SEC Publishes Notice on NASDAQ's Proposed Fees for Order Feed and Trades Feed (NOM)
On June 18, 2026, the SEC published notice of a proposed rule change filed by The NASDAQ Stock Market LLC (the "Exchange" or "NASDAQ") to adopt fees for two newly established data feeds for the NASDAQ Options Market ("NOM"): the NASDAQ Options Market Order Feed ("Order Feed") and the NASDAQ Options Market Trades Feed ("Trades Feed"). The proposed rule change was filed on June 8, 2026, and became effective upon filing under Section 19(b)(3)(A)(ii) of the Securities Exchange Act of 1934. The new fees will become operative on September 1, 2026.
SEC Publishes Notice on NASDAQ's Proposed Fees for Order Feed and Trades Feed (NOM)
Source: U.S. Securities and Exchange Commission (SEC)
Date: June 18, 2026
Release No.: 34-105732
File No.: SR-NASDAQ-2026-053
Category: Client Alert · Market Data Fees · Options Market
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I. Executive Summary
On June 18, 2026, the SEC published notice of a proposed rule change filed by The NASDAQ Stock Market LLC (the "Exchange" or "NASDAQ") to adopt fees for two newly established data feeds for the NASDAQ Options Market ("NOM"): the NASDAQ Options Market Order Feed ("Order Feed") and the NASDAQ Options Market Trades Feed ("Trades Feed"). The proposed rule change was filed on June 8, 2026, and became effective upon filing under Section 19(b)(3)(A)(ii) of the Securities Exchange Act of 1934. The new fees will become operative on September 1, 2026.
The fee proposal is part of NASDAQ's technology migration to harmonize the market data feed structure of NOM with those of its affiliated options exchanges — NASDAQ ISE, LLC ("ISE"), NASDAQ PHLX, LLC ("PHLX"), NASDAQ GEMX, LLC ("GEMX"), and NASDAQ MRX, LLC ("MRX"). The harmonization is designed to allow customers to ingest data more efficiently and to tailor their purchases to only the data they need.
II. New Fees
A. Order Feed
The Order Feed provides pricing information on new orders resting on the NOM Order book (e.g., price, quantity, market participant capacity, and Attributable Order tags when provided by a Member). The Exchange proposes charging $750 per month per distributor for unlimited internal and/or external distribution of the Order Feed.
B. Trades Feed
The Trades Feed displays last trade information for each option series. Prior to the harmonization of market data feeds across NOM, ISE, PHLX, GEMX, and MRX markets, last sale information had been offered in the NASDAQ Options Market Top of Market ("Top of Market") data feed. The Exchange proposes a fee of $500 per month per distributor for unlimited internal and/or external distribution of the Trades Feed.
C. Correction of Typographical Error
The proposal also includes an edit to Options 7, Section 4 to correct a typographical error from "$$2,089" to "$2,089."
III. Comparative Analysis
NASDAQ conducted a comparability analysis based on market share (total options contracts traded in 2025 through October 20, 2025). NOM's market share is 3.8%. The proposed fees were compared to those of NASDAQ affiliates and non-affiliated exchanges (Cboe, BZX, MIAX Emerald).
A. Order Feed Fee Comparison
The proposed $750/month Order Feed fee compares favorably to comparable exchanges:
PHLX (9.7% market share): $3,500/month internal, $4,000/month external — NASDAQ NOM fee is significantly lower
ISE (6.8% market share): $3,280/month — NASDAQ NOM fee is lower
GEMX (3.8% market share): $835/month — NASDAQ NOM fee is lower despite equal market share
MRX (3.2% market share): $1,527/month internal, $2,035/month external — NASDAQ NOM fee is lower
MIAX Emerald (3.6% market share): $3,000/month internal, $3,500/month external — NASDAQ NOM fee is significantly lower
B. Trades Feed Fee Comparison
The proposed $500/month Trades Feed fee also compares favorably:
PHLX (9.7% market share): $1,000/month — NASDAQ NOM fee is lower
ISE (6.8% market share): $1,070/month — NASDAQ NOM fee is lower
GEMX (3.8% market share): $535/month — NASDAQ NOM fee is slightly lower
MRX (3.2% market share): $763/month internal, $1,018/month external — NASDAQ NOM fee is lower
C. Comparison to Cboe and BZX
NASDAQ also compared the combined cost of top-of-book, last sale, and complex order book information with Cboe Exchange, Inc. ("Cboe") and Cboe BZX Exchange, Inc. ("BZX"):
Cboe (10.5% market share): $12,000/month internal, $6,500/month external, $17,000/month combined — NASDAQ NOM total: $2,868/month internal, $3,408/month external, $5,026/month combined
BZX (4.4% market share): $5,000/month internal, $3,500/month external, $5,000/month combined — NASDAQ NOM fees are lower for internal-only and external-only, and comparable for combined
IV. Legal Basis
A. Exchange Act Section 6(b)
The Exchange believes the proposal is consistent with Section 6(b) of the Exchange Act, and furthers the objectives of Sections 6(b)(4) and 6(b)(5), in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
B. Immediate Effectiveness
The rule change became effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act. However, the Commission may summarily temporarily suspend the rule change within 60 days if it appears 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.
C. No Comments Received
No written comments were solicited or received from members, participants, or others regarding this proposed rule change.
V. Commentary
From a securities law and regulatory compliance perspective, this rule filing highlights several considerations for broker-dealers, trading firms, and market participants:
Market Data Fee Scrutiny: The SEC continues to review exchange market data fee filings under the "reasonable" and "not unfairly discriminatory" standards of Exchange Act Section 6(b)(4)-(5). While this filing appears unexceptional, the SEC's approach to market data fee challenges (see, e.g., the ongoing litigation over SIP fees) remains an active area of regulatory oversight.
Harmonization Trend: NASDAQ's effort to harmonize market data feed structures across its affiliated options exchanges reflects a broader industry trend toward standardization. This reduces implementation costs for multi-exchange participants but may also reduce competitive differentiation among exchanges.
Optional Fee Structure: The Order Feed and Trades Feed are "optional" data feeds — customers are not required to purchase them. This is significant because the SEC's case law on exchange fees (e.g., the 2008 SIP fee decision and subsequent litigation) has drawn a distinction between "allocated" costs (e.g., exchange membership dues) and "usage-based" fees (e.g., market data subscriptions). Optional feeds are subject to a different competitive constraint analysis.
Timing: The September 1, 2026 operative date gives market participants approximately 10 weeks to assess their data needs and budget for the new feeds. Firms currently relying on the combined Top of Market feed should evaluate whether a standalone Trades Feed or Order Feed would be more cost-effective.
Regulatory Risk: While this filing is effective upon filing, the 60-day Commission review window extends to approximately August 17, 2026. Market participants who believe the fees are unreasonable or unfairly discriminatory may submit comments to the SEC within this window.
recommends that clients trading options on NASDAQ NOM review their current market data subscriptions and assess whether the new standalone Order Feed and/or Trades Feed offerings provide a more cost-effective alternative to their current data packages. We are available to advise on the regulatory framework governing exchange market data fees and to assist with preparing comments to the SEC if clients wish to challenge the reasonableness of these fees.
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Source URLs:
https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105732.pdf
https://www.sec.gov/rules/sro.shtml
SEC发布NASDAQ期权市场Order Feed和Trades Feed费率提案通知
来源：美国证券交易委员会（SEC）
日期：2026年6月18日
编号：Release No. 34-105732
文件编号：SR-NASDAQ-2026-053
类别：客户警示 · 市场数据费用 · 期权市场
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一、执行摘要
2026年6月18日，SEC发布通知，公布NASDAQ Stock Market LLC（"交易所"或"NASDAQ"）提交的拟议规则变更，旨在为NASDAQ Options Market（"NOM"）的两个新建数据馈送制定费用：NASDAQ Options Market Order Feed（"Order Feed"）和NASDAQ Options Market Trades Feed（"Trades Feed"）。拟议规则变更于2026年6月8日提交，并根据《1934年证券交易法》第19(b)(3)(A)(ii)条在提交时生效。新费率将于2026年9月1日开始实施。
本次费率提案是NASDAQ技术迁移的一部分，旨在将NOM的市场数据馈送结构与附属期权交易所——NASDAQ ISE, LLC（"ISE"）、NASDAQ PHLX, LLC（"PHLX"）、NASDAQ GEMX, LLC（"GEMX"）和NASDAQ MRX, LLC（"MRX"）——进行统一协调。协调旨在让客户更高效地获取数据，并根据其需求定制购买。
二、新费率
A. Order Feed
Order Feed提供NOM订单簿上新建订单的定价信息（如价格、数量、市场参与者身份，以及会员提供的可归属订单标签）。交易所提议每经销商每月750美元，用于Order Feed的无限内部和/或外部分发。
B. Trades Feed
Trades Feed显示每个期权系列的最后交易信息。在NOM、ISE、PHLX、GEMX和MRX市场的市场数据馈送协调之前，最后成交信息已在NASDAQ Options Market Top of Market（"Top of Market"）数据馈送中提供。交易所提议每经销商每月500美元，用于Trades Feed的无限内部和/或外部分发。
C. 纠正印刷错误
提案还包括对Options 7第4节的编辑，将印刷错误从"$$2,089"纠正为"$2,089"。
三、比较分析
NASDAQ基于市场份额（2025年至2025年10月20日交易的期权合约总量）进行了可比性分析。NOM的市场份额为3.8%。拟议费率与NASDAQ附属机构和非附属交易所（Cboe、BZX、MIAX Emerald）进行了比较。
A. Order Feed费率比较
拟议的每月750美元Order Feed费率与可比交易所相比具有优势：
PHLX（9.7%市场份额）：内部3,500美元/月，外部4,000美元/月——NASDAQ NOM费率显著更低
ISE（6.8%市场份额）：3,280美元/月——NASDAQ NOM费率更低
GEMX（3.8%市场份额）：835美元/月——尽管市场份额相等，NASDAQ NOM费率更低
MRX（3.2%市场份额）：内部1,527美元/月，外部2,035美元/月——NASDAQ NOM费率更低
MIAX Emerald（3.6%市场份额）：内部3,000美元/月，外部3,500美元/月——NASDAQ NOM费率显著更低
B. Trades Feed费率比较
拟议的每月500美元Trades Feed费率也具有优势：
PHLX（9.7%市场份额）：1,000美元/月——NASDAQ NOM费率更低
ISE（6.8%市场份额）：1,070美元/月——NASDAQ NOM费率更低
GEMX（3.8%市场份额）：535美元/月——略低
MRX（3.2%市场份额）：内部763美元/月，外部1,018美元/月——NASDAQ NOM费率更低
C. 与Cboe和BZX的比较
NASDAQ还将最优报价、最后成交和复合订单簿信息的组合成本与Cboe Exchange, Inc.（"Cboe"）和Cboe BZX Exchange, Inc.（"BZX"）进行了比较：
Cboe（10.5%市场份额）：内部12,000美元/月，外部6,500美元/月，组合17,000美元/月——NASDAQ NOM总计：内部2,868美元/月，外部3,408美元/月，组合5,026美元/月
BZX（4.4%市场份额）：内部5,000美元/月，外部3,500美元/月，组合5,000美元/月——NASDAQ NOM费率在仅内部和仅外部方面更低，组合方面相当
四、法律基础
A. 交易法第6(b)条
交易所认为提案符合《交易法》第6(b)条，并促进第6(b)(4)和6(b)(5)条的目标，即为成员和发行人之间合理分配费用，且不对客户、发行人、经纪商或交易商造成不公平歧视。
B. 即时生效
规则变更根据《交易法》第19(b)(3)(A)(ii)条在提交时生效。但是，如果委员会认为该行动维护公共利益、保护投资者或促进《交易法》目标，可在60天内简要暂停规则变更。
C. 未收到意见
未征求也未收到成员、参与者或其他方关于此拟议规则变更的书面意见。
五、评论
从证券法和监管合规角度，本次规则备案为经纪商、交易公司和市场参与者凸显了若干考量因素：
市场数据费率审查：SEC继续根据《交易法》第6(b)(4)-(5)条的"合理"和"非不公平歧视"标准审查交易所市场数据费率备案。虽然本次备案看似寻常，但SEC对市场数据费率挑战的处理方式（如关于SIP费率的持续诉讼）仍是监管监督的活跃领域。
统一协调趋势：NASDAQ努力统一其附属期权交易所的市场数据馈送结构，反映了行业标准化的大趋势。这降低了多交易所参与者的实施成本，但也可能减少交易所之间的竞争差异化。
可选费率结构：Order Feed和Trades Feed是"可选"数据馈送——客户不强制购买。这一点很重要，因为SEC关于交易所费率的判例法（如2008年SIP费率决定及后续诉讼）区分了"分配"成本（如交易所会员费）和"基于使用"的费用（如市场数据订阅费）。可选馈送适用不同的竞争约束分析。
时间安排：2026年9月1日的实施日期给予市场参与者约10周时间评估其数据需求和预算。目前依赖组合Top of Market馈送的公司应评估独立Trades Feed或Order Feed是否更具成本效益。
监管风险：虽然本次备案在提交时生效，但60天的委员会审查窗口延长至约2026年8月17日。认为费率不合理或不公平歧视的市场参与者可在此窗口内向SEC提交意见。
建议交易NASDAQ NOM期权的客户审查其当前市场数据订阅，并评估新的独立Order Feed和/或Trades Feed产品是否比当前数据套餐更具成本效益。我们随时准备就监管交易所市场数据费率的监管框架提供建议，并在客户希望质疑这些费率的合理性时协助准备向SEC提交的意见。
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来源网址：
https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105732.pdf
https://www.sec.gov/rules/sro.shtml
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Disclaimer
This article is for informational purposes only and does not constitute legal advice. Readers should consult qualified legal counsel before making compliance or strategic decisions.
免责声明
本文仅供参考，不构成法律意见。读者在作出合规或战略决策前应咨询合格法律顾问。