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PHLX Options Market – Data Products

Overview

Nasdaq PHLX (PHLX) operates an electronic and hybrid floor-based trading system to trade options. The PHLX Options Market offers a traditional allocation model for orders. The tradition of innovation that has characterized the PHLX since it’s inception in 1790 continues to carry on as the Exchange serves as a leader in technology and responds to the ever-changing needs of the investment community as a part of Nasdaq.

To facilitate trading on its options market, Nasdaq PHLX has developed proprietary data feed products that are designed to promote full market transparency with minimal latencies.

Benefits & Features

PHLX has developed the following proprietary options data products which are now available:

  • PHLX Depth of Market (PHLX Depth) is designed to provide aggregate order book and last sale data from the PHLX Options Market in an easy-to-display format. Similar to NASDAQ TotalView-Aggregated feed, PHLX Depth summarizes the order interest at each price level in the PHLX system.
  • Top of PHLX Options (TOPO) is designed to provide Best Bid and Offer (BBO) and last sale information directly to PHLX Options Market participant firms that subscribe to the data feed.
  • TOPO Plus Orders is designed to provide Best Bid and Offer (BBO) and last sale information Plus the state of single and complex orders on the PHLX order book to firms on a real-time basis. TOPO Plus Orders provides access to both the TOPO data feed and the PHLX Orders data feed.
  • Historical PHLX Orders provides a historical record of the simple and complex order message data from the TOPO Plus Orders data product. Subscribers to this historical product may download the Historical PHLX Orders daily message logs on a T+1 basis from a secure FTP server. Historical PHLX Orders is available as eight separate files each day, four for simple orders and four for complex orders. The data originates from the PHLX Orders data feed and therefore, no quote data is included.
  • PHLX Options Trade Outline is designed to provide proprietary electronic Nasdaq PHLX (PHLX) trade data to subscribers. PHOTO is available as either an End-of-Day or Intra-Day file and subscribers may access the files from a secured FTP server. Primary fields in both files include aggregate trade quantity and trade volume for each customer origin type of the trade. Fields are further broken down by opening buy, closing buy, opening sell and closing sell, all for every option series listed and traded on PHLX in which an electronic trade occurred during the trading day.

Access Options

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 direct products, please refer to the Market Data technical specifications page.

Individual investors and traders may access real-time data through a number of authorized Nasdaq market data distributors. Refer to the Market Data Vendors page for a complete list of companies.

Pricing

This product is subject to the following distributor fees:

PHLX Depth of Market
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
PHLX Depth of Market Nasdaq PHLX Issues Internal: $4,000
External: $4,500

 

PHLX Orders
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
PHLX Orders Nasdaq PHLX Issues Internal: $3,500
External: $4,000
Managed Data Solution Administration Fee*
$2,000 per Distributor
PHLX Managed Data Solution Subscriber Fee
$500 per subscriber

 

Top of PHLX Options (TOPO)
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
Top of PHLX Options (TOPO) Nasdaq PHLX Issues Internal: $2,500
External: $3,000
Managed Data Solution Administration Fee*
$1,500 per Distributor
PHLX Managed Data Solution Subscriber Fee
$250 per subscriber

*For the right to offer Managed Data Solutions to client organizations

 

TOPO Plus PHLX Orders
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
TOPO Plus PHLX Orders Nasdaq PHLX Issues Internal: $5,500
External: $6,000

Historical Nasdaq PHLX Orders*
Entitlement Name Market Coverage Monthly Fee
Distributor Fees
Historical Nasdaq PHLX Orders
 PHLX $500

Nasdaq PHLX Options Trade Outline (PHOTO)
Entitlement Name Market Coverage Fee
Distributor Fees
Nasdaq PHLX Options Trade Outline (PHOTO) PHLX Internal Distribution:
End-of-Day Subscription: $750/month
Intra-Day Subscription: $2,500/month
Historical End-of-Day: $500/requested month or $6,000 for the most recent 36 months to firms currently subscribed to the on-going subscription
Historical Intra-Day: $1,000/requested month or $12,000 for the most recent 36 months to firms currently subscribed to the on-going subscription

For Nasdaq real-time data feed products, the distributor fees are assessed on subscribers that receive Nasdaq information in a data feed format. This product is also covered by Nasdaq monthly administration fee(s). Refer to Nasdaq Data Policies for details.


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.


To order this data on a stand-alone terminal/controlled display product, end users or end-user firms should contact their market data vendor for the appropriate agreements and forms.


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