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Tuesday, May 13, 2025

Data Technical News #2025 - 15
Nasdaq PHLX Announces Re-Platform Plans and Updates to Market Data Feeds

Markets Impacted:

  • Nasdaq PHLX Options

Products Impacted:

  • All Nasdaq PHLX Options Real Time Market Data Feeds

Contact Information:

Resources:

What you need to know:

As recently announced in Options Technical Update #2024 - 6, Nasdaq PHLX will undergo a re-platforming with the goal to harmonize exchange technology positioning participants for future growth and success.

Updates will be made to the PHLX Market Data feeds under the new platform. Details of the changes can be found in the Updated Technical Market Data Specifications:

Customers may refer to the PHLX Re-platform website for information regarding all aspects of the transition.

What is changing?

While each of the current market data offerings will continue, there will be some changes to both the naming of these and the protocols.

The PHLX Top Quote Feed will be renamed to the Options Top of Market Feed. It will remain a book-based feed designed to provide the Best Bid and Offer information. The feed will contain updated message formats that are harmonized with ISE, MRX, GEMX Options. An optional Glimpse service will also be made available for the Top of Market Feed for recovery.

The PHLX Depth of Market Feed will be renamed to the Options Depth of Market Feed. The Options Depth of Market Feed will be improved to include full depth with order-by-order messages. It is important to note that firms receiving this product will now need to recreate the order book on their own. The new but familiar Depth of Market feed will share similar components to the recently updated ISE, MRX, and GEMX Depth of Market Feed. An optional Glimpse service will also be made available for the Depth of Market Feed.

The PHLX Orders Feed will be renamed to the Options Orders Feed. The Options Order Feed will continue to provide a snapshot of each order that rests on the order book along with auction notifications but will take on updated message formats.

The Options Trade Feed will be added to PHLX pending SEC approval to harmonize exchange technology. The Options Trade Feed will provide the last trade information along with opening, cumulative volume, high and low prices for the day as well as administrative and market event messages. The last trade information will be moved from the PHLX Top of Market Feed to the Options Trade Feed.

The Options Spread Feed will be added to PHLX pending SEC approval to harmonize exchange technology. The Options Spread Feed will provide four separate components (Order, Depth of Market, Top of Market, and Trade) each providing different views of complex order activity. The message formats across all four of the spread feed components have been updated. The Depth of Market component will be improved to include full depth with order-by-order messages. For ease of use, specifications for each of the four spread feed components have been consolidated into a single document.

Details of the changes can be found below in the Updated Technical Specifications for the feeds:

Why are the Trade and Spread Feeds being added and will there be additional fees associated?

The Trade and Spread Feeds are being added to PHLX market data offerings to provide additional content and transparency to subscribers, as well as continuing our effort to harmonize market data feeds across our venues.

The fees for the new products will be pending SEC approval:

New Market Data Feed Offerings Monthly Market Data Feed fees
Nasdaq Options Trades Feed - Internal and/or External $1,000
Nasdaq Options Spread Feed - Internal and/or External $3,100

NOTE: The new trade and spread market data fees will be waived during for the months of November 2025 and December 2025 to support the migration between November 3rd, 2025 - December 8th, 2025.

Will there be IP changes?

New IP addresses for the updated Nasdaq Options Data Feeds will be posted on UDP/IP Addresses - U.S. Derivatives Data Feeds once available.

Heartbeat availability for connectivity testing will be updated once available for both:

  • New York Metro Area - "A" and "B" Feeds
  • Chicago Metro Area - "A" and "B" Feeds

To ensure a smooth transition, Nasdaq will support a parallel period for clients to upgrade their network configurations. Firms will be required to receive data via the new IP addresses as symbols migrate to the new system. Firms will continue to receive data via the current IP addresses for symbols that have not yet migrated. Connections to legacy feeds will be retired when the symbol migration is complete.

The symbol migration will begin on Monday, November 3, 2025, and firms must make the transition prior to that date to prevent loss of data.

What will firms need to do to get connected to the new IP addresses?

Multicast connectivity is not yet available, however, once available the DTN will be updated with details to initiate connectivity requests.

NOTE: Nasdaq will be pre-provisioning the SoupBinTCP & Glimpse connections along with connection and login details which will be provided via email prior to the first UAT, for existing PHLX product offerings which include:

  • PHLX Top of Market
  • PHLX Depth of Market
  • PHLX Top of Market Plus Orders (TOPO)
  • PHLX Depth of Market Glimpse
You should receive an email with your connection and login details before the first UAT, Saturday, August 9, 2025.

Nasdaq will be introducing new market data feeds and glimpse products, which include:

  • Nasdaq Options Trade Feed
  • Nasdaq Options Top Feed Glimpse
  • Nasdaq Options Spread Feed
  • Nasdaq Options Spread Top Feed Glimpse
  • Nasdaq Options Spread Depth Feed Glimpse

To request access to these products, please contact your data sales representative or email Nasdaq Global Data Sales.

If your firm is not currently subscribed to the Nasdaq PHLX market data feeds, please complete the following agreements to receive the data.

If you need assistance with the application process, please contact your Nasdaq Global Data Sales Representative.

What is the timeline for the migration plan?

PHLX will migrate to the new platform on a symbol-by-symbol basis over a weeklong period. Specific details around test environment availability and the symbol migration plan will be published in a future update. Below is the migration timeline:

Migration Milestone Milestone Date
Customer Test Environment Available May 5, 2025
Production Connectivity July 28, 2025
Customer UAT Prod Test – 1st August 9, 2025
Customer UAT Prod Test – 2nd September 13, 2025
Customer UAT Prod Test – 3rd October 4, 2025
Final Confidence Test November 1, 2025
Symbol Migration Begins November 3, 2025
Symbol Migration Continues November 17, 2025
Symbol Migration Completes December 8, 2025

Why are these changes being made? What are the benefits?

These changes are being made as part of our continued efforts to harmonize exchange technology. The changes to market data feeds will bring conformance at the message type level and allow Nasdaq to migrate our other derivatives markets in the future.

Benefits from the change will increase over time as more of our markets migrate to the new platform. Common messaging will lower the amount of effort required by our clients to manage and maintain product and changes.

Will there be changes to expected bandwidth?

Yes, this re-platforming effort will expand the messaging expectations across the PHLX market data products. The below projected bandwidth rates are estimates that can serve as a guide to understanding the impact of the expanded messaging PHLX will have on the individual market data products.

Date Feed Projected Bandwidth Rates
Nasdaq Options Top of Market Feed ~ 1,710 Mb
Nasdaq Options Depth of Market Feed ~ 2,730 Mb
Nasdaq Options Order Feed ~ 1,300 Mb
Nasdaq Options Trade Feed ~ 1,020 Mb
Nasdaq Options Spread Feed- Top of Market Feed ~ 790 Mb
Nasdaq Options Spread Feed- Depth of Market Feed ~ 490 Mb
Nasdaq Options Spread Feed- Spread Order Feed ~ 490 Mb
Nasdaq Options Spread Feed- Trade Feed ~ 490 Mb

Please note that projected bandwidth rates are subject to change depending on market conditions.

Where can I find out more information on the PHLX re-platform?

More details can be found on the PHLX Re-platform website. Customers may also refer to the Frequently Asked Questions (FAQs) for additional information.

Who can I contact to help answer additional questions?

Additional questions may be directed to Nasdaq Data Client Success.


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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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