NASDAQ Last Sale (NLS)

NASDAQ Last Sale (NLS) provides real-time, intraday trade data for NASDAQ- and other exchange-listed securities. NASDAQ’s innovative fee structure is designed to promote widespread distribution of NLS data.

Benefits and Features

Encourages widespread distribution of NASDAQ real-time trade data via the Internet and other media. Enables firms to create dynamically updating stock tickers, portfolio trackers and time/price graphs products for public use. Combines with NASDAQ Market Velocity and NASDAQ Market Forces to form a complete investor toolset For additional information, please refer to the NLS Fact Sheet.

Pricing

NASDAQ has submitted its proposed NLS fee structure to the Securities and Exchange Commission (SEC) for approval. In its proposal, NASDAQ has outlined multiple pricing options: For traditional market data vendors, NASDAQ plans to offer per user and query-based fees at a significant discount to Level 1 fees. For public Internet sites, NASDAQ plans to offer tiered fees based on site usage statistics (rather than traditional user or query counts). NASDAQ will also offer monthly fee caps for NLS data. For the full NLS pricing proposal, please refer to NASDAQ Rule Filing SR-2006-060.

Access Options

Upon product launch, firms should be able to access NLS data in the following ways: Via Market Data Redistributors: Individual investors and traders may access real-time data through a number of authorized NASDAQ market data distributors. Market data distributors provide both display devices and data feed products containing NASDAQ real-time data. Via NASDAQ direct data feed products: Trading firms and market data distributors may create a real-time display by processing direct NASDAQ data feed products. Technical specifications for NASDAQ data feed products are available from the NASDAQ Data Products Specifications page. To arrange for connectivity, firms may use an approved Extranet provider or may contact NASDAQ Technical Support to discuss other network options.

Agreements

In order to distribute NLS data, firms must execute the appropriate NASDAQ agreements: For Data Feed Subscribers (Internal Distribution): Firms that receive a real-time NASDAQ data feed and only distribute the data internally. NASDAQ Data Feed Subscriber Agreement For Data Feed Subscribers (External Distribution): Firms that receive a real-time NASDAQ data feed and distribute the data externally, to third-party users. NASDAQ Distributor Agreement NASDAQ Last Sale System Description NASDAQ Vendor Indemnification Amendment (for firms that wish to forego the administration of end user agreements) For the complete list of NASDAQ and UTP market data agreements and forms, please refer to the NASDAQ Data Products Agreements page.

Related Data Products

NLS is designed to be offered with NASDAQ Market Analytix (NASDAQ MAX). NLS firms may also wish to add the following NASDAQ services for a nominal fee: Real-Time NASDAQ Indexes Fund Data NASDAQ Daily List (for corporate action data)

Contact Information

NASDAQ Market Data Distribution at 301.978.5307