Nasdaq Sets Fees for New Options Order and Trades Feeds
Nasdaq filed an immediately effective rule change, published by the SEC on June 18, to adopt fees for two newly established Nasdaq Options Market data feeds: the Order Feed and the Trades Feed. The amendments are scheduled to become operative on September 1, 2026.
The Order Feed provides information on new orders resting on the NOM order book, including price, quantity, order attributes, series details and auction or exposure notifications. Nasdaq proposed a $750 monthly distributor fee for unlimited internal and external distribution of that feed.
The Trades Feed provides last-sale information for each option series, including the underlying symbol, put or call indicator, expiration date, strike price and trading availability status. Nasdaq proposed a $500 monthly distributor fee for unlimited internal and external distribution.
Nasdaq said the feeds are part of a broader technology migration to harmonize market-data feed structures across Nasdaq-affiliated options exchanges, including ISE, PHLX, GEMX and MRX. It argued that customers will be able to ingest data more efficiently and choose only the data they need instead of taking a broader bundled feed.
Why it matters
Market-data packaging affects brokers, vendors, analytics firms and high-volume options traders. Standalone order and trade feeds can make data consumption more modular, but new distributor fees can also flow into platform costs, professional data plans or vendor economics.
For retail traders, the direct bill may be invisible. The practical impact is whether broker platforms and charting tools use the feeds to improve options depth, last-sale displays and auction visibility without raising data access costs.
What to watch next
Watch for comments before the Federal Register deadline, the September 1 operative date, and whether data vendors change NOM options packages or fees after the new feed structure goes live.