[Federal Register Volume 91, Number 146 (Friday, July 31, 2026)]
[Notices]
[Pages 48466-48470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-15461]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105997; File No. SR-NASDAQ-2026-061]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Introduce Nasdaq TotalView Plus and Nasdaq Basic Plus Data Feeds
July 28, 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 July 24, 2026, The Nasdaq Stock Market LLC (the ``Exchange'' or
``Nasdaq'') 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to 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 The Nasdaq Stock Market LLC (``Nasdaq''), Nasdaq Texas,
LLC (``Nasdaq Texas'') and Nasdaq PHLX LLC equities (``Nasdaq PSX'').
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings, 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes 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. The new depth of book product, Nasdaq
TotalView Plus, will combine information from Nasdaq TotalView, Nasdaq
Texas TotalView, and PSX TotalView. The new top of book product, Nasdaq
Basic Plus, will combine information from 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.
The proposed data feeds, Nasdaq TotalView Plus and Nasdaq Basic
Plus, are modeled on the existing NLS Plus feed, which has disseminated
consolidated last sale information from three Nasdaq-affiliated equity
markets and the FINRA/Nasdaq TRF for over a decade.\3\ Similar data
feeds that consolidate data from multiple exchanges have been offered
by other Self-Regulatory Organizations for about the same amount of
time.\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 74972 (May 15,
2015), 80 FR 29370 (May 21, 2015) (SR-Nasdaq-2015-055) (establishing
the NLS Plus data feed).
\4\ See, e.g., Securities Exchange Act Release No. 73553
(November 6, 2014), 79 FR 67491 (November 13, 2014) (SR-NYSE-2014-
40) (order granting approval to establish the NYSE Best Quote &
Trades (``BQT'') data feed, which offers best bid and offer and last
sale information for NYSE-affiliated exchanges); Securities Exchange
Act Release No. 82423 (December 29, 2017), 83 FR 579 (January 4,
2018) (SR-CboeEDGA-2017-004) (proposal to modify the Cboe One Feed,
which disseminates the aggregate best bid and offer of all displayed
order for securities traded on Cboe-affiliated exchanges);
Securities Release Act Release No. 105190 (April 9, 2026), 91 FR
19233 (April 14, 2026) (SR-CboeEDGX-2026-020) (proposal to modify
Cboe One Premium data feed, an aggregated depth-of-book feed for
Cboe-affiliated exchanges, from five to twelve price levels);
Securities Exchange Act Release No. 100030 (April 25, 2024), 89 FR
35260 (May 1, 2024) (SR-NYSE-2024-24) (proposal to modify the NYSE
Pillar Depth feed, which provides a consolidated view of the ten
best price levels on both the bid and offer sides for NYSE-
affiliated exchanges).
---------------------------------------------------------------------------
This proposal will provide customers with a new option for
consuming top-of-book and depth-of-book information. The current
underlying feeds will remain available, and customers may choose to
purchase those feeds as they do now. This proposal will also enable
customers to purchase a consolidated feed through a single connection
which may, for some customers, allow them to optimize the ingestion of
data. Nothing in this proposal will change the 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 same underlying feeds.
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
[[Page 48467]]
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.
The Exchange also proposes two non-substantive changes to the NLS
Plus feed, discussed in detail below.
Proposals to add Nasdaq TotalView Plus and Nasdaq Basic Plus to the
Nasdaq Texas and Nasdaq PSX rulebooks are being submitted
simultaneously.
Current Feeds
Nasdaq TotalView
Nasdaq TotalView is a Depth-of-Book data feed that contains price
quotations at more than one price level. Nasdaq TotalView means, with
respect to stocks listed on Nasdaq and on an exchange other than
Nasdaq, all orders and quotes from all Nasdaq members displayed in the
Nasdaq Market Center as well as the aggregate size of such orders and
quotes at each price level in the execution functionality of the Nasdaq
Market Center.\5\
---------------------------------------------------------------------------
\5\ Nasdaq Stock Market LLC Rules, Equity 7, Section 123.
---------------------------------------------------------------------------
Nasdaq Texas TotalView
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.\6\
---------------------------------------------------------------------------
\6\ Nasdaq Texas LLC Rules, Equity 7, Section 123.
---------------------------------------------------------------------------
PSX TotalView
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.\7\
---------------------------------------------------------------------------
\7\ Nasdaq PHLX LLC Rules, Equity 7, Section 3, PSX TotalView.
---------------------------------------------------------------------------
Nasdaq Basic
Nasdaq Basic consists of three proprietary data feeds with real-
time market information from the Nasdaq Market Center and the FINRA/
Nasdaq Trade Reporting Facility (``TRF'').\8\ First, ``Nasdaq Basic for
Nasdaq'' contains Nasdaq's best bid and offer and last sale for Nasdaq-
listed stocks from Nasdaq and the FINRA/Nasdaq TRF. Second, ``Nasdaq
Basic for NYSE'' contains Nasdaq's best bid and offer and last sale for
NYSE-listed stocks from Nasdaq and the FINRA/Nasdaq TRF. Third,
``Nasdaq Basic for NYSE American'' contains Nasdaq's best bid and offer
and last sale for stocks listed on NYSE American and other Tape B
listing venues from Nasdaq and the FINRA/Nasdaq TRF.
---------------------------------------------------------------------------
\8\ The Nasdaq Stock Market LLC, Equity 7, Section 147.
---------------------------------------------------------------------------
Nasdaq Texas BBO Feeds
The Nasdaq Texas BBO Feeds consist of real-time market information
from the Nasdaq Texas Market Center.\9\ ``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.
---------------------------------------------------------------------------
\9\ Nasdaq Texas, LLC, Equity 7, Section 147.
---------------------------------------------------------------------------
Nasdaq Texas Last Sale
Nasdaq Texas Last Sale is a proprietary data feed containing real-
time last sale information for trades executed on Nasdaq Texas.\10\
``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.\11\
---------------------------------------------------------------------------
\10\ Nasdaq Texas, LLC, Equity 7, Section 139(a).
\11\ ``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.'') As a clarification, Nasdaq Texas
will propose adding the phrase ``and other Tape B listing venues''
in a separate filing to conform to the Nasdaq rulebook. This would
be a clarification that does not reflect any change in the Nasdaq
Texas Last Sale data feed.
---------------------------------------------------------------------------
PSX BBO Feeds
PSX BBO Feeds consist of real-time market information from PSX.\12\
``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.
---------------------------------------------------------------------------
\12\ Nasdaq PHLX LLC, Equity 7, Section 3, PSX BBO Feeds.
---------------------------------------------------------------------------
PSX Last Sale
PSX Last Sale is a proprietary data feed containing real-time last
sale information for trades executed on Nasdaq PSX.\13\ ``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.\14\
---------------------------------------------------------------------------
\13\ Nasdaq PHLX LLC, Equity 7, Section 3, PSX Last Sale and
Nasdaq Last Sale Plus Data Feeds.
\14\ 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.'')
Nasdaq PSX will propose a technical clarification in a separate
filing to replace ``other exchanges'' with ``other Tape B listing
venues'' to conform to the Nasdaq rulebook. This will be a
clarification that does not reflect any change in the PSX Last Sale
data feed.
---------------------------------------------------------------------------
Nasdaq Last Sale
Nasdaq Last Sale is comprised of two proprietary data feeds
containing real-time last sale information for trades executed on
Nasdaq or reported to the FINRA/Nasdaq Trade Reporting Facility.
``Nasdaq Last Sale for Nasdaq'' contains all such transaction reports
for Nasdaq-listed stocks. ``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.
Nasdaq Last Sale Plus
Nasdaq Last Sale Plus is a comprehensive data feed produced by
Nasdaq Information LLC that provides last sale data from the Nasdaq
U.S. equity markets (Nasdaq, Nasdaq Texas,\15\ Nasdaq PSX and the
FINRA/Nasdaq TRF). Nasdaq Last Sale Plus also reflects cumulative
volume real-time trading activity across all U.S. exchanges for Tape A,
B, and C securities. Nasdaq Last Sale Plus contains the following data
from the Nasdaq U.S. equity markets: Trade Price, Trade Size, Sale
Condition Modifiers, Adjusted Closing Price, IPO Information, and
Bloomberg ID, as well as pertinent regulatory information: Market Wide
Circuit Breaker, Reg SHO Short Sale Price Test Restricted Indicator,
Trading Action, and Symbol Directory, and a consolidated end of day
trade summary for Tape A, B and C securities.
---------------------------------------------------------------------------
\15\ The current rulebook has an incorrect reference to Nasdaq
BX, a previous name for Nasdaq Texas, LLC. The Exchange proposes to
correct this reference, as discussed below.
---------------------------------------------------------------------------
Proposed Feeds
Nasdaq Basic Plus
The Exchange proposes Nasdaq Basic Plus, which will include the
best bid and offer and last sale information for stocks listed on any
of the Nasdaq U.S. Equity Markets (The Nasdaq Stock
[[Page 48468]]
Market (``Nasdaq''), Nasdaq Texas (``NTX''), and Nasdaq PSX (``PSX''))
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,\16\ Nasdaq Texas BBO,\17\
Nasdaq Texas Last Sale, PSX BBO,\18\ and PSX Last Sale.
---------------------------------------------------------------------------
\16\ Including ``Nasdaq Basic for Nasdaq,'' ``Nasdaq Basic for
NYSE,'' and ``Nasdaq Basic for NYSE American.''
\17\ Including ``Nasdaq Texas BBO for Nasdaq,'' ``Nasdaq Texas
BBO for NYSE,'' and ``Nasdaq Texas BBO for Amex'').
\18\ Including ``PSX BBO for Nasdaq,'' ``PSX BBO for NYSE,'' and
``PSX BBO for NYSE Amex.''
---------------------------------------------------------------------------
Nasdaq TotalView Plus
The Exchange proposes Nasdaq TotalView Plus, which will include,
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, Nasdaq Texas TotalView, and PSX TotalView, and the aggregate
size of such orders and quotes at each price level in the execution
functionality of the Nasdaq U.S. equity markets.
In offering Nasdaq Basic Plus and Nasdaq TotalView Plus, Nasdaq
will be acting as a redistributor of depth-of-book \19\ and top-of-book
\20\ products from Nasdaq, Nasdaq Texas, and Nasdaq PSX. 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.
---------------------------------------------------------------------------
\19\ The underlying depth of book products are Nasdaq TotalView,
Nasdaq Texas TotalView, and PSX TotalView.
\20\ 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.
---------------------------------------------------------------------------
All of the market data distributed through Nasdaq Basic Plus and
Nasdaq TotalView Plus will be taken from the Nasdaq, Nasdaq Texas, and
Nasdaq PSX data feeds, which will remain available to vendors. Although
the proposed feeds will differ from the underlying feeds in certain
ancillary characteristics, none of these ancillary characteristics will
advantage the Exchange in any way relative to vendors, as all depend on
independent sources of information equally available to both the
Exchange and vendors.\21\
---------------------------------------------------------------------------
\21\ The proposed feeds will use timestamps in Epoch (or
``Unix'') time (the number of seconds since January 1, 1970). Epoch
time is based on a universal standard available to all market
participants and freely convertible from any other time measurement.
The configuration of Nasdaq Basic Plus and Nasdaq TotalView Plus
will also differ from the underlying feeds through the creation of
standardized headers or message structures. Such ancillary
characteristics can be replicated by any vendor.
---------------------------------------------------------------------------
Nasdaq will have no competitive advantage over other market data
vendors because the Exchange will consolidate the trading information
needed to form Nasdaq Basic Plus and Nasdaq TotalView Plus at the same
time and using the same data feeds distributed to other vendors.
Although Nasdaq will propose specific fees in a separate filing, the
Exchange expects to set fees at a level that will provide vendors with
the ability to offer competing products using the same underlying feeds
at no cost disadvantage. As such, the Exchange will not have a speed,
information, or cost advantage relative to other vendors in the
creation or sale of consolidated data 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. As such, the Exchange will
have no latency advantage over a competing market data vendor.
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. Specifically, 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 will submit a separate proposal
to establish fees for Nasdaq Basic Plus and Nasdaq TotalView Plus. In
that filing, the Exchange expects to set fees at a level that will
provide vendors with the ability to offer a competing product using the
same underlying feeds at no cost disadvantage.
As such, Nasdaq will have no competitive advantage over any market
data vendor that may offer a similar or comparable product.
Other Changes
Nasdaq Last Sale Plus
The Exchange proposes two non-substantive changes to the Nasdaq
Last Sale Plus data feed. First, the Exchange proposes removing a
reference to Nasdaq Information LLC as the distributor of the feed
because the legal entity distributing information is not necessary for
the product description and not identified elsewhere in the Nasdaq
rulebook for any other product. Second, the Exchange proposes to change
an incorrect reference to Nasdaq BX to Nasdaq Texas, LLC.
Fees
Fees for Nasdaq TotalView Plus and Nasdaq Basic Plus will be
proposed in a separate filing.
Implementation
The Exchange will announce the operative date of the proposed rule
change to members and member organizations in an Equity Trader Alert.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\22\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\23\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. This is because the proposal will offer customers additional
choice in how they consume their depth of book and best bid and offer
information and allow certain customers to optimize how they consume
such information.
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposal will expand customer choice by allowing them 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. Customers will
similarly be able to consume Nasdaq TotalView, Nasdaq Texas TotalView,
and PSX TotalView (or any combination thereof) separately or in a
single feed. This is a well-established market feed structure offered
by multiple exchanges over many years. The NLS Plus feed is one such
example, and has been available for over a decade.\24\ The New York
Stock Exchange has offered a similar bid and offer feed for as long a
period,\25\ as have other exchanges.\26\
---------------------------------------------------------------------------
\24\ See Securities Exchange Act Release No. 74972 (May 15,
2015), 80 FR 29370 (May 21, 2015) (SR-Nasdaq-2015-055) (establishing
the NLS Plus data feed).
\25\ See, e.g., Securities Exchange Act Release No. 73553
(November 6, 2014), 79 FR 67491 (November 13, 2014) (SR-NYSE-2014-
40) (order granting approval to establish the NYSE Best Quote &
Trades (``BQT'') Data Feed).
\26\ See, e.g., Securities Exchange Act Release No. 73918
(December 23, 2014), 79 FR 78920 (December 31, 2014) (SR-BATS-2014-
055; SR-BYX-2014-030; SR-EDGA-2014-25; SR-EDGX-2014-25) (order
approving market data product called BATS One Feed being offered by
four affiliated exchanges)
---------------------------------------------------------------------------
[[Page 48469]]
As set forth in more detail in Section 7, Nasdaq Basic Plus will
provide substantially the same top-of-book information as the NYSE BQT
feed, which provides best bid and offer and last sale information for
the New York Stock Exchange and its affiliates,\27\ and the Cboe One
feed, which disseminates the aggregate best bid and offer of all
displayed orders traded on Cboe's affiliated exchanges.\28\
---------------------------------------------------------------------------
\27\ Securities Exchange Act Release No. 73553 (November 6,
2014), 79 FR 67491 (November 13, 2014) (SR-NYSE-2014-40).
\28\ Securities Exchange Act Release No. 82423 (December 29,
2017), 83 FR 579 (January 4, 2018) (SR-CboeEDGA-2017-004)
---------------------------------------------------------------------------
The proposed Nasdaq TotalView Plus feed will also provide
substantially the same depth-of-book information as the Cboe One
Premium feed, which disseminates aggregated depth-of-book information
for up to twelve price levels for the Cboe-affiliated exchanges,\29\
and 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.\30\
---------------------------------------------------------------------------
\29\ Securities Release Act Release No. 105190 (April 9, 2026),
91 FR 19233 (April 14, 2026) (SR-CboeEDGX-2026-020).
\30\ 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).
---------------------------------------------------------------------------
The proposal will also allow certain customers to optimize
consumption by ingesting information from multiple markets in a single
connection, allowing subscribers to onboard and maintain access to
market data more efficiently, which may result in cost savings for
subscribers based on a more efficient configuration of data feeds.
This proposal will not change the depth of book or top of book
information available in the market, as the consolidated feed will have
the same information as the underlying feeds. As explained above,
Nasdaq is acting as a redistributor of depth-of-book \31\ and top-of-
book \32\ products from Nasdaq, Nasdaq Texas, and Nasdaq PSX. Also, as
noted above, the proposed feeds will differ from the underlying feeds
in certain ancillary characteristics, but none of these ancillary
characteristics will advantage the Exchange in any way relative to
vendors, as all depend on independent sources of information equally
available to both the Exchange and vendors. Nasdaq will have no
competitive advantage over other market data vendors because the
Exchange will take the same data available to other market data vendors
at the same time, and therefore will have neither a speed nor an
information advantage over them. With respect to cost, the Exchange
will propose in a separate filing to set fees at a level that will
provide vendors with the ability to offer a competing product using the
same underlying feeds at no cost disadvantage.
---------------------------------------------------------------------------
\31\ The underlying depth of book products are Nasdaq TotalView,
Nasdaq Texas TotalView, and PSX TotalView.
\32\ 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.
---------------------------------------------------------------------------
The non-substantive changes to the description of the NLS Plus data
feed are designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest by removing an unnecessary reference
to a corporate entity distributing market data and correcting the name
of one of the Nasdaq affiliated exchanges.
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 the proposed
changes do not alter the ability of non-affiliated markets to propose
changes to their respective rulebooks to offer similar feeds, or
alternative feeds to compete against these products, in response to
these changes.
Nothing in the proposal burdens intra-market competition (the
competition among consumers of exchange data) because the proposed
feeds will be available to any market participant on a non-
discriminatory basis.
Nothing in the proposal will burden the ability of market data
vendors to compete with the Exchange. As explained above, Nasdaq is
acting as a redistributor of depth of book and top of book products
from Nasdaq, Nasdaq Texas, and Nasdaq PSX.
Nasdaq will have no competitive advantage over other market data
vendors because the Exchange will take the same data available to other
market data vendors at the same time, and therefore will have neither a
speed nor an information advantage over them. With respect to cost, the
Exchange will propose in a separate filing to set fees at a level that
will provide vendors with the ability to offer a competing product
using the same underlying feeds at no cost disadvantage. Although the
proposed feeds will differ from the underlying feeds in certain
ancillary characteristics, none of these ancillary characteristics will
advantage the Exchange in any way relative to vendors, as all depend on
independent sources of information equally available to both the
Exchange and vendors.
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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \33\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\34\
---------------------------------------------------------------------------
\33\ 15 U.S.C. 78s(b)(3)(A)(iii).
\34\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission 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. 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:
[[Page 48470]]
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-NASDAQ-2026-061 on the subject line.
Paper Comments
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-2026-061. 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 (https://www.sec.gov/rules/sro.shtml). 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-2026-061 and should be submitted
on or before August 21, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------
\35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-15461 Filed 7-30-26; 8:45 am]
BILLING CODE 8011-01-P