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Thursday, February 19, 2026

Data Technical News #2026 - 1
Nasdaq Update to Market Data Feeds for Non-IPO New Issues

Markets Impacted:

  • Nasdaq, Nasdaq Texas, PSX

Products Impacted:

  • Nasdaq TotalView
  • Nasdaq TotalView Aggregate
  • Nasdaq Basic
  • Nasdaq Last Sale/Last Sale +
  • Nasdaq GLIMPSE
  • Nasdaq Level 2
  • Nasdaq Filterview
  • Net Order Imbalance View
  • TRF Filterview

Contact Information:

What you need to know:

Nasdaq is adding a value “Z” to the IPO Flag field found in all Stock Directory messages of Nasdaq Market Data feeds.

Why is Nasdaq making this change?

The Nasdaq Equities Team is making this change to support enhancing functionality for select non-IPO new issue symbols to allow the symbols to start trading before the Opening Cross. More information on the changes are detailed in the Equities Trader Alert.

Why is changing?

All Stock Directory messages will now support additional value “Z” to identify Non-IPO newly listed securities on the Nasdaq exchange during the opening spin.

When will this change be effective?

This enhancement is currently scheduled for Q2 2026. A subsequent announcement will be sent once the new rollout date is finalized. We recommend making necessary changes to be able to accept this value before this timeframe.

Technical Specifications and Frequently Asked Questions (FAQs)

Specifications:

Who should I reach out to for more information?

Please contact Nasdaq Data Client Success for any questions.


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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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