Nasdaq PHLX Charges Up Fees for Trades and Spread Feeds
Published Date: 12/17/2025
Notice
Summary
Starting January 1, 2026, Nasdaq PHLX LLC will charge fees for two new data feeds called the Trades Feed and the Spread Feed. These fees affect traders and firms who use this market data to make decisions. The change is already approved and aims to help the exchange cover costs while keeping the data flowing smoothly.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Trades Feed: $1,000/month fee
Starting January 1, 2026, Nasdaq PHLX will charge $1,000 per month for the Trades Feed for unlimited internal and/or external distribution. Before this change, the Trades Feed was offered at no additional cost with the Nasdaq Phlx Top of Market (TOPO) feed.
Spread Feed: $3,100/month distributor fee
Starting January 1, 2026, Nasdaq PHLX will charge $3,100 per month per distributor for unlimited internal and/or external distribution of the Spread Feed. Previously, the Spread Feed was offered at no additional cost with the Order Feed.
Distributor agreement and charge requirement
The filing defines a 'distributor' as any entity that receives an Exchange data feed directly or indirectly and then distributes it internally or externally, and states that all distributors shall execute an Exchange distributor agreement and pay the distributor charge. The Exchange itself is a vendor and pays the distributor charge.
Harmonized feeds may lower ingestion costs
Nasdaq PHLX is harmonizing its market-data formats with ISE and MRX so customers can ingest a single format across exchanges and buy only the specific feeds they need. The Exchange says this can make data ingestion more efficient, allow hardware to balance loads more efficiently, and may lead to possible cost savings for customers.
Feeds optional and non-discriminatory
The Trades Feed and Spread Feed are optional products that the Exchange states are available to all market participants on a non-discriminatory basis at the same price. Any market participant may elect to purchase either feed as a standalone product or in combination with other feeds.
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