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| NASDAQ Level 2 provides top-of-file market participant quotations from the NASDAQ system for issues on the NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market.
When it was introduced in 1983 as NASDAQ Quotation Dissemination Service (NQDS), it was the first product to provide NASDAQ market participant depth to the investing public. While Level 2 has since been surpassed by NASDAQ TotalView with respect to market liquidity, it still represents a valuable trading tool. |
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| Benefits and Features |
- Helps NASDAQ market participants track their quotation positions and comply with SEC and NASDAQ marketplace rules
- Provides investors and traders with a bird's-eye view into NASDAQ market participants' quotation activity and market momentum
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| Upcoming Product Enhancements |
- As part of NASDAQ systems integration, NASDAQ introduced a new version of the Level 2 message formats for direct data feed subscribers. The new Level 2 data feed is designed to be more bandwidth efficient and to support higher throughput rates than the legacy NQDS data feed. All direct data feed subscribers have been instructed to migrate from NQDS to the Level 2 formats on or before August 31, 2007. For details, please refer to NASDAQ Vendor Alert #2007-040.
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| Pricing |
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The current NQDS user fees are:
For a complete list of NASDAQ and UTP data fees, please refer to the NASDAQ Data Products Pricing page.
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| Access Options |
- 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.
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| Agreements |
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In order to access NQDS data, all subscribers must execute the appropriate NASDAQ agreements:
- End Users: Firms or individuals that receive real-time data via a controlled display device must complete and execute a NASDAQ Subscriber Agreement or equivalent with their market data distributor. Please note: This end-user agreement is provided by the market data distributor, not NASDAQ.
- Data Feed Subscribers (Internal Distribution): Firms that receive a delayed or real-time data feed product and only use the data internally need to complete and execute the NASDAQ Data Feed Subscriber Agreement and submit to NASDAQ for approval prior to initiation of service.
- Data Feed Subscribers (External Distribution): Firms that receive a data feed product and distribute the data externally, to third-party users, need to submit the following required documents to NASDAQ for approval prior to initiation of service.
For the complete list of NASDAQ and UTP market data agreements and forms, please refer to the NASDAQ Data Products Agreements page.
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| Related Data Products |
- NASDAQ TotalView provides more than twenty times the liquidity of Level 2 as well as the Net Order Imbalance Indicator (NOII) which is critical for trading in NASDAQ’s Opening Cross, Closing Cross, and IPO/Halt Cross.
- OpenView provides NASDAQ market participant order depth for NYSE-, Amex- and regional-listed issues.
- Level 1 and OMDF help market data distributors create a complete Level 2 display for NASDAQ-listed issues.
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| Contact Information |
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