What is Nasdaq TotalView?

Nasdaq TotalView offers the full depth of the market at every price level on Nasdaq- and regional-listed securities listed on Nasdaq. TotalView gives quotes and orders that are not visible in the legacy Level 2 display. In fact, TotalView provides 20x the liquidity available in Level 2, with 3x the liquidity within $0.05 of the inside market as compared to Level 2.

Nasdaq TotalView also contains the Net Order Imbalance information which provides invaluable details about orders and the likely Opening/Closing prices. This insight can help reveal new trading opportunities and also allow traders to maintain their positions by more accurately gauging the true Buy- and Sell-interest in securities going into the Open, the Close, an IPO or in securities coming out of a halt. Data elements provided include Imbalance Shares and Side, Current Reference Price and Near and Far Indicative Clearing Price.

Nasdaq TotalView data is available via many market data vendors as well as direct data feeds.

What is Nasdaq OpenView?

Nasdaq OpenView is depth data originating from the Nasdaq Market Center for non-Nasdaq listed securities. When Nasdaq introduced TotalView, it adopted the standard of separation-by-listing-exchange as set forth in previous legacy depth product offerings, such as Nasdaq Level 2. As the U.S. Market has continued to evolve since Nasdaq added non-Nasdaq listed securities to Level 2 in 2007, separation by market center has become an obsolete factor in the distribution of depth data.

This entitlement change will modernize the entitlement process, reducing the confusion around separate entitlements and the administrative burden of having to report multiple line items for products that are naturally purchased together.

What change is Nasdaq making?

Nasdaq is consolidating the TotalView Nasdaq-Listed Entitlement and the OpenView Non-Nasdaq Listed Entitlements into a single entitlement. This will reduce the total amount of content entitlements and billable components to reflect modern purchasing standards of consuming depth data regardless of listing exchange.

Why is Nasdaq making this change?

Nasdaq is making this change as part of our ongoing efforts to simplify the administrative process required to accurately request access to and report usage of Nasdaq TotalView. This change reflects modern customer usage expectations by consolidating Nasdaq Depth data into a single entitlement, reducing the Nasdaq TotalView with OpenView entitlements from 18 reportable components currently divided by exchange listings into 7 full market depth components.

Are the TotalView with OpenView entitlement fees changing?

No. Total fees for TotalView and OpenView together will not change. This change is designed to simplify the reporting and entitlement requirements of Nasdaq TotalView with OpenView into a single reporting entitlement.

What are the new entitlements?

The new entitlements are represented below:

Are the technical specifications of service changing as a result of this change?

There are no technical changes to the actual information provided by Nasdaq TotalView Product, other than to include the information previously provided through OpenView. The main purpose of the merger of TotalView and OpenView is to change the billing and reporting components that are used to report usage to your vendor or directly to Nasdaq.

What are the next steps if my firm subscribes to a Market Data Vendor’s desktop (controlled) product?

We are working with our Market Data partners to ensure that downstream users are aware of any actions they need to take, if any.

Does this change impact the current reporting and entitlements for Level 2 Subscribers?

No, current reporting and entitlements remain for Level 2. Distributors are encouraged to make TotalView available to their customers to take advantage of the additional depth, such as NOII data and the full depth of market.

How will this change impact the Level 2 Distributor fees and the invoice from Nasdaq?

The net fees charged remain the same. Nasdaq is retiring the current OpenView Distributor fees: “Non Nasdaq-Listed Depth Internal Distributor Fee” & “Non Nasdaq-Listed Depth External Distributor Fee”. Billing will be migrated to new consolidated services depending on internal vs. external distribution as follows: “Nasdaq TotalView Internal Distributor Fee” or “Nasdaq TotalView External Distributor Fee.” Again, total fees charged will remain the same.

Does this impact my Depth Enterprise License?

Distributors under an Enterprise License are not impacted by this change. This includes customers on the EDS Enterprise License.

What if I receive a Data Feed from a Market Data Vendor (e.g Uncontrolled product)?

Customers taking a data feed from a market data vendor are considered Distributors. All Distributors will be required to modify their reporting to conform to the above list of entitlements.

How will my monthly detail and summary reporting need to change?

Beginning with the service period of September 2017, usage reporting will be required for each of the new billing components in the table above. For existing customers, Nasdaq will automatically add the new report titles in the Nasdaq Reporting Application – NORA System. Detail reporting requirements are subject to current Nasdaq Data Policy.

Where can I find additional information?

A fact sheet highlighting the related benefits can be found here. For more information, please contact your Nasdaq Sales Representative at +1 301 978 5307 (Option #1) or + 45 33 93 33 66.