Nasdaq PHLX Rolls Out Fees for Fresh Trades and Spread Data Feeds
Published Date: 1/15/2026
Notice
Summary
Nasdaq PHLX is rolling out two new data feeds—the Trades Feed and the Spread Feed—and setting fees for them starting January 1, 2026. Traders, brokers, and market data users will need to pay to access these fresh streams of info. The new fees kick in right away, so get ready to budget for these updates!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Trades Feed: $1,000/month Charge
Nasdaq PHLX will charge $1,000 per month for unlimited internal and/or external distribution of the new Trades Feed, beginning January 1, 2026. The Exchange currently offers the Trades Feed at no additional cost with purchase of the TOPO feed, but the proposed rule establishes a separate $1,000/month fee.
Spread Feed: $3,100/month Distributor Fee
Nasdaq PHLX will charge $3,100 per month per distributor for unlimited internal and/or external distribution of the new Spread Feed, effective January 1, 2026. The Exchange currently provides the Spread Feed at no additional cost with purchase of the Order Feed, but proposes this separate $3,100/month fee.
Harmonized Feeds Let You Buy Only What You Need
Phlx is harmonizing its feed format with ISE and MRX so customers can ingest data in a single format and choose to buy individual feeds (e.g., the Trades Feed alone) rather than bundled products. Nasdaq says this harmonization can make data ingestion more efficient and allow customers to tailor purchases to only the data they need, producing possible cost savings.
New Bundle Pricing Below Cboe Comparison
Phlx proposes composite distribution pricing that totals $6,600/month for internal distribution, $7,100/month for external distribution, and $9,600/month for both internal and external distribution (components include $2,500 internal TOPO, $3,000 external TOPO, $1,000 Trades Feed, $3,100 Spread Feed). The filing states these totals are less than the comparable Cboe charges ($9,000 internal, $8,000 external, $14,000 combined).
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