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Monday, December 20, 2021

Data News #2021 - 11
UPDATED: Nasdaq MRX Announces Fees for Market Data Feeds, Effective May 1, 2022

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

The previously announced changes to Nasdaq MRX, LLC Connectivity Fees Pricing will now be effective May 1, 2022, rather than the prior effective date of March 1, 2022 . Nasdaq MRX will introduce fees for its market data feeds from the exchange, pending SEC approval.

What are the MRX market data products?

  • Depth of Market Feed: Provides the bids and offers at the top five price levels of the Nasdaq MRX order book.
  • Order Feed: Provides a snapshot of each order that rests on the Nasdaq MRX order book and auction messages for simple (single legged) instruments.
  • Top Quote Feed: Offers direct access to the Nasdaq MRX best bid and offer quotation and last sale data including high and low prices for the day.
  • Spread Feed: Comprised of the Depth of Market, Top of Quote, Order, and Trade information for Complex instruments only.
  • Trade Feed: Provides Nasdaq MRX last sale information along with opening price, cumulative volume, high and low prices for the day.

What are the new fees for MRX market data feeds and why is Nasdaq making this change?

Market data fees will be as follows:

Distributor Fees

Monthly Charges
Internal External
Depth of Market Feed $1,500 $2,000
Order Feed $1,500 $2,000
Top Quote Feed $1,500 $2,000
Spread Feed $1,000 $1,500
Trade Feed $750 $1,000

Subscriber Fees

Monthly Charge
Per Professional Subscriber $25
Per Non-Professional Subscriber $1
Non-Display Enterprise License: Permits distribution to an unlimited number of internal non-display Subscribers without incurring additional fees for each internal Subscriber. The Non-Display Enterprise License covers non-display Subscriber fees for all MRX proprietary direct data feed products and is in addition to any other associated distributor fees for MRX proprietary direct data feed products. $7,500
  • Since the inception of the MRX exchange in 2016, fees for the market data feeds have been waived.
  • To date, MRX is the only options exchange out of all 16 exchanges that does not charge fees for its market data products.
  • Market share on MRX has since grown from below 0.20% in its first year in 2016 and has recently reached levels of critical mass in 2021.
  • Fees are being introduced at this time to reflect the increased value that participants are receiving from these products & services provided on the exchange.

When will the changes become effective?

  • These fees will become effective May 1, 2022, pending SEC approval.

What do firms need to do to subscribe to MRX data products?

For current subscribers, there are no changes you need to make at this time.

If your firm is not currently subscribed to MRX data products, please complete the following agreements:

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

Where can I find additional information?

For more information or if you have additional questions, please contact your Nasdaq Sales Representative or call +1 301 978 5307 (Option #1).


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