# 2026-18931: Nasdaq PHLX Syncs Rules with New Market Data Fee Hikes

2026-18931, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce Conforming Changes to Nasdaq Phlx Rules in Connection With the Establishment of Fees for Nasdaq TotalView Plus and Nasdaq Basic Plus, is a Federal Register notice from Securities and Exchange Commission published 2026-09-16, effective 2026-09-11; PRIA reads it as touching household money (as of 2026-09-23).

- Canonical: https://policyrisk.com/federal-register/2026-18931
- As of: 2026-09-23
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-18931
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce Conforming Changes to Nasdaq Phlx Rules in Connection With the Establishment of Fees for Nasdaq TotalView Plus and Nasdaq Basic Plus
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 58720
- Published: 2026-09-16
- Effective: 2026-09-11
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-23

## In one line

Nasdaq PHLX Syncs Rules with New Market Data Fee Hikes

## Summary

Nasdaq PHLX is updating its rules to match new fees for Nasdaq TotalView Plus and Nasdaq Basic Plus market data services. Some fees will be waived for firms that bundle certain data feeds, while others will see new monthly charges. These changes took effect right away on September 11, 2026, and affect firms that use or redistribute these data products.

## Effects PRIA read

- Waiver of Distributor Fees for Consolidation: benefit, high. If you are a market data vendor that certifies you will consolidate Nasdaq TotalView, Nasdaq Texas TotalView, and Nasdaq PSX TotalView solely for external redistribution, Phlx is proposing a waiver of external market data distributor fees. The filing cites a distributor-fee savings of $1,620 per mo…
- PSX TotalView Subscriber Fee Waiver: benefit, high. Firms that purchase Nasdaq TotalView Plus will be eligible for a waiver of certain PSX TotalView subscriber fees: a $44.50 monthly subscriber fee per Subscriber (operative January 1, 2026) for display or certain non-display usage, and $1.00 per Professional Subscriber per month. The waiver is inten…
- Nasdaq Basic Plus Consolidation Fee Imposed: cost, high. Firms and distributors that receive Nasdaq Basic Plus (internal or external distributors) will pay the same monthly administrative fees applicable to PSX Last Sale and a data consolidation fee of $350 per month. The rule text clarifies that receivers of Nasdaq Last Sale Plus or Nasdaq Basic Plus "s…
- No Increase to Existing Phlx Subscriber Fees: benefit, low. The Exchange states that the proposal does not increase fees currently charged for any Phlx-only data product and that some proposed waivers will lower fees for purchasers of Nasdaq TotalView Plus. Subscribers that buy solely Phlx feeds will continue to pay the same fees they do now.

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## Sources
- [2026-18931 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/16/2026-18931/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-18931 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-16/pdf/2026-18931.pdf)

## Related
- [Previous: 2026-18930, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2026-18930)
- [Next: 2026-18932, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2026-18932)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-18931 (as of 2026-09-23).