Nasdaq to Charge for Two New Options Data Feeds
Published Date: 6/24/2026
Notice
Summary
Nasdaq is rolling out two new data feeds called the Order Feed and the Trades Feed for its options market and will start charging fees for them beginning September 1, 2026. This change affects traders and firms who use Nasdaq’s options data, helping Nasdaq cover costs and improve services. Plus, they fixed a small typo in their fee schedule to keep things crystal clear.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Order Feed: $750/month per distributor
If your firm wants the Nasdaq Options Market Order Feed, Nasdaq will charge $750 per month per distributor for unlimited internal and/or external distribution starting September 1, 2026. The Order Feed gives detailed order information (price, quantity, attributes, auction notifications) and can be bought alone or with other feeds.
Trades Feed: $500/month per distributor
Nasdaq will charge $500 per month per distributor for the Nasdaq Options Market Trades Feed for unlimited internal and/or external distribution starting September 1, 2026. Previously, last-sale information was offered with the Top of Market feed at no additional cost; Nasdaq is proposing a standalone Trades Feed fee so customers can choose to buy just last-sale data or buy it with Top of Market.
Combined distributor pricing for Top/Order/Trades
Nasdaq proposes combined distributor prices for top of market, order, and trades information: $2,868 per month for internal-only distribution, $3,408 per month for external-only distribution, and $5,026 per month for both internal and external distribution. These totals reflect the Top of Market distributor fees plus $750 for Order Feed and $500 for Trades Feed.
Feed harmonization and standalone purchases
Nasdaq is harmonizing its options market data format with Nasdaq ISE, PHLX, GEMX, and MRX so customers can ingest a single format and buy only the feeds they need. Nasdaq says this change allows more efficient data ingestion, hardware load balancing, and the ability to purchase standalone feeds (e.g., only last-sale) which may lead to cost savings for customers.
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