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NASDAQ Options Data Products

Overview

NASDAQ operates a fully electronic trading system to trade options. The NASDAQ Options Market offers immediate and automatic price improvement to orders. Orders designated to use the options routing feature are routed to other markets to ensure orders get the best price available. The NASDAQ Options Market also links to and complies with the obligations of the Options InterMarket Linkage. The entry of an innovative, low cost competitor like NASDAQ benefits options trading through increased competition, spurring existing markets to improve their own execution systems and reducing trading costs.

To facilitate trading on its options market, NASDAQ developed proprietary data feed products. NASDAQ option feeds are designed to promote full market transparency with minimal latencies.

Benefits & Features

NASDAQ currently offers four proprietary options data feed products:

  • NASDAQ ITCH to Trade Options (ITTO): NOM2019s premier feed, ITTO is designed to provide full quote and order depth using the standard ITCH format. ITTO uses a series of messages to track the life of a quote or order through the NASDAQ Options Market. ITTO supports NOM last sale data as well as Net Order Imbalance (NOI) data for the opening auction.
  • Best of NASDAQ Options (BONO) – BONO is designed to provide NASDAQ Best Bid and Offer information and last sale information directly to NASDAQ Options Market participant firms. It should be noted that NASDAQ provides this same information to the Options Price Reporting Authority (OPRA) for inclusion in the consolidated market feed. By subscribing to BONO directly from NASDAQ, however, NASDAQ Options Market participants can eliminate any extra transmission and processing latencies introduced by the securities information processor.

Access Options

At this time, NASDAQ recommends that firms interested in the Options data feed products process the direct data feed products. Using NASDAQ data feeds, market participant firms and market data distributors may create a real-time option display products and automated trading applications. For detailed technical documentation for NASDAQ direct products, please refer to our specifications page.

In the months ahead, NASDAQ will be working closely with market data redistributors to create real-time display products for options traders. NASDAQ will also be looking to create innovative options display screens for the NASDAQ Data Store.

Pricing

Best of Nasdaq Options (BONO)
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
BONO - Internal Nasdaq Options $1,500 per firm
BONO - External Nasdaq Options $2,000 per firm
Non-Display Enterprise License
(Internal Distribution Only)		 Nasdaq Options $10,000 per firm
Managed Data Solution Administration Fee* $500 per Distributor
NOM Managed Data Solution Subscriber Fee $125 per Subscriber

*For the right to offer Managed Data Solutions to client organizations

 

Nasdaq ITCH-to-Trade Options (ITTO)
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
ITTO - Internal Nasdaq Options $1,500 per firm
ITTO - External Nasdaq Options $2,000 per firm
Non-Display Enterprise License
(Internal Distribution Only)		 Nasdaq Options $10,000 per firm
Managed Data Solution Administration Fee* $500 per Distributor
NOM Managed Data Solution Subscriber Fee $125 per Subscriber
FPGA ITTO Distributor Fees
FPGA ITTO Internal Distributor $10,000 per distributor
External Distributor $1,000 per distributor
Internal and External Distributor $11,000 per distributor
Managed Data Solutions (MDS) Distributor 1 subscriber = $1,000
Additional Subscribers = $250 each

*For the right to offer Managed Data Solutions to client organizations

 

For a complete list of NASDAQ and UTP data fees, please refer to the NASDAQ Data Products Pricing page.

 

The usage fees are assessed based on the number and type of subscribers that access Nasdaq market data. See the Nasdaq Data Policies for additional information. Please consult with your Nasdaq Global Information Services Account Manager to determine which fee option is best suited to your company's needs.

For Nasdaq real-time data feed products, the distributor fees are assessed on subscribers that receive Nasdaq information in a data feed format. This product is also covered by Nasdaq monthly administration fee(s). Refer to Nasdaq Data Policies for details.

Agreements & Forms

Firms must submit the appropriate documentation and receive approval from NASDAQ in order to receive the NASDAQ option data feed products.

Product News & Updates

For the complete list of NASDAQ direct data feed changes, please refer to the NASDAQ Data Product Release Schedule.