Notice2026-18932
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Set Fees for Nasdaq TotalView Plus and Nasdaq Basic Plus
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 16, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 178 (Wednesday, September 16, 2026)</title>
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[Federal Register Volume 91, Number 178 (Wednesday, September 16, 2026)]
[Notices]
[Pages 58729-58736]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18932]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106336; File No. SR-NASDAQ-2026-076]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Set Fees for Nasdaq TotalView Plus and Nasdaq Basic Plus
September 11, 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 September 8, 2026, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') 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 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 set fees for Nasdaq TotalView Plus and
Nasdaq Basic Plus at or below fees currently charged for the combined
underlying Depth-of-Book and Top-of-Book products offered by the Nasdaq
U.S. Equity Markets.
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.
[[Page 58730]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to set fees for Nasdaq
TotalView Plus and Nasdaq Basic Plus \3\ at or below the fees currently
charged for the combined underlying Depth-of-Book and Top-of-Book
products offered by the Nasdaq U.S. Equity Markets.\4\
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\3\ See Securities Exchange Act Release No. 105997 (July 28,
2026), 81 FR 48466 (July 31, 2026) (SR-Nasdaq-2026-061) (a proposal
to introduce Nasdaq TotalView Plus and Nasdaq Basic Plus, two new
data feeds which will offer consolidated Top-of-Book and Depth-of-
Book information currently disseminated by Nasdaq, Nasdaq Texas, and
Nasdaq PSX).
\4\ The Nasdaq Stock Market LLC (``Nasdaq''), Nasdaq Texas, LLC
(``Nasdaq Texas''), and Nasdaq PHLX LLC equities (``Nasdaq PSX'').
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The proposed fees will provide customers with the option of
lowering market data, networking, and connectivity costs by replacing
three separate feeds with one, and setting fees for these two new
consolidated data products \5\ at a level that is at or below current
market data fees for the combined underlying products.\6\
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\5\ See Supra, n.4.
\6\ As discussed in further detail below, the proposed fees are
also structured to provide market data vendors an incentive to offer
their own consolidated market data feeds in competition with Nasdaq
TotalView Plus and Nasdaq Basic Plus to widespread dissemination of
consolidated data to investors.
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The Exchange believes that this proposal will facilitate the
transition to overnight trading in December 2026. As discussed in the
product filing for Nasdaq TotalView Plus and Nasdaq Basic Plus,\7\
liquidity may be limited for certain stocks in the overnight session.
The two new consolidated data products will address this issue by
providing investors with a broader view of the market than any of the
individual underlying individual exchange feeds, thereby improving the
ability of investors to analyze trading in a lower liquidity
environment.
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\7\ See Supra, n.4.
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Nasdaq TotalView Plus
Nasdaq TotalView Plus includes, with respect to stocks listed on
Nasdaq or on any exchange other than Nasdaq, all orders and quotes from
all members of any of the Nasdaq U.S. Equity Markets and displayed on a
Nasdaq U.S. Equity Market, including all information currently
disseminated through Nasdaq TotalView,\8\ Nasdaq Texas TotalView,\9\
and PSX TotalView,\10\ and the aggregate size of such orders and quotes
at each price level in the execution functionality of the Nasdaq U.S.
equity markets.
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\8\ See Nasdaq Stock Market Rules, Equity 7, Section 123.
\9\ Nasdaq Texas TotalView disseminates all individual Nasdaq
Texas Equities System participant orders and quotes displayed in the
system, the aggregate size of such orders and quotes at each price
level, and the trade data for executions that occur within the
Nasdaq Texas Equities System. See Nasdaq Texas LLC Rules, Equity 7,
Section 123.
\10\ PSX TotalView disseminates all individual Nasdaq PSX
participant orders displayed in Nasdaq PSX, the aggregate size of
such orders at each price level, and the trade data for executions
that occur within Nasdaq PSX. See Nasdaq PHLX LLC Rules, Equity 7,
Section 3, PSX TotalView.
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Nasdaq Basic Plus
Nasdaq Basic Plus offers the best bid and offer and last sale
information for stocks listed on any of the Nasdaq U.S. Equity Markets
or any exchange other than Nasdaq and displayed on any of the Nasdaq
U.S. Equity Markets or the FINRA/Nasdaq TRF, including all information
currently disseminated through Nasdaq Basic,\11\ Nasdaq Texas BBO
feeds,\12\ Nasdaq Texas Last Sale,\13\ PSX BBO Feeds,\14\ and PSX Last
Sale.\15\
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\11\ Including ``Nasdaq Basic for Nasdaq,'' ``Nasdaq Basic for
NYSE,'' and ``Nasdaq Basic for NYSE American.''
\12\ The Nasdaq Texas BBO Feeds consist of real-time market
information from the Nasdaq Texas Market Center. See Nasdaq Texas,
LLC, Equity 7, Section 147. ``Nasdaq Texas BBO for Nasdaq'' contains
the Nasdaq Texas's best bid and offer for Nasdaq-listed securities.
``Nasdaq Texas BBO for NYSE'' contains Nasdaq Texas's best bid and
offer for NYSE-listed securities. ``Nasdaq Texas BBO for Amex''
contains Nasdaq Texas's best bid and offer for Amex-listed
securities.
\13\ Nasdaq Texas Last Sale is a proprietary data feed
containing real-time last sale information for trades executed on
Nasdaq Texas. See Nasdaq Texas, LLC, Equity 7, Section 139(a).
``Nasdaq Texas Last Sale for Nasdaq'' contains all transaction
reports for Nasdaq-listed securities. ``Nasdaq Texas Last Sale for
NYSE/Amex'' contains all such transaction reports for NYSE- and
Amex-listed securities. ``Nasdaq Texas Last Sale for NYSE/Amex''
also includes transaction reports from other Tape B listing venues,
as set forth under Nasdaq Stock Market Rules, Equity 7, Section
139(a) (`` `Nasdaq Last Sale for NYSE/NYSE American' contains all
such transaction reports for NYSE-listed stocks and stocks listed on
NYSE American and other Tape B listing venues.'').
\14\ PSX BBO Feeds consist of real-time market information from
PSX. See Nasdaq PHLX LLC, Equity 7, Section 3 (PSX BBO Feeds). ``PSX
BBO for Nasdaq'' contains PSX's best bid and offer for Nasdaq-listed
securities. ``PSX BBO for NYSE'' contains PSX's best bid and offer
for NYSE-listed securities. ``PSX BBO for NYSE Amex'' contains PSX's
best bid and offer for NYSE Amex-listed securities.
\15\ PSX Last Sale is a proprietary data feed containing real-
time last sale information for trades executed on Nasdaq PSX. See
Nasdaq PHLX LLC, Equity 7, Section 3 (PSX Last Sale and Nasdaq Last
Sale Plus Data Feeds). ``PSX Last Sale for Nasdaq'' contains all
transaction reports for Nasdaq-listed securities on Nasdaq PSX.
``PSX Last Sale for NYSE/NYSEAmex'' contains all such transaction
reports on Nasdaq PSX for securities listed on NYSE, NYSE Amex, and
other exchanges. The phrase ``other exchanges'' refers to other Tape
B listing venues, as set forth under Nasdaq Stock Market Rules,
Equity 7, Section 139(a) (`` `Nasdaq Last Sale for NYSE/NYSE
American' contains all such transaction reports for NYSE-listed
stocks and stocks listed on NYSE American and other Tape B listing
venues.'').
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Proposed Fees
As set forth in detail below, Nasdaq proposes to set fees for
Nasdaq TotalView Plus and Nasdaq Basic Plus at or below fees currently
charged for the Depth-of-Book and Top-of-Book products offered by the
Nasdaq U.S. Equity Markets. This, together with the networking and
connectivity savings inherent in lowering the number of data feeds, is
designed to maximize the distribution of consolidated data feeds to
investors throughout the 23 hour, 5 days per week schedule set to begin
in December 2026.
The Exchange proposes to offer Nasdaq TotalView Plus for the same
Professional and Non-Professional Subscriber and enterprise license
fees as Nasdaq TotalView.\16\ To ensure that market data vendors will
be able to offer competing consolidated data products, any firm that
certifies to Nasdaq that it will consolidate Nasdaq TotalView, Nasdaq
Texas TotalView and Nasdaq PSX TotalView into a data feed solely for
external redistribution shall be exempt from Nasdaq Texas Market Data
Distributor Fees \17\ and Nasdaq PSX Market Data Distributor Fees.\18\
This will ensure that vendors will be able to cover the cost of
consolidating the underlying feeds.
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\16\ Internal and External Distributor, as well as Direct Access
fees, may apply to purchasers of Nasdaq Plus products depending on
the customer's use case. See Nasdaq Rules, Equity 7, Section 119(b).
The Exchange is not proposing to change Distributor or Direct Access
fees with this filing.
\17\ See Nasdaq Texas Rules, Equity 7, Section 119(a).
\18\ See Nasdaq PHLX Rules, Equity 7, Section 3 (Market Data
Distributor Fees).
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The Exchange proposes to offer Nasdaq Basic Plus for the same
Professional and Non-Professional Subscriber, enterprise license, and
Distributor fees as Nasdaq Basic. To ensure that other market data
vendors will be able to offer competing consolidated data products,
Nasdaq proposes to charge the same monthly administrative and data
consolidation fees for Nasdaq Basic Plus as are currently charged for
Nasdaq Last Sale Plus to both Internal Distributors \19\ and External
Distributors \20\ to cover the
[[Page 58731]]
costs of data feed consolidation to be incurred by market data vendors.
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\19\ ``Internal Distributors'' are Distributors that receive
Nasdaq Last Sale Plus or Nasdaq Basic Plus data and then distribute
that data to one or more Subscribers within the Distributor's own
entity.
\20\ ``External Distributors'' are Distributors that receive
Nasdaq Last Sale Plus or Nasdaq Basic Plus data and then distribute
that data to one or more Subscribers outside the Distributor's own
entity.
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With respect to the Market Data Enterprise License for Display
Usage,\21\ which currently offers both Nasdaq TotalView and Nasdaq
Basic in the same enterprise license, the Exchange proposes to offer
the Nasdaq TotalView Plus and Nasdaq Basic Plus feeds for the same fees
currently charged for the Nasdaq TotalView and Nasdaq Basic.
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\21\ See Nasdaq Stock Market Rules, Equity 7, Section 132.
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Details for each of the proposed fees follow.\22\
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\22\ In addition, Nasdaq is proposing to correct references to
the Nasdaq NTX exchange at Equity 7, Section 139(e) as a non-
substantive modification.
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TotalView Plus
Subscriber Fees
Nasdaq proposes to offer Nasdaq TotalView Plus for the same
Professional and Non-Professional Subscriber fees as Nasdaq TotalView.
This is, in effect, a waiver of Subscriber \23\ and Non-Display Usage
\24\ fees for Texas TotalView \25\ and Entitlement fees for Nasdaq PSX
TotalView.\26\
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\23\ The monthly charge for each Subscriber of Nasdaq Texas
TotalView for Nasdaq is currently $22.25 (operative January 1,
2026), and $22.25 (operative January 1, 2026) for NYSE and regional
issues for display usage or non-display usage not based upon Direct
Access. See Nasdaq Texas Rules, Equity 7, Section 123(a)(1).
\24\ For non-display usage of Nasdaq Texas TotalView for all
issues based upon Direct Access, Distributors currently pay a
monthly fee of $58.50 (operative January 1, 2026) for each
Professional Subscriber. See Nasdaq Texas Rules, Equity 7, Section
123(a)(2).
\25\ See Nasdaq Texas Rules, Equity 7, Section 123. Nasdaq Texas
TotalView disseminates all individual Nasdaq Texas Equities System
participant orders and quotes displayed in the system, the aggregate
size of such orders and quotes at each price level, and the trade
data for executions that occur within the Nasdaq Texas Equities
System.
\26\ See Nasdaq PHLX Rules, Equity 7, Section 3(a)(1)). The
monthly charge for the PSX TotalView entitlement is $44.50
(operative January 1, 2026) for each Subscriber for display usage or
for nondisplay usage not based upon Direct Access. The charge paid
by non-professional subscribers for access to PSX TotalView Service
through an authorized vendor is $1.00 per Subscriber per month. See
Nasdaq PHLX Rules, Equity 7, Section 3(b).
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Current Professional Subscriber fees for Nasdaq TotalView are $84
per month (operative January 1, 2026).\27\ Non-Display Usage fees based
upon Direct Access depend on the number of Subscribers: $412 per month
for 1-39 Subscribers (operative January 1, 2026); $16,490 per month for
40-99 Subscribers (operative January 1, 2026); $32,990 per month for
100-249 Subscribers (operative January 1, 2026); and $75,000.00 per
month per firm for over 250 Subscribers.
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\27\ See Nasdaq Stock Market Rules, Equity 7, Section
123(b)(1)(B).
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Non-Professional Subscriber fees for Nasdaq TotalView are $15 per
month.\28\
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\28\ See id. Section 123(b)(2)(A).
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All of these Professional and Non-Professional Subscriber fees and
Non-Display Usage fees will be the same for both Nasdaq TotalView and
Nasdaq TotalView Plus.
Enterprise License Fees
Nasdaq offers two monthly enterprise licenses for Nasdaq TotalView,
one for $25,000,\29\ and another for $500,000.\30\
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\29\ See id. Section 123(c)(1).
\30\ See id. Section 123(c)(2).
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The $25,000 per month enterprise license offers customers the right
to provide Nasdaq TotalView for Display Usage for Internal
Distribution, or for External Distribution to both Professional and
Non-Professional Subscribers with whom the firm has a brokerage
relationship.\31\ Purchasers of this license also pay a monthly fee of
$9 for each Non-Professional Subscriber and a monthly fee of $60 for
each Professional Subscriber for Display Usage based upon Direct or
Indirect Access.
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\31\ See id. Section 123(c)(1).
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The $500,000 per month enterprise license offers customers Nasdaq
Level 2 or Nasdaq TotalView for Display Usage by Professional or Non-
Professional Subscribers with whom the firm has a brokerage
relationship.\32\
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\32\ This license does not apply to Distributor fees.
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Nasdaq proposes to offer Nasdaq TotalView Plus with each enterprise
license for the same monthly charge as Nasdaq TotalView.
Distributor Fees for Depth-of-Book Data
Nasdaq charges fees for distributors of its depth-of-book data.\33\
Internal Distributors are charged a fee of $1,125 per month (operative
January 1, 2026) for Nasdaq-listed security depth entitlements and $565
per month (operative January 1, 2026) for non-Nasdaq-listed security
depth entitlements.\34\ External Distributors are charged a fee of
$2,820 per month (operative January 1, 2026) for Nasdaq-listed security
depth entitlements and $1,410 per month (operative January 1, 2026) for
non-Nasdaq-listed security depth entitlements.\35\ These fees apply to
all distributors of real-time depth-of-book data, which would include
Nasdaq TotalView Plus.
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\33\ A ``distributor'' of Nasdaq data is any entity that
receives a feed or data file of Nasdaq data directly from Nasdaq or
indirectly through another entity and then distributes it either
internally (within that entity) or externally (outside that entity).
See Nasdaq Rules, Equity 7, Section 119(c).
\34\ See Nasdaq Stock Market Rules, Equity 7, Section 119(b).
\35\ See id.
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Fee Waiver for Vendors of TotalView Plus
To ensure that market data vendors will be able to offer competing
consolidated data products, any firm that certifies to Nasdaq that it
will consolidate Nasdaq TotalView, Nasdaq Texas TotalView and Nasdaq
PSX TotalView into a data feed solely for external redistribution shall
be exempt from External Market Data Distributor Fees for Nasdaq Texas
of $1,620 per month,\36\ and the Monthly External Distributor fee for
PSX TotalView of $1,390.\37\
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\36\ See Nasdaq Texas Rules, Equity 7, Section 119(a).
\37\ See Nasdaq PHLX Rules, Equity 7, Section 3 (Market Data
Distributor Fees).
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This waiver of market data distributor fees will cover the cost of
consolidation for vendors. A vendor that seeks to create its own
consolidated feed that includes Nasdaq TotalView, Nasdaq Texas
TotalView and Nasdaq PSX TotalView would currently pay external
distributor fees of $2,820 per month (operative January 1, 2026) for
Nasdaq-listed security depth entitlements and $1,410 per month
(operative January 1, 2026) for non-Nasdaq-listed security depth
entitlements,\38\ as well as External Market Data Distributor Fees for
Nasdaq Texas of $1,620 per month,\39\ and the Monthly External
Distributor fee for PSX TotalView of $1,390.\40\ A vendor that
certifies to Nasdaq that it will consolidate these Nasdaq feeds to
formulate its own product would continue to pay Nasdaq external
distributor fees, but would not pay the external market data
distributor fees for Nasdaq Texas and Nasdaq PSX, saving $1,620 per
month,\41\ and $1,390 per month,\42\ respectively, for a total fee
reduction of $3,010 per month. The same discount would not apply to
non-vendors. Vendors would be able to apply this fee reduction to cover
the cost of forming their own consolidated feed, thereby allowing
vendors to compete with Nasdaq in the sale of consolidated data
products using the depth of book data from Nasdaq affiliates.
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\38\ See Nasdaq Stock Market Rules, Equity 7, Section 119(b).
\39\ See Nasdaq Texas Rules, Equity 7, Section 119(a).
\40\ See Nasdaq PHLX Rules, Equity 7, Section 3 (Market Data
Distributor Fees).
\41\ See Nasdaq Texas Rules, Equity 7, Section 119(a).
\42\ See Nasdaq PHLX Rules, Equity 7, Section 3 (Market Data
Distributor Fees).
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[[Page 58732]]
Basic Plus
Subscriber Fees
Nasdaq proposes to offer Nasdaq Basic Plus for the same
Professional and Non-Professional Subscriber fees as Nasdaq Basic. This
is not a fee change, as there are currently no charges for Nasdaq Texas
BBO feeds,\43\ Nasdaq Texas Last Sale,\44\ PSX BBO Feeds,\45\ and PSX
Last Sale.\46\
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\43\ See Nasdaq Texas Rules, Equity 7, Section 147.
\44\ See Nasdaq Texas, Rules, Equity 7, Section 139(a).
\45\ See Nasdaq PHLX Rules, Equity 7, Section 3, (PSX BBO
Feeds).
\46\ See Nasdaq PHLX Rules, Equity 7, Section 3 (PSX Last Sale
and Nasdaq Last Sale Plus Data Feeds).
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The current monthly per Subscriber charges for Nasdaq Basic, or
Derived Data therefrom, are $14.10 for Nasdaq Basic for Nasdaq, $7.20
for Nasdaq Basic for NYSE, and $7.20 for Nasdaq Basic for NYSE
American.\47\
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\47\ See Nasdaq Stock Market Rules, Equity 7, Section 147(b)(1).
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For Non-Professional Subscribers, there currently is a monthly
charge of $0.50 for Nasdaq Basic for Nasdaq, $0.25 for Nasdaq Basic for
NYSE, $0.25 for Nasdaq Basic for NYSE American.\48\ For Nasdaq Basic
Plus, there will be a single charge of $1.00 that will cover Nasdaq
Basic for Nasdaq, Nasdaq Basic for NYSE, and Nasdaq Basic for NYSE
American.
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\48\ See id. Section 147(b)(2).
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Enterprise License Fees
Nasdaq offers three monthly enterprise licenses for Nasdaq Basic: a
broker-dealer enterprise license for $155,000 per month,\49\ another
broker-dealer enterprise license for $100,000 per month,\50\ and a
Media Enterprise license for $100,000.\51\
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\49\ See id. Section 147(b)(4).
\50\ See id. Section 147(b)(5).
\51\ See id. Section 147(b)(6).
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The broker-dealer enterprise license for $155,000 per month offers
internal Professional Subscribers access to Nasdaq Basic for Nasdaq,
Nasdaq Basic for NYSE, and Nasdaq Basic for NYSE American, or Derived
Data therefrom.\52\ The broker-dealer must obtain a separate enterprise
license for each External Distributor that controls display of the
product if it wishes such External Distributor to be covered by an
enterprise license rather than per-Subscriber fees. The license also
offers access to Nasdaq Last Sale data for its own stock price and the
stock price of up to ten of its competitors or peers, for display use
on the broker-dealer's internal website.
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\52\ See id. Section 147(b)(4).
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The broker-dealer enterprise license for $100,000 per month offers
any Nasdaq Basic Product, or Derived Data therefrom, through any
electronic system approved by Nasdaq to an unlimited number of
Professional and Non-Professional Subscribers who are natural persons
and with whom the broker-dealer has a brokerage relationship.\53\ This
includes the right to distribute Nasdaq Last Sale data to the general
investing public for Display Usage and to distribute Nasdaq Basic to
the general investing public via television, websites, mobile devices,
or any other unrestricted means of transmission for Display Usage.\54\
A separate enterprise license is required for each discrete electronic
system for distribution of Nasdaq Basic that is approved by Nasdaq and
used by the broker-dealer.
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\53\ See id. Section 147(b)(5).
\54\ Use of the Nasdaq Basic data obtained through this license
by any Professional Subscriber is limited to the context of the
brokerage relationship between that person and the broker-dealer,
except that a Distributor may make Nasdaq Basic data obtained
through this license available to up to and including 4,500 internal
Subscribers operating on an electronic system approved by Nasdaq,
which may be used by Professional Subscribers employed by the
broker-dealer in support of brokerage services to investors; any
distribution to over 4,500 internal Subscribers, or any usage by
Professional Subscribers not in support of brokerage services to
investors on an approved platform, would be subject to any
applicable fees set forth in Equity 7, Section 147(b).
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The Media Enterprise License for $100,000 per month offers the
right to distribute all or part of Nasdaq Basic for Display Usage to
the general investing public.\55\ Information may be made available via
television, websites, mobile devices, or any other unrestricted means
of transmission for Display Usage, to an unlimited number of Users. An
External Distributor may use a Hosted Display Solution to distribute
the data, provided that the External Distributor purchases a separate
Media Enterprise License for each such Hosted Display Solution. Data
may only be used for informational and non-trading purposes and
distribution of Derived Data is not permitted.
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\55\ See Nasdaq Stock Market Rules, Equity 7, Section 147(b)(6).
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With each enterprise license listed above, Nasdaq proposes to offer
Nasdaq Basic Plus for the same fee as Nasdaq Basic.
Distributor Fees
Nasdaq proposes to offer Nasdaq Basic Plus for the same Distributor
fees as Nasdaq Basic.
Each Distributor of any Nasdaq Basic product currently pays a fee
of $1,680 for internal distribution or a fee of $2,140 for external, or
external and internal, distribution.\56\ A Distributor may also pay
$1,500 per month to create and distribute Derived Data from Nasdaq
Basic to an unlimited number of non-professional subscribers.\57\ In
addition, a Distributor that employs a Hosted Display Solution of
distribute Derived Data taken from Nasdaq Basic pays a fee of $400 per
month for each Hosted Display Solution.\58\
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\56\ See Nasdaq Stock Market Rules, Equity 7, Section 147(c)(1).
\57\ See Nasdaq Stock Market Rules, Equity 7, Section 147(c)(2).
\58\ See Nasdaq Stock Market Rules, Equity 7, Section 147(c)(3).
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The Exchange proposes that all of these fees also apply to Nasdaq
Basic Plus.
Data Consolidation Fee for Nasdaq Basic
Firms that receive Nasdaq Last Sale Plus or Nasdaq Basic Plus or
both shall pay the monthly administrative fees for Nasdaq Last Sale,
NTX Last Sale, and PSX Last Sale. Additionally, Internal Distributors
\59\ or External Distributors \60\ of Nasdaq Last Sale Plus or Nasdaq
Basic Plus or both shall pay a data consolidation fee of $350 per
month. Firms that receive Nasdaq Last Sale Plus or Nasdaq Basic Plus
would either be liable for Nasdaq Last Sale fees or Nasdaq Basic fees,
but not both.
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\59\ ``Internal Distributors'' are Distributors that receive
Nasdaq Last Sale Plus or Nasdaq Basic Plus data and then distribute
that data to one or more Subscribers within the Distributor's own
entity.
\60\ ``External Distributors'' are Distributors that receive
Nasdaq Last Sale Plus or Nasdaq Basic Plus data and then distribute
that data to one or more Subscribers outside the Distributor's own
entity.
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This fee is designed to cover the data consolidation costs of
market data vendors to ensure that they will be able to offer competing
consolidated data products.
As a conforming change, the Exchange proposes to modify Nasdaq Last
Sale Plus to state that firms that receive Nasdaq Last Sale Plus or
Nasdaq Basic Plus or both shall pay the monthly administrative fees for
Nasdaq Last Sale, NTX Last Sale, and PSX Last Sale, as well as a data
consolidation fee of $350 per month.
Market Data Enterprise License for Display Usage
Nasdaq proposes to offer both Nasdaq TotalView Plus and Nasdaq
Basic Plus through its Market Data Enterprise License for Display
Usage.
A Distributor that is also a broker-dealer or an investment adviser
may pay a monthly enterprise license fee of $600,000 to distribute, for
Display Usage only, Depth-of-Book data and Nasdaq Basic to an unlimited
number of
[[Page 58733]]
internal and external recipients, to be used only in the context of a
brokerage relationship with a broker-dealer or an engagement with an
investment adviser, as well as Nasdaq Basic under the terms and
conditions set forth at Equity 7, Section 147(b)(6), and NLS and NLS
Plus for unlimited external distribution through one of the mechanisms
for the general investing public identified at Equity 7, Section
139(b). Alternatively, a Distributor eligible for the enterprise
license may purchase a full twelve months of the enterprise license in
advance for a monthly fee of $500,000, which may be paid in monthly
installments.
Nasdaq proposes to include Nasdaq TotalView Plus and Nasdaq Basic
Plus within this license for no additional fee.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\61\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\62\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers because the proposal: (i)
offers more customer choice; (ii) prepares investors for overnight
trading in potentially low-liquidity environments; (iii) protects
competition by covering the data consolidation costs of market data
vendors; (iv) proposes fees at or below current levels for Nasdaq and
its affiliates; (v) proposes fees that are comparable to those of other
exchanges; (vi) sets fees for a voluntary product, in that the Exchange
is not required by any rule or regulation to make this data available
and potential subscribers may purchase it only if they voluntarily
choose to do so; and (vii) offers products to all market participants
on a non-discriminatory basis.
---------------------------------------------------------------------------
\61\ 15 U.S.C. 78f(b).
\62\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
1. More Customer Choice
The proposal will expand choice by allowing customers to select
whether to purchase best bid and offer information through the separate
data feeds of Nasdaq Basic, Nasdaq Texas BBO and PSX BBO (or any
combination thereof) separately or in a single feed. Purchasing Nasdaq
Basic Plus or Nasdaq TotalView Plus will allow some customers to
optimize consumption by ingesting information from multiple markets in
a single connection, which may result in cost savings for subscribers
based on a more efficient configuration of data feeds. Nothing in this
proposal will change the quantity or quality of Depth-of-Book or Top-
of-Book information available in the market, as the underlying feeds
will remain available, and the proposed feeds are simply amalgamations
of those underlying feeds.
2. Prepare for Overnight Trading
Although the consolidation of Top-of-Book and Depth-of-Book data
feeds from multiple affiliated exchanges is not new, the Exchange
believes that such feeds will become more important with the
commencement of overnight trading in December 2026. Because liquidity
may be limited for certain stocks in the overnight session, the
proposed consolidated feeds will provide investors with a broader view
of the market than independent feeds, improving the ability of the
investor to analyze market data in a lower liquidity environment. As
such, we believe that the creation of these new feeds will facilitate
the transition of investors to an overnight trading environment.
3. No Competitive Advantage Relative to Market Data Vendors
In offering Nasdaq Basic Plus and Nasdaq TotalView Plus, Nasdaq
will be acting as a redistributor of Depth-of-Book \63\ and Top-of-Book
\64\ products from Nasdaq, Nasdaq Texas, and Nasdaq PSX.
---------------------------------------------------------------------------
\63\ The underlying Depth-of-Book products are Nasdaq TotalView,
Nasdaq Texas TotalView, and PSX TotalView.
\64\ The underlying Top-of-Book products are Nasdaq Basic (which
includes both best bid and offer and last sale information), Nasdaq
Texas BBO, Nasdaq Texas Last Sale, PSX BBO, and PSX Last Sale.
---------------------------------------------------------------------------
Nasdaq Basic Plus and Nasdaq TotalView Plus will be compiled from
the same underlying feeds from Nasdaq, Nasdaq Texas, and Nasdaq PSX
that are distributed to the purchasers of those feeds. With respect to
speed, the path for the distribution of the information by the Exchange
will not be faster than the path for distribution that would be used by
a market data vendor to distribute similar, independently created
products.
With respect to information, the same source of the market data to
be used by the Exchange to create the two proposed products will also
be available to any other market data vendor. The Nasdaq system that
will create and support Nasdaq Basic Plus and Nasdaq TotalView Plus
will access the underlying feeds from Nasdaq, Nasdaq Texas, and Nasdaq
PSX from the same point as any market data vendor.
With respect to cost, the Exchange proposes to ensure that market
data vendors are able to compete with the proposed fees by introducing
a fee waiver for distributors of Nasdaq TotalView Plus and a
consolidation fee for Nasdaq Basic Plus. These proposals will allow
vendors to cover the costs of consolidation for Depth-of-Book and Top-
of-Book feeds, respectively.\65\
---------------------------------------------------------------------------
\65\ There is no consolidation fee for Nasdaq TotalView because
the waiver of distributor fees is sufficient to cover the costs of
consolidation without any additional fee.
---------------------------------------------------------------------------
The proposed fee waiver for Nasdaq TotalView Plus will exempt any
firm that certifies to Nasdaq that it will consolidate Nasdaq
TotalView, Nasdaq Texas TotalView and Nasdaq PSX TotalView into a data
feed solely for external redistribution from Nasdaq Texas Market Data
Distributor Fees \66\ Nasdaq PSX Market Data Distributor Fees.\67\ This
substantial savings in distributor fees offered only to external
distributors--$1,620 per month for Nasdaq Texas,\68\ and $1,390 per
month for PSX TotalView,\69\--will allow vendors to cover the cost of
consolidation of Depth-of-Book feeds and will ensure that market data
vendors will be able to offer consolidated data products that compete
with Nasdaq TotalView Plus.
---------------------------------------------------------------------------
\66\ See Nasdaq Texas Rules, Equity 7, Section 119.
\67\ See Nasdaq PHLX Rules, Equity 7, Section 3.
\68\ See Nasdaq Texas Rules, Equity 7, Section 119(a).
\69\ See Nasdaq PHLX Rules, Equity 7, Section 3 (Market Data
Distributor Fees).
---------------------------------------------------------------------------
The proposed fees for Nasdaq Basic Plus include monthly
administrative fees for Nasdaq Last Sale, NTX Last Sale, and PSX Last
Sale and a data consolidation fee of $350 per month for Internal
Distributors and External Distributors of Nasdaq Basic Plus.\70\ This
is the current fee charged for Nasdaq Last Sale Plus to ensure that
market data vendors will be able to offer competing feeds.
---------------------------------------------------------------------------
\70\ Firms that receive Nasdaq Last Sale Plus or Nasdaq Basic
Plus would either be liable for Nasdaq Last Sale fees or Nasdaq
Basic fees, but not both.
---------------------------------------------------------------------------
The Exchange proposes a consolidation fee for both Nasdaq Basic
Plus and Nasdaq Last Sale Plus because Nasdaq Basic Plus includes last
sale information. Nasdaq expects vendors to use the same processes and
servers to consolidate both best bid and offer and last sale
information, and therefore the same consolidation fee should be
sufficient to cover all data consolidation costs for both, enabling
vendors to compete with the Exchange in consolidating and distributing
data from multiple exchanges.
[[Page 58734]]
4. Proposes Fees at or Below Current Levels
All of the proposed fees are at or below the fees currently charged
by Nasdaq and its affiliates for its exchange-only data feeds.
For Nasdaq Basic Plus, all subscriber fees, including both
Professional and Non-Professional fees, and enterprise license fees,
are exactly the same as currently charged for Nasdaq Basic alone. The
proposed data consolidation fee for Nasdaq Basic Plus is exactly the
same fee as currently charged for Nasdaq Last Sale Plus, and customers
of Nasdaq Last Sale Plus would pay no consolidation fee for Nasdaq
Basic Plus. Given that Nasdaq Basic Plus provides information for three
exchanges at the same price currently charged for only the Nasdaq
exchange, the proposed fees will allow customers to purchase the data
of three exchanges for the fees currently charged by just one.
For Nasdaq TotalView Plus, all subscriber fees, including both
Professional and Non-Professional fees, Non-Display Usage fees, and
enterprise license fees are proposed to be exactly the same as
currently charged for Nasdaq TotalView alone. The proposed fee waiver
for vendors of TotalView Plus lowers fees even further. The proposed
Nasdaq TotalView Plus fees therefore offer customers a discount below
current fees.
5. Proposed Fees Are Comparable to Those of Other Exchanges
Exchange groups affiliated with both NYSE and Cboe offer
consolidated data products comparable to Nasdaq Basic Plus and Nasdaq
TotalView Plus.
For Top-of-Book products, the proposed Nasdaq Basic Plus feed is
comparable to the NYSE BQT feed, which provides best bid and offer and
last sale information for the New York Stock Exchange and its
affiliates,\71\ and the Cboe One feed, which disseminates the aggregate
best bid and offer of all displayed orders traded on Cboe's affiliated
exchanges.\72\
---------------------------------------------------------------------------
\71\ See Securities Exchange Act Release No. 73553 (November 6,
2014), 79 FR 67491 (November 13, 2014) (SR-NYSE-2014-40).
\72\ See Securities Exchange Act Release No. 82423 (December 29,
2017), 83 FR 579 (January 4, 2018) (SR-CboeEDGA-2017-004)
---------------------------------------------------------------------------
For Depth-of-Book products, the proposed Nasdaq TotalView Plus feed
is comparable to the NYSE Pillar Depth feed, which provides a
consolidated view of the ten best price levels on both the bid and
offer sides across the NYSE Group's combined limit order books for the
NYSE-affiliated exchanges,\73\ and the Cboe One Premium feed, which
disseminates aggregated Depth-of-Book information for up to twelve
price levels for the Cboe-affiliated exchanges.\74\
---------------------------------------------------------------------------
\73\ See Securities Exchange Act Release No. 100030 (April 25,
2024), 89 FR 35260 (May 1, 2024) (SR-NYSE-2024-24) (introducing the
NYSE Pillar Depth feed as immediately effective pursuant to Section
19(b)(3)(A)(iii) of the Act and Rule 19b-4(f)(6) thereunder).
\74\ See Securities Release Act Release No. 105190 (April 9,
2026), 91 FR 19233 (April 14, 2026) (SR-CboeEDGX-2026-020).
---------------------------------------------------------------------------
As shown below, the combined market share of the Nasdaq- NYSE- and
Cboe-affiliated exchanges for the period July 2025 to June 2026 is
similar, with the combined market share of the Nasdaq U.S. Equity
exchanges over the past year at approximately 14.58 percent,\75\
somewhat below the market share of the NYSE affiliates at 18.83
percent,\76\ and above the market share of 9.59 percent for Cboe
affiliates.\77\
---------------------------------------------------------------------------
\75\ This is composed of 14.21 percent for Nasdaq, 0.26 percent
for Nasdaq Texas, and 0.11 percent for Nasdaq PSX.
\76\ This is composed of 8.2 percent for NYSE, 10.34 percent for
NYSE Arca, 0.29 percent for Amex, and 0.35 percent for NYSE Texas.
\77\ Composed of 3.62 percent for BATS, 0.65 percent for BATSY,
0.82 percent for EDGA, and 4.50 percent for EDGX.
------------------------------------------------------------------------
Market share
Exchange (%)
------------------------------------------------------------------------
Nasdaq.................................................. 14.21
Nasdaq Texas............................................ 0.26
PSX..................................................... 0.11
NYSE.................................................... 8.20
ARCA.................................................... 10.34
AMEX.................................................... 0.29
NYSE Texas.............................................. 0.35
NSX..................................................... 0.33
IEX..................................................... 3.43
MEMX.................................................... 2.19
MIAX.................................................... 0.95
LTSE.................................................... 0.01
BATS.................................................... 3.62
BATSY................................................... 0.65
EDGA.................................................... 0.82
EDGX.................................................... 4.50
24x..................................................... 0.06
------------------------------------------------------------------------
The Nasdaq- NYSE- and Cboe-affiliated exchange groups each offer
different fee schedules, which will impact the fees paid by particular
customers differently, depending on the type of customer and its use
cases. Although these fee schedules are similar in many respects--all
of these groups offer specific Professional and Non-Professional user
fees, for example--they differ in important respects that limit the
Exchange's ability to compare overall fee levels outside of the context
of a particular customer and service order. The NYSE-affiliated
exchanges charge access fees, for example, while the Nasdaq-affiliated
exchanges do not. Therefore, the fees cannot be compared directly
without knowing the details of a particular customer and its specific
use cases.
With respect to Top-of-Book information, Nasdaq Basic Plus proposes
subscriber fees of $14.10 for Nasdaq Basic for Nasdaq, $7.20 for Nasdaq
Basic for NYSE, and $7.20 for Nasdaq Basic for NYSE American,\78\ as
well as Non-Professional fees of $0.50 for Nasdaq Basic for Nasdaq,
$0.25 for Nasdaq Basic for NYSE, and $0.25 for Nasdaq Basic for NYSE
American,\79\ as discussed above. The Exchange also proposes a data
consolidation fee of $350 per month and payment of monthly
administrative fees for Nasdaq Last Sale, NTX Last Sale, and PSX Last
Sale. There are also enterprise licenses of $100,000 per month \80\ and
$155,000 per month \81\ for broker-dealers for various use cases, and a
Media Enterprise license of $100,000.\82\
---------------------------------------------------------------------------
\78\ See Nasdaq Stock Market Rules, Equity 7, Section 147(b)(1).
\79\ See id., Section 147(b)(2).
\80\ See id., Section 147(b)(5).
\81\ See id., Section 147(b)(4).
\82\ See id., Section 147(b)(6).
---------------------------------------------------------------------------
For Top-of-Book information from NYSE affiliates (Best Quotes &
Trades), the per user access fee is $850, the access fee is $6,250, the
redistribution fee is $2,500, the professional user fee is $18, the
non-professional user fee is $1, and there is an enterprise license for
Enterprise Fee: $50,000, and a digital media enterprise license for
$65,000.\83\
---------------------------------------------------------------------------
\83\ See NYSE Proprietary Market Data Pricing Guide (May 14,
2026) at 29, available at <a href="https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf">https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf</a>.
---------------------------------------------------------------------------
For Top-of-Book information from Cboe affiliates (Cboe One
Summary), external distribution fees are $5,000, professional user fees
are $10, Non-Professional User fees are $0.25, Digital Media fees are
$15,000, data consolidation fees are $1,000, and there is an enterprise
license of $50,000.\84\
---------------------------------------------------------------------------
\84\ See Cboe Market Data Product Price List, available at
<a href="https://cdn.cboe.com/resources/membership/US_Market_Data_Product_Price_List.pdf">https://cdn.cboe.com/resources/membership/US_Market_Data_Product_Price_List.pdf</a>.
---------------------------------------------------------------------------
Although, as noted above, fees cannot be compared directly without
understanding the type of customer, the number of end users, how that
customer is using the data, and related information, they can be
compared indirectly by analyzing overall market prices. As explained
above, the proposed fees are essentially the same as those currently
charged for the underlying Nasdaq products, which are, by definition,
at current market prices. As the Exchange is proposing no new fees, the
new products will also be at current market prices, and therefore
continue to be comparable to the fees charged by other exchanges.
[[Page 58735]]
The same analysis holds for Depth-of-Book products.
As set forth in detail above, the Exchange proposes the following
fees for Nasdaq TotalView Plus: Professional Subscriber fees of $84 per
month,\85\ Non-Display Usage fees based on a tiered structure,\86\ and
Non-Professional Subscriber fees of $15 per month.\87\ The Exchange
also proposes to offer enterprise licenses for $25,000 per month \88\
and $500,000 per month.\89\ The Exchange also proposes to waive
External Market Data Distributor Fees for Nasdaq Texas and the Monthly
External Distributor fee for PSX TotalView for any firm that certifies
to Nasdaq that it will consolidate Nasdaq TotalView, Nasdaq Texas
TotalView and Nasdaq PSX TotalView into a data feed solely for external
redistribution.\90\
---------------------------------------------------------------------------
\85\ See Nasdaq Stock Market Rules, Equity 7, Section
123(b)(1)(B).
\86\ $412 per month for 1-39 Subscribers; $16,490 per month for
40-99 Subscribers; $32,990 per month for 100-249 Subscribers; and
$75,000.00 per month per firm for over 250 Subscribers.
\87\ See Nasdaq Stock Market Rules, Equity 7, Section
123(b)(1)(A).
\88\ See id., Equity 7, Section 123(c)(1).
\89\ See id., Section 123(c)(2).
\90\ See Nasdaq PHLX Rules, Equity 7, Section 3 (Market Data
Distributor Fees).
---------------------------------------------------------------------------
For comparison, the NYSE Pillar Depth Feed has an Access Fee of
$5,000, an Access & Redistribution Fee of $5,750, a Consolidation Fee
of $250, a Multiple Datafeed Fee of $600, a Non-Display Fee of $10,000
(with $30,000 cap for Category 3), a Professional User Fee of $66, a
Non-Professional User Fee of $10, a Non-Pro Enterprise User Fee Cap of
$55,000 and a Professional & Non-Professional User Fee Cap:
$135,550.\91\
---------------------------------------------------------------------------
\91\ See NYSE Proprietary Market Data Pricing Guide (May 14,
2026), available at <a href="https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf">https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf</a>.
---------------------------------------------------------------------------
The Cboe One Premium feed as an External Distribution fee of
$12,500, a Professional User fee of $15, a Non-Professional User fee of
$0.50, a Digital Media fee of $25,000, a Data Consolidation fee of
$1,000, and an Enterprise license of $100,000.\92\
---------------------------------------------------------------------------
\92\ See Cboe Market Data Product Price List, available at
<a href="https://cdn.cboe.com/resources/membership/US_Market_Data_Product_Price_List.pdf">https://cdn.cboe.com/resources/membership/US_Market_Data_Product_Price_List.pdf</a>.
---------------------------------------------------------------------------
As is true for Top-of-Book consolidated data fees, the Depth-of-
Book consolidated data fees depend on the type of customer, the number
of end users, and how that customer is using the data. Nevertheless,
the proposed fees are essentially the same as those currently charged
for the underlying Nasdaq products, which are, by definition, at
current market prices. As the Exchange is proposing no new fees, the
new products will also be at current market prices, and therefore
continue to be comparable to the fees charged by other exchanges.
6. Products Are Voluntary
Nasdaq Basic Plus and Nasdaq TotalView Plus are voluntary products,
in that the Exchange is not required by any rule or regulation to make
this data available and potential subscribers may purchase it only if
they voluntarily choose to do so. As noted above, all of the underlying
exchange Top-of-Book and Depth-of-Book products will remain available
at current prices, and customers may decline to purchase Nasdaq Basic
Plus and Nasdaq TotalView Plus for any reason, including cost.
7. No Unfair Discrimination
The proposal is not designed to permit unfair discrimination
between customers, issuers, brokers, or dealers because the proposed
feeds are optional data fees available to all market participants on a
non-discriminatory basis.
In summary, the proposal provides for the equitable allocation of
reasonable dues, fees and other charges among members and issuers and
other persons using any facility, and is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers because
the proposal: (i) offers more customer choice; (ii) prepares investors
for overnight trading in potentially low-liquidity environments; (iii)
protects competition by covering the data consolidation costs of market
data vendors; (iv) proposes fees at or below current levels; (v)
proposes fees that are comparable to those of other exchanges; (vi)
sets fees for a voluntary product, in that the Exchange is not required
by any rule or regulation to make this data available and potential
subscribers may purchase it only if they voluntarily choose to do so;
and (vii) offers products to all market participants on a non-
discriminatory basis.
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 approval of
the proposal does not impose any burden on the ability of other options
exchanges to compete. As set forth in detail above, the proposed fees
are comparable to the Depth-of-Book and Top-of-Book products offered by
both NYSE-affiliated and Cboe-affiliated exchange groups, and either or
both of those groups can propose fee changes to compete.
Nothing in the Proposal burdens intra-market competition (the
competition among consumers of exchange data), because Nasdaq TotalView
Plus and Nasdaq Basic Plus will be offered to all market participants
at the same price and any market participant that elects to purchase
either Nasdaq TotalView Plus or Nasdaq Basic Plus may do so on a non-
discriminatory basis.
Moreover, as explained above, the proposed fees offer no
competitive advantage relative to market data vendors. With respect to
speed, the path for the distribution of the information by the Exchange
will not be faster than the path for distribution that would be used by
a market data vendor to distribute similar, independently created
products. With respect to information, the same source of the market
data to be used by the Exchange to create the two proposed products
will also be available to any other market data vendor. With respect to
cost, the Exchange proposes to ensure that market data vendors are able
to compete with the proposed fees by introducing a fee waiver for
Nasdaq TotalView Plus that is exclusively available to market data
vendors and a consolidation fee for Nasdaq Basic Plus.
Nasdaq Basic Plus and Nasdaq TotalView Plus are completely
voluntary products in that the Exchange is not required by any rule or
regulation to make this data available and potential subscribers may
purchase it only if they voluntarily choose to do so. Information is
compiled from underlying feeds from Nasdaq, Nasdaq Texas, and Nasdaq
PSX which will remain available for purchase.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\93\
---------------------------------------------------------------------------
\93\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may
[[Page 58736]]
temporarily suspend such rule change if it appears to the Commission
that such action is: (i) necessary or appropriate in the public
interest; (ii) for the protection of investors; or (iii) 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#7b090e171e56181416161e150f083b081e18551c140d"><span class="__cf_email__" data-cfemail="6c1e190009410f0301010902181f2c1f090f420b031a">[email protected]</span></a>. Please include
file number
SR-NASDAQ-2026-076 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-2026-076. 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-2026-076 and should be submitted
on or before October 7, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\94\
---------------------------------------------------------------------------
\94\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18932 Filed 9-15-26; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.