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Monday, May 6, 2024

Data News #2024 - 3
Nasdaq Announces Market Data Fee Changes, Renaming for Trade Outline and Open/Close Trade Profile Data Products, Historical Data Discounts, and Derived Data Distribution Commercials

Markets Impacted:

  • Nasdaq PHLX Options
  • Nasdaq Options
  • Nasdaq GEMX Options
  • Nasdaq ISE Options

Products Impacted:

Contact Information:

What you need to know:

Effective July 1, 2024, Nasdaq will revise the fees for PHLX Options Trade Outline ("PHOTO"), Nasdaq Options Trade Outline ("NOTO"), Nasdaq GEMX Open/Close Trade Profile, and Nasdaq ISE Open/Close Trade Profile Data Products subject to Securities and Exchange Commission (SEC) approval.

The names of Nasdaq GEMX Open/Close Trade Profile and Nasdaq ISE Open/Close Trade Profile products will be changed to GEMX Trade Outline and ISE Trade Outline, respectively, to harmonize naming across Nasdaq affiliates.

Discounts for historical data currently offered for PHLX Options Trade Outline ("PHOTO") and Nasdaq ISE Trade Outline will be introduced across the Trade Outline Data Products.

Licenses for the Unlimited External Distribution of Derived Data, currently offered with PHLX Options Trade Outline, will be introduced to all other trade outline products.

What is Trade Outline?

Nasdaq Options Trade Outline includes aggregate trade quantity and trade volume for each customer origin type of trade for every option series traded on the respective market in which an electronic trade occurred during the trading day. Activity is further broken down by opening buy, closing buy, opening sell or closing sell.

What products are being renamed?

Nasdaq GEMX Open/Close Trade Profile Intraday and End of Day products as well as Nasdaq ISE Open/Close Trade Profile Intraday and End of Day products will be renamed as follows:

  • Nasdaq GEMX Trade Outline Intraday
  • Nasdaq GEMX Trade Outline End of Day
  • Nasdaq ISE Trade Outline Intraday
  • Nasdaq ISE Trade Outline End of Day

What are the new fees for intra-day and end of day subscriptions?

PHLX Options Trade Outline ("PHOTO") Monthly Fee
Intraday Subscription $3,000
EOD Subscription $1,250
Nasdaq Options Trade Outline ("NOTO") Monthly Fee
Intraday Subscription $2,000
End of Day Subscription $1,000
Nasdaq GEMX Trade Outline Monthly Fee
Intraday Subscription $1,500
End of Day Subscription $750
Nasdaq ISE Trade Outline Monthly Fee
Intraday Subscription $2,500
End of Day Subscription $1,250

What new fees are being introduced?

New fees are being introduced for historical products and derived data distribution.

Discounts for historical data currently offered for PHLX Options Trade Outline ("PHOTO") and Nasdaq ISE Trade Outline will be introduced across the Trade Outline Data Products as follows:

PHLX Options Trade Outline ("PHOTO") – Currently Offered Monthly Fee
Intraday Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $12,000
EOD Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $6,000
Nasdaq Options Trade Outline ("NOTO") Monthly Fee
Intraday Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $6,000
EOD Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $3,000
Nasdaq GEMX Trade Outline Monthly Fee
Intraday Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $9,000
EOD Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $4,800
Nasdaq ISE Trade Outline – Currently Offered Monthly Fee
Intraday Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $12,000
EOD Historical Discount for the most recent 36 months to firms currently subscribed to the on-going subscription $7,200

Additionally, we will be introducing licenses for the Unlimited External Distribution of Derived Data, currently offered with PHLX Options Trade Outline, to all other trade outline products:

PHLX Options Trade Outline ("PHOTO") – Currently Offered Monthly Fee
Unlimited External Distribution of Derived Data from PHOTO $5,000
Nasdaq Options Trade Outline ("NOTO") Monthly Fee
Unlimited External Distribution of Derived Data from NOTO $4,000
Nasdaq GEMX Trade Outline Monthly Fee
Unlimited External Distribution of Derived Data from Nasdaq GEMX Trade Outline $3,000
Nasdaq ISE Trade Outline Monthly Fee
Unlimited External Distribution of Derived Data from Nasdaq ISE Trade Outline $4,500

Fees for external distribution of Derived Data will be in addition to fees for the End of Day product or the Intra-Day product, or both, as applicable.

When will changes to fees be effective?

New fees will be effective Monday July 1, 2024.

Who can I contact to help answer additional questions?

Additional questions may be directed to Investment Intelligence Data Client Success team.


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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