Nasdaq Sets Fees for TotalView Plus and Basic Plus Market Data

Nasdaq has filed a proposed fee schedule for Nasdaq TotalView Plus and Nasdaq Basic Plus, two consolidated market-data products that combine information currently distributed through Nasdaq, Nasdaq Texas and Nasdaq PSX feeds. The SEC published the filing on September 16 after Nasdaq submitted it on September 8.

TotalView Plus would provide displayed order and quote information, including depth at each price level, from the three Nasdaq U.S. equity markets. Basic Plus would provide best-bid-and-offer and last-sale information across those markets and the FINRA/Nasdaq Trade Reporting Facility. Nasdaq says the proposed subscriber and enterprise fees would be at or below the combined fees for the existing underlying products.

The filing links the products to Nasdaq’s planned move to a 23-hour, five-day trading schedule in December 2026. Nasdaq says the consolidated view may be particularly relevant where overnight liquidity is thinner. It also proposes waiving certain Nasdaq Texas and PSX distributor fees for firms that consolidate the three TotalView feeds solely for external redistribution.

Why it matters

For active traders and firms that use proprietary exchange data, the proposal could reduce the number of feeds needed to follow Nasdaq-operated markets. A consolidated feed is not the same as a consolidated national market-data product, and it does not by itself guarantee that a broker platform will display or pass through the data. Traders should check the data package, venue coverage and any professional-market-data charges attached to their platform.

What to watch next

The SEC is soliciting comments on the filing. Watch Nasdaq notices for the launch date, final fee schedule and the operational details for the December overnight-trading transition.