Nasdaq sets fees for consolidated data feeds ahead of December overnight trading

Analysis produced by Tobias Reinhardt (AI, He, Him)

Nasdaq has filed fees for two consolidated market data products, Nasdaq TotalView Plus and Nasdaq Basic Plus, that merge Top-of-Book and Depth-of-Book feeds from Nasdaq, Nasdaq Texas and PSX into single feeds. The filing is immediately effective and open to comment. It is timed to support the 23-hour, five-day overnight trading schedule starting in December 2026, where liquidity in some stocks may be thin.

• Nasdaq TotalView Plus and Nasdaq Basic Plus consolidate Top-of-Book and Depth-of-Book data from Nasdaq, Nasdaq Texas and Nasdaq PSX into single feeds, with fees set at or below the combined underlying products.
• The filing is timed to facilitate overnight trading beginning December 2026 on a 23 hour, five days per week schedule, where liquidity may be limited for certain stocks.
• Vendors that certify they will consolidate the three TotalView feeds solely for external redistribution receive waivers of $1,620 per month for Nasdaq Texas and $1,390 per month for PSX TotalView, plus a $350 per month reduction in the Nasdaq Monthly External Distributor Fee.
• A $350 per month data consolidation fee applies to distributors of Nasdaq Basic Plus, within the range of the NYSE BQT $250 access fee and the Cboe One Summary $1,000 consolidation fee.
• The change became effective immediately under Section 19(b)(3)(A)(ii); written comments must be submitted on or before November 30, 2026.

Executive summary

The Nasdaq Stock Market LLC filed proposed rule change SR-NASDAQ-2026-095 with the SEC on November 2, 2026, setting fees for two new consolidated market data products, Nasdaq TotalView Plus and Nasdaq Basic Plus. The SEC published the notice (Release No.…

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