Nasdaq Syncs Up Options Market Data Feeds for Consistency
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 so no one misses a beat!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Nasdaq adds Order and Trades feeds
Nasdaq will change its options market data structure and add two new feeds called the Nasdaq Options Market Order Feed and Trades Feed. The change (including renaming ITTO to Depth of Market Feed and BONO to Top of Market Feed) will be implemented in or before August 2026 and is intended to match the feed architecture used by Nasdaq's other options exchanges.
Buy top-of-book or last-sale separately
Nasdaq will separate best bid/offer (Top of Market Feed) and last-sale data (Trades Feed) so customers can buy them separately or together. Based on experience at a sister exchange, about 17% of customers take the top-only feed and about 14% take the trades-only feed (roughly one-third take one or the other), letting some subscribers ingest less data.
Fees for new feeds will be set later
The filing states that fees for the new Order Feed and Trades Feed will be proposed in a separate future filing. No feed fees are specified in this rule change itself.
Spread feed will not be offered on NOM
Nasdaq will not introduce a Spread feed on the Nasdaq Options Market because the Spread feed pertains to complex orders, which are not processed on NOM. That feed will therefore not be available on NOM as part of this harmonization.
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Key Dates
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