Nasdaq sets TotalView Plus and Basic Plus fees, with $3,360 monthly waiver for vendors

The Nasdaq Stock Market filed fees for Nasdaq TotalView Plus and Nasdaq Basic Plus with the SEC on 2 Nov, and the notice was published in the Federal Register on 9 Nov. The filing took effect on filing. The two feeds were introduced in an earlier Nasdaq filing, SR-Nasdaq-2026-061 (Release No. 34-105997, 28 Jul 2026). They combine depth-of-book and top-of-book data from Nasdaq’s three US equities exchanges: The Nasdaq Stock Market, Nasdaq Texas and Nasdaq PHLX’s equities market, Nasdaq PSX.

Nasdaq withdrew and refiled the fee proposal four times before this version: SR-Nasdaq-2026-070 (withdrawn 31 Aug), -071 (8 Sep), -076 (21 Oct) and -091 (2 Nov). Matching rule changes were filed separately by Nasdaq Texas (SR-NasdaqTX-2026-054, filed 27 Oct) and Nasdaq PHLX (SR-Phlx-2026-68, filed 28 Oct). Both were also published on 9 Nov.

What the feeds contain

• TotalView Plus includes everything in Nasdaq TotalView, Nasdaq Texas TotalView and PSX TotalView: all displayed orders and quotes on the three venues, and the aggregate size at each price level.
• Basic Plus carries the best bid and offer and last sale data from Nasdaq Basic, the Nasdaq Texas BBO and Last Sale feeds, and the PSX BBO and Last Sale feeds. Its coverage extends to data displayed on the FINRA/Nasdaq TRF.

The fees

TotalView Plus. Subscriber and non-display fees are the same as for Nasdaq TotalView:

• $84 a month per Professional Subscriber
• $15 a month per Non-Professional Subscriber
• direct-access non-display fees from $412 a month for one to 39 subscribers up to $75,000 a month per firm above 250 subscribers

Nasdaq says this is, in effect, a waiver of the Nasdaq Texas TotalView subscriber fees ($22.25 a month) and non-display fee ($58.50 a month per Professional Subscriber), and of the PSX TotalView entitlement fee ($44.50 a month). The $25,000 and $500,000 monthly TotalView enterprise licences will cover TotalView Plus at no extra charge. Existing depth-of-book distributor fees apply. For external distributors, these are $2,820 a month for Nasdaq-listed and $1,410 for non-Nasdaq-listed entitlements.

Basic Plus. Professional subscribers pay the same as for Nasdaq Basic: $14.10 a month for Nasdaq Basic for Nasdaq and $7.20 each for Nasdaq Basic for NYSE and for NYSE American. Nasdaq says this “is not a fee change”, because it does not currently charge for the Nasdaq Texas or PSX top-of-book and last sale feeds. Non-professional subscribers currently pay $0.50, $0.25 and $0.25 for the three Basic feeds. Basic Plus will replace those with “a single charge of $1.00”. Distributors of Basic Plus or Nasdaq Last Sale Plus pay a data consolidation fee of $350 a month.

The vendor waiver

Any firm that certifies to Nasdaq that it will combine Nasdaq TotalView, Nasdaq Texas TotalView and PSX TotalView into a feed “solely for external redistribution” is exempt from:

• the Nasdaq Texas external distributor fee of $1,620 a month
• the PSX TotalView external distributor fee of $1,390 a month

It also gets $350 a month off Nasdaq’s external distributor fees. Nasdaq calls this “a total fee reduction of $3,360 per month”. It says the reduction “will cover the cost of consolidation for vendors”, and that “the same discount would not apply to non-vendors”.

Nasdaq compares the $350 with “the NYSE Pillar Depth Consolidation Fee of $250” and “the Cboe One Premium data consolidation fee of $1,000”.

Overnight trading

Nasdaq says the feeds “will become more important with the commencement of overnight trading in December 2026”. It argues: “Because liquidity may be limited for certain stocks in the overnight session, the proposed consolidated feeds will provide investors with a broader view of the market than independent feeds.”

Nasdaq says “no written comments were either solicited or received”. The SEC can suspend the fees within 60 days of filing, and comments on SR-NASDAQ-2026-095 are due by 30 Nov 2026.

Why it matters

Analysis. The saving goes mainly to firms that already pay for depth from all three Nasdaq venues. They can now get it in one feed at the TotalView price. Firms that take only Nasdaq TotalView see no price change. The feeds still cover only Nasdaq’s own venues; they are not a substitute for the SIP or a full multi-venue depth view. The vendor waiver will be judged on whether $3,360 a month is enough for vendors to normalise, timestamp and resequence three depth feeds at the speed their clients expect. Nasdaq argues that consolidating depth costs “about the same, or somewhat less than” consolidating top of book.

The overnight argument is about where liquidity sits. In the overnight session, quotes in a stock may be spread across only a few venues. Seeing every Nasdaq venue’s book in one place helps, but market practitioners will still have to watch Cboe EDGX and the other overnight venues (our report). For the clearing and LULD changes for the overnight session, see our earlier report.

What we are watching

• Comment letters from data users and vendors by 30 Nov, and whether the SEC suspends this version. Nasdaq withdrew each of the four earlier versions itself.
• Whether NYSE or Cboe change their own consolidation fees.

Sources

• SR-NASDAQ-2026-095, Release No. 34-106824, Federal Register, 9 Nov 2026 (filed 2 Nov)
• SR-NasdaqTX-2026-054, Release No. 34-106822, Federal Register, 9 Nov 2026 (filed 27 Oct)
• SR-Phlx-2026-68, Release No. 34-106823, Federal Register, 9 Nov 2026 (filed 28 Oct)