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Nasdaq Last Sale (NLS)

Overview

NLS provides real-time intraday last sale data for all securities traded in Nasdaq systems and the FINRA Trade Reporting Facility (TRF) operated in partnership with FINRA/Nasdaq TRF. Nasdaq has more liquidity than any other U.S. exchange, making NLS a reliable and accurate source for real-time, intraday trade data.

NLS is a remarkable advancement in transparency, allowing millions of people around the world to access Nasdaq real-time validated data. NLS is designed to:

  • Encourage universal distribution of Nasdaq real-time trade data to the public via the Internet and other electronic media.
  • Enable firms to create dynamic stock tickers, portfolio trackers and time/price graphs products for public use.
  • Ensure widespread delivery of NLS through its innovative pricing—multiple fee schedule options as well as monthly fee caps.
  • Include data from both the Nasdaq trading platform, which has the most liquidity in U.S. Equities than any other U.S. exchange, as well as data from the FINRA/Nasdaq TRF.
  • Support the full range of U.S. exchange-listed equities—NYSE- and Amex-listed issues as well as Nasdaq-listed issues.

    • Access Options

    NLS is available via the following distribution channels:

    • Market Data Vendors: Individual investors and traders may also access real-time data via terminal and data feed products offered by Nasdaq market data distributors. View the full list of Nasdaq Real-Time Data Vendors.

    • Nasdaq Direct Data Feed Products: Trading firms and market data vendors may create a real-time display by processing direct Nasdaq data feed products. For detailed technical documentation for Nasdaq's direct products, please refer to the specifications page of the Nasdaq Trader website.

    Enhance Your Feed: NLS Plus

    NLS Plus is a comprehensive but affordable data feed providing access to all Nasdaq U.S. markets' last sale data as well as consolidated volume. NLS Plus includes all trade data from the following Nasdaq markets for U.S. exchange-listed securities:

    • The Nasdaq Stock Market® (Nasdaq®)
    • FINRA/Nasdaq TRF
    • Nasdaq BXSM (BXSM)
    • Nasdaq PSXSM (PSXSM)

    NLS Plus also provides consolidated volume information as part of each trade message. Market data distributors are encouraged to use NLS Plus to create enhanced Nasdaq Last Sale and Nasdaq Basic displays.

    Pricing

    Please refer to the U.S Equities Price List for pricing information.

    Agreements & Forms

    To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from Nasdaq:

    For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.