Phlx files immediately effective market data fee changes for Nasdaq consolidated feeds

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

Nasdaq PHLX has filed a set of conforming fee changes tied to the launch of Nasdaq TotalView Plus and Nasdaq Basic Plus, two consolidated data feeds combining depth and top-of-book information across Nasdaq, Nasdaq Texas and Phlx. The filing waives some distributor and subscriber fees while extending existing consolidation charges. It took effect on filing, with the SEC soliciting comment.

• The filing makes conforming changes to Equity 7, Section 3 fees tied to Nasdaq's new TotalView Plus and Nasdaq Basic Plus consolidated data feeds.
• Vendors that certify they will consolidate Nasdaq, Nasdaq Texas and PSX TotalView solely for external redistribution are exempt from PSX market data distributor fees, with a stated $1,390 per month waiver for PSX TotalView.
• Firms purchasing Nasdaq Basic Plus will pay the PSX Last Sale monthly administrative fee and a $350 per month data consolidation fee, mirroring Nasdaq Last Sale Plus.
• The change became effective immediately under Section 19(b)(3)(A)(ii); the SEC may summarily suspend it within 60 days of filing.
• Written comments must refer to file number SR-Phlx-2026-68 and be submitted on or before November 30, 2026.

Executive summary

Nasdaq PHLX LLC filed the proposed rule change, SR-Phlx-2026-68, with the SEC on October 28, 2026, and it was published as Release No. 34-106823. The filing makes conforming changes to Phlx fees at Equity 7, Section 3 to align with…

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