Nasdaq Tweaks Data Feeds for Smoother Stock Quotes
Published Date: 4/21/2026
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 helps Nasdaq handle orders and follow rules better, affecting traders and investors using Nasdaq’s systems. The update took effect right after filing on April 6, 2026, with no extra costs announced.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
New Primary and Backup Quote Feeds
Nasdaq will accept a direct feed from the new Texas Stock Exchange ("TXSE") as the primary source of quotation data for TXSE, and will use CQS/UQDF as the secondary source for TXSE. This change updates the Exchange's Equity 4, Rule 4759 list of data feeds that Nasdaq uses to handle, route, and execute orders and perform related regulatory functions.
Exchange Name Updates Recorded
The Exchange updated the data-feeds table to reflect the current names of two exchanges that were recently renamed as Nasdaq Texas and NYSE Texas. This is a transparency and record-keeping update to Equity 4, Rule 4759.
Rule Change Effective Immediately
Nasdaq filed the proposed rule change on April 6, 2026 and it became effective upon filing on that date under the immediate-effectiveness provision. The SEC may summarily suspend the rule at any time within 60 days of the filing if it appears necessary in the public interest.
Exchange Says No New Competitive Burden
The Exchange stated it does not believe the proposed rule change will impose any burden on competition and the filing notes no extra costs were announced in connection with this update. The change is presented as intended to enhance transparency about Nasdaq's market data sources.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07688 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add Class ETF Shares to the Definition of Exchange-Traded Product
Nasdaq is updating its rules to include Class ETF Shares as official Exchange-Traded Products. This means new ETFs can use a special trading pause on their first day to help start trading smoothly. Investors and issuers can expect quicker, more organized launches starting immediately, with no extra costs involved.
Next: 2026-07690 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a 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 Texas 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 accurate, fast data for buying and selling stocks. The update is effective immediately, helping keep trading smooth and reliable without extra costs.