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Monday, April 28, 2025

Data Technical News #2025 - 13
Nasdaq Options Announces Changes to Distribution of PHLX and NOM Market Data Through TCP Connectivity

Markets Impacted:

  • Nasdaq PHLX Options
  • Nasdaq Options

Products Impacted:

  • Real Time Market Data Feeds for all impacted markets

Contact Information:

What you need to know:

Important: Please ensure you have assessed impact to your systems, particularly if you read market data real-time over TCP connections.

Beginning 5/12/2025, Nasdaq will begin a phased roll out of changes to the functionality of TCP connections for the distribution of market data across 2 Nasdaq Options Markets: PHLX and NOM.

What is changing in distribution of Option Market Data?

Multicast is the primary distribution protocol for receiving real-time market data.

Currently, TCP connections also receive real-time market data. Starting on 5/12/2025, for customers using TCP connections, market data transmission will require a new session to be established each time a request is made. After completing a request over TCP, the current sequence number will be provided for the broadcast of market data over Multicast, allowing participants to listen to the live feed.

Why are these changes being made?

Multicast is the standard for the transmission of Options Market Data across all Nasdaq Options Markets and aligns with industry standard. TCP will remain available for retransmission of data for customer convenience.

Will Testing be available in the Nasdaq Test Facility (NTF)?

Yes, testing will be available following the schedule below:

Data Feed Release Date
PHLX and NOM – All Feeds 5/5/25

When will the changes roll out to production?

Changes will be made on rolling release schedule as follows:

Exchange Date Feed Release Date
PHLX PHLX Orders (Simple/Complex) A Feed 5/12/25
PHLX Top A Feed 5/13/25
PHLX Depth A Feed 5/14/25
PHLX Orders (Simple/Complex) B, C Feed 5/19/25
PHLX Top B, C Feed 5/20/25
PHLX Depth B, C Feed 5/21/25
NOM BONO A Feed 5/19/25
ITTO A Feed 5/20/25
BONO B, C Feed 5/21/25
ITTO B, C Feed 5/22/25

Will testing be available prior to the changes?

Testing will not be required, as TCP ports and IPs will not be changed. Additionally, the Nasdaq Testing Facility environment will be available starting on 5/5/25 for testing.

Where can I find updated specifications?

PHLX

NOM

How can I get access to multicast Connectivity?

To request new or modify existing Multicast connections please reach out to the Nasdaq Networking Team.

Who can I contact to help answer additional questions?

Additional questions may be directed to Nasdaq Data Client Success.


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