Level 1 Service provides critical information that investors and traders need to track Nasdaq-listed and OTC Bulletin Board (OTCBB) issues throughout the day.
The Level 1 Service is designed to:
- Ensure that investors know the prevailing market price before entering a buy or sell order for a Nasdaq or OTCBB security.
- Allow individuals and firms to value their investment portfolios and to determine profit or loss for each of their positions.
- Provide UTP participant quotation and trade data for Nasdaq-listed securities as required under the Securities and Exchange Commission (SEC) Quote Rule.
- Provide over-the-counter (OTC) trade data via the for publicly traded equities that are not listed on the Nasdaq, New York Stock Exchange, or American Stock Exchange and traded over the counter.
Benefits & Features
For Nasdaq-listed issues:
Section 12(f) of the Securities and Exchange Act of 1934 permits Nasdaq to extend “unlisted trading privileges” (UTP) for its listed securities. Through UTP, other U.S. exchanges and markets are able to quote and trade issues listed on the Nasdaq Stock Market. Under the UTP Plan, all U.S. exchanges that quote and trade Nasdaq-listed securities must provide their data to a centralized securities information processor (SIP) for data consolidation and dissemination.
For over the counter (OTC) issues:
Level 1 service is designed to carry over-the-counter (OTC) trade data via the for publicly traded equities that are not listed on the Nasdaq, New York Stock Exchange, or American Stock Exchange and traded over the counter.
In October of 2005, the Financial Industry Regulatory Authority (FINRA) assumed ownership of the OTCBB service from The Nasdaq Stock Market. In the transfer, Nasdaq retained the role of technology and administrative provider for the OTCBB service.
For all data consumers:
Via Market Data Vendors: Individual investors and traders may access real-time data through a number of authorized Nasdaq market data distributors. Market data distributors provide both display devices and data feed products containing Nasdaq real-time data. Refer to the Market Data Vendors page for a complete list of companies.
For firms only:
Via Nasdaq Direct Data Feed Products: Trading firms and market data vendors may create a real-time display by processing direct Nasdaq data feed products. For detailed technical documentation for Nasdaq direct products, please refer to the specifications page of the Nasdaq Trader website.
Please refer to the UTP/FINRA Price List for pricing information.
Agreements & Forms
To order this data on a stand-alone terminal/controlled display product, end users or end-user firms should contact their market data vendor for the appropriate agreements and forms.
To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from Nasdaq:
- Data Feed Request Form - Required for all firms
- Nasdaq Global Data Agreement - Required for all firms prior to initiation of the first Nasdaq data service only
- System Application - Required for firms only if the data will be displayed or used in a system that is not yet approved by Nasdaq
For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.