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Previous / Next Documents
Previous: 2025-18144, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 4, Rule 3304 (Data Feeds Utilized) To Establish a Primary and Secondary Source of Quotation Data of a New Market Center
Nasdaq PHLX is updating its rules to add a new market center’s data as a primary and backup source for stock price quotes. This change helps the Exchange handle orders and follow rules better, affecting traders and market participants. The update took effect right after filing on September 12, 2025, with no extra costs involved.
Next: 2025-18146, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 4, Rule 4759 (Data Feeds Utilized) To Establish a Primary and Secondary Source of Quotation Data of a New Market Center
Nasdaq BX is updating its rules to add a new market center’s data as both a primary and backup source for stock price quotes. This change helps the Exchange handle orders and follow rules better, affecting traders and investors using Nasdaq BX. The update took effect right after filing on September 12, 2025, with no extra costs announced.