Notice2026-07829
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Harmonize Nasdaq Options Market Data Feeds With Those of Other Nasdaq Options Markets
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Published
April 22, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 77 (Wednesday, April 22, 2026)</title>
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[Federal Register Volume 91, Number 77 (Wednesday, April 22, 2026)]
[Notices]
[Pages 21586-21589]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07829]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105278; File No. SR-NASDAQ-2026-034]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Harmonize Nasdaq Options Market Data Feeds With Those of Other Nasdaq
Options Markets
April 20, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 16, 2026, The Nasdaq Stock Market LLC (the ``Exchange'' or
``Nasdaq'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
Commission is publishing this
[[Page 21587]]
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to harmonize market data feeds for the Nasdaq
Options Market with those of its affiliated options exchanges Nasdaq
ISE, LLC, Nasdaq PHLX, LLC, Nasdaq GEMX, LLC, and Nasdaq MRX, LLC.
While these amendments are effective upon filing, the Exchange has
designated the proposed amendments to be operative on in or before
August 2026. The Exchange will announce the operative date to members
and member organizations in an Options Trader Alert.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings</a>, and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to harmonize the market data feed
descriptions for the Nasdaq Options Market at Options 3, Section 23(a),
with those of its affiliated options exchanges Nasdaq ISE, LLC
(``ISE''), Nasdaq PHLX, LLC (``PHLX''), Nasdaq GEMX, LLC (``GEMX''),
and Nasdaq MRX, LLC (``MRX'') as part of a technology migration.
This harmonization will introduce two new data feeds, the Nasdaq
Options Market Order Feed (``Order Feed'') and the Nasdaq Options
Market Trades Feed (``Trades Feed''), and modify the descriptions of
the Nasdaq Options Market Depth of Market Feed (``Depth of Market
Feed'') and Nasdaq Options Market Top of Market Feed (``Top of Market
Feed'') to conform to the definitions of comparable feeds in the ISE,
PHLX, GEMX, and MRX exchanges.\3\
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\3\ Similar modifications to market data feed definitions for
the Nasdaq Texas, LLC options market will be submitted in a separate
filing.
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Current Market Data Feeds for the Nasdaq Options Market
Today, the Nasdaq Options Market (``NOM'') offers two data feeds:
Nasdaq ITCH to Trade Options (``ITTO'') and Best of Nasdaq Options
(``BONO'').
ITTO is a data feed that provides full order and quote depth
information for individual orders and quotes on the NOM book and last
sale information for trades executed on NOM. The data provided for each
options series includes the symbols (series and underlying security),
put or call indicator, expiration date, the strike price of the series,
and whether the series is available for trading on NOM and identifies
if the series is available for closing transactions only. The feed also
provides order imbalances on opening/reopening (size of matched
contracts and size of the imbalance).
BONO is a data feed that provides the NOM Best Bid and Offer and
last sale information for trades executed on NOM. The data provided for
each options series includes the symbols (series and underlying
security), put or call indicator, expiration date, the strike price of
the series, and whether the option series is available for trading on
NOM and identifies if the series is available for closing transactions
only.
Proposed Market Data Feeds for the Nasdaq Options Market
The Exchange proposes to modify its existing depth of book and top
of book feeds and introduce two new feeds, an order feed and a trades
feed, to harmonize the Nasdaq Options Market data feeds with those of
ISE, PHLX, GEMX and MRX.\4\
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\4\ A Spread feed, which is offered by the ISE, PHLX and MRX
exchanges, will not be introduced to the Nasdaq Options Market
because it pertains to complex orders, which are not processed in
the Nasdaq Options Market.
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Depth of Market Feed
The Exchange proposes two non-substantive changes to its depth of
book feed. First, the name of the feed will be changed from ``Nasdaq
ITCH to Trade Options (ITTO)'' to ``Nasdaq Options Market Depth of
Market Feed (`Depth of Market Feed')'' to conform to the nomenclature
used by the ISE,\5\ PHLX,\6\ GEMX,\7\ and MRX \8\ exchanges. Second,
the naming convention for the order book will be changed from ``NOM
book'' to ``order book,'' to clarify the reference and to conform to
the other definitions. The proposed definition of the new Depth of
Market Feed will read as follows:
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\5\ Nasdaq ISE, Options 3, Section 23(a)(1).
\6\ Nasdaq PHLX, Options 3, Section 23(a)(3).
\7\ Nasdaq GEMX, Options 3, Section 23(a)(1).
\8\ Nasdaq MRX, Options 3, Section 23(a)(1).
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Nasdaq Options Market Depth of Market Feed (``Depth of Market
Feed'') is a data feed that provides full order and quote depth
information for individual orders and quotes on the order book and last
sale information for trades executed on NOM. The data provided for each
options series includes the symbols (series and underlying security),
put or call indicator, expiration date, the strike price of the series,
and whether the option series is available for trading on NOM and
identifies if the series is available for closing transactions only.
The feed also provides order imbalances on opening/reopening (size of
matched contracts and size of the imbalance).
In addition, the Exchange proposes conforming changes in Options 7,
Section 3 (Nasdaq Options Market--Ports and Other Services) and Section
4 (Nasdaq Options Market Data Distributor Fees) to change references
from ITTO to ``Depth of Market Feed.''
Top of Market Feed
The Exchange proposes a number of changes to the Top of Market
Feed.
First, the Exchange proposes to change the name of the feed from
``Best of Nasdaq Options (BONO)'' to ``Nasdaq Options Market Top of
Market Feed'' to conform to the nomenclature used by Nasdaq's
affiliated exchanges.
Second, the Exchange proposes to modify the description of the
contents of the Nasdaq Options Market Top of Market Feed, removing
inclusion of last sale information for trades executed on NOM and
providing greater detail on what will be included.
The rulebook currently states that BONO includes ``last sale
information for trades executed on NOM.'' The Exchange proposes to move
last sale information from its top of market into a new Trades Feed,
described in detail below. This will conform the Nasdaq Options Market
Top of Market Feed to the comparable feeds for ISE,\9\ PHLX,\10\
GEMX,\11\ and MRX,\12\ which all disseminate last sale information in a
separate trades feed.
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\9\ Nasdaq ISE, Options 3, Section 23(a)(3).
\10\ Nasdaq PHLX, Options 3, Section 23(a)(1).
\11\ Nasdaq GEMX, Options 3, Section 23(a)(3).
\12\ Nasdaq MRX, Options 3, Section 23(a)(3).
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This separation will enhance customer choice. Customers will be
able to purchase Best Bid and Offer and Last
[[Page 21588]]
Sale information separately or together, as they see fit. The new feed
structure will also facilitate the ingestion of information by
customers because multiple Nasdaq-affiliated exchanges will be
employing the same architecture to ingest data.
The proposal will also add specificity to the description of the
Top of Market Feed. Rather than describe the top of book feed as ``a
data feed that provides the NOM Best Bid and Offer . . . for trades
executed on NOM,'' the proposed new description specifies that the Top
of Market Feed ``calculates and disseminates the Exchange's best bid
and offer position, with aggregate size based on displayable order and
quote interest in the System.'' \13\ This is not a substantive change,
but rather a more detailed description of the information currently
provided.
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\13\ Capacity information, such as whether the order is entered
by a Professional or a Customer, is not disseminated in the Top of
Market Feed because the Nasdaq Options Market is an anonymous venue
and does not gather such information.
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Third, the Exchange proposes introducing a sentence stating that
``[t]he data contained in the Top of Market data feed is identical to
the data simultaneously sent to the processor for the OPRA and
subscribers of the data feed.'' This is not a substantive change to the
feed or the manner in which it is disseminated, but rather describes
and codifies the current practice of providing top of market
information to OPRA, which is also done by all other Nasdaq-affiliated
options exchanges.
The proposed definition of the new Top of Market Feed will read as
follows:
Nasdaq Options Market Top of Market (``Top of Market Feed'')
calculates and disseminates the Exchange's best bid and offer position,
with aggregate size based on displayable order and quote interest in
the System. The data contained in the Top of Market data feed is
identical to the data simultaneously sent to the processor for the OPRA
and subscribers of the data feed. The data provided for each options
series includes the symbols (series and underlying security), put or
call indicator, expiration date, the strike price of the series, and
whether the option series is available for trading on NOM and
identifies if the series is available for closing transactions only.
In addition, the Exchange proposes conforming changes in Options 7,
Section 3 (Nasdaq Options Market--Ports and Other Services) and Section
4 (Nasdaq Options Market Data Distributor Fees) to change references
from ``BONO'' to ``Top of Market Feed.''
Order Feed
The Exchange proposes to add the Nasdaq Options Market Order Feed
to provide pricing information on new orders resting on the NOM Order
book (e.g., price, quantity and Attributable Order tags when provided
by a Member). The data provided for each options series will include
the symbols (series and underlying security), displayed order types,
order attributes, put or call indicator, expiration date, the strike
price of the series, and whether the series is available for trading on
NOM and identifies if the series is available for closing transactions
only. The feed will also provide auction and exposure notifications and
order imbalances on opening/reopening (size of matched contracts and
size of the imbalance).
The Order Feed will disseminate more detailed information on
orders, and provide customers with the option to purchase an orders-
only feed, either alone or in combination with other feeds. The
proposed change will also facilitate the ingestion of information on
NOM by conforming it to the feeds made available on ISE,\14\ PHLX,\15\
GEMX,\16\ and MRX.\17\
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\14\ Nasdaq ISE, Options 3, Section 23(a)(2).
\15\ Nasdaq PHLX Rulebook, Options 3, Section 23(a)(2).
\16\ Nasdaq GEMX Rulebook, Options 3, Section 23(a)(2).
\17\ Nasdaq MRX, Options 3, Section 23(a)(2).
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The proposed definition of the new Top of Market Feed will read as
follows:
Nasdaq Options Market Order Feed (``Order Feed'') provides pricing
information on new orders resting on the NOM Order book (e.g., price,
quantity and Attributable Order tags when provided by a Member). The
data provided for each options series includes the symbols (series and
underlying security), displayed order types, order attributes, put or
call indicator, expiration date, the strike price of the series, and
whether the option series is available for trading on NOM and
identifies if the series is available for closing transactions only.
The feed also provides auction and exposure notifications and order
imbalances on opening/reopening (size of matched contracts and size of
the imbalance).
Trades Feed
The Exchange proposes to add the Nasdaq Options Market Trades Feed
to provide customers with the choice of ingesting last trade
information alone or in combination with other feeds. The data provided
in the Trades Feed for each option series will include the symbols
(series and underlying security), put or call indicator, expiration
date, the strike price of the series, whether the option series is
available for trading on NOM, and identifies if the series is available
for closing transactions only.
The proposal will expand customer choice by offering last sale
information either alone or in combination with other data feeds, at
the customer's option. The proposal will also facilitate the ingestion
of information for customers by conforming the NOM market data feed
structure to those on ISE,\18\ PHLX,\19\ GEMX,\20\ and MRX.\21\
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\18\ Nasdaq ISE, Options 3, Section 23(a)(4).
\19\ Nasdaq PHLX, Options 3, Section 23(a)(4).
\20\ Nasdaq GEMX, Options 3, Section 23(a)(4).
\21\ Nasdaq MRX, Options 4, Section 23(a)(4).
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The proposed definition of the new Trades Feed will read as
follows:
Nasdaq Options Market Trades Feed (``Trades Feed'') displays last
trade information. The data provided for each option series includes
the symbols (series and underlying security), put or call indicator,
expiration date, the strike price of the series, and whether the option
series is available for trading on NOM and identifies if the series is
available for closing transactions only.
Fees
Fees for the proposed Order Feed and Trades Feed will be proposed
in a separate filing.
Implementation
The Exchange will implement this rule change in or before August
2026. The Exchange will announce the operative date to members and
member organizations in an Options Trader Alert.
2. Statutory Basis
The Exchange believes that this proposal is consistent with Section
6(b) of the Act,\22\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\23\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect investors and the public
interest.
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\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
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The foregoing is true for three reasons. First, these changes are
an essential element of Nasdaq's overall plan to standardize market
data feeds across Nasdaq-affiliated options exchanges, which will allow
certain customers to ingest data more efficiently, without impacting
the processes of other customers. Second, the apportionment
[[Page 21589]]
of market data across four feeds rather than consolidation on two will
allow customers to tailor their acquisition to only the data they need.
Third, the revised definitions provide additional specificity regarding
the contents of each feed for investors.
Optimization: The proposed changes will enable subscribers to
ingest data more efficiently by using the same set of specifications to
ingest market data from multiple markets. This will allow subscribers
to onboard and maintain access to market data more efficiently, which
may result in cost savings for subscribers. The PHLX, ISE, MRX and GEMX
feeds already follow this standard format; this proposal will add a
fifth exchange to that list.\24\
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\24\ As noted above, a separate filing to conform the Nasdaq
Texas Exchange to this market data structure is planned.
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Customer choice: The proposed structure of four specialized feeds
will allow subscribers to purchase only the data they need. This is
more efficient than requiring customers to distill information from one
or two large data feeds, which can be quite burdensome given the
quantity of data generated by options trading. The four-feed structure
also allows customers to configure their hardware to balance system
loads more efficiently.
We expect our customers to take advantage of these additional
options. Our experience with the ISE Exchange shows that nearly a third
of customers take either the top of market feed only (approximately
17%) or the trades feed only (about 14%), while the remaining customers
take both. We expect the same pattern to hold true for NOM: about a
third of customers will take one feed or the other, ingesting less data
than would be required for a combined feed, and the remaining customers
will decide to take both feeds.
Specificity: As described above, the descriptions of the Top of
Market and Depth of Market Feeds add additional detail regarding the
content of the feeds. This will better inform customers in selecting
feeds and enable them to purchase the information they deem most
valuable.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Nothing in the proposal burdens inter-market competition (the
competition among self-regulatory organizations) because the proposed
changes do not alter the ability of non-affiliated options markets to
propose changes to their respective rulebooks to offer similar feeds,
or alternative feeds to compete against these products, in response to
these changes.
Nothing in the proposal burdens intra-market competition (the
competition among consumers of exchange data) because the proposed
feeds will be available to any market participant on a non-
discriminatory basis.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \25\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\26\
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\25\ 15 U.S.C. 78s(b)(3)(A)(iii).
\26\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#fb898e979ed6989496969e958f88bb889e98d59c948d"><span class="__cf_email__" data-cfemail="d2a0a7beb7ffb1bdbfbfb7bca6a192a1b7b1fcb5bda4">[email protected]</span></a>. Please include
file number SR-NASDAQ-2026-034 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NASDAQ-2026-034. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-NASDAQ-2026-034 and should be submitted
on or before May 13, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07829 Filed 4-21-26; 8:45 am]
BILLING CODE 8011-01-P
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