NASDAQ Last Sale (NLS)

Overview

NLS provides real-time intraday last sale data for all securities traded in NASDAQ systems and the FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM). 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 Trade Reporting Facility (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:

    • The Internet: Real-time NLS data is available at no charge to the end user on the following public websites:
    • 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 OMX Direct Data Feed Products: Trading firms and market data vendors may create a real-time display by processing direct NASDAQ OMX data feed products. For detailed technical documentation for NASDAQ OMX'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 OMX U.S. markets' last sale data as well as consolidated volume. NLS Plus includes all trade data from the following NASDAQ OMX markets for U.S. exchange-listed securities:

    • The NASDAQ Stock Market® (NASDAQ®)
    • FINRA/NASDAQ Trade Reporting Facility (TRF)
    • NASDAQ OMX BXSM (BXSM)
    • NASDAQ OMX 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

    This product is subject to the following usage and distributor fees:

    NASDAQ Last Sale (NLS)
    Entitlement Name Security Coverage Monthly Fee
    Usage Fees
    NLS — Non-Professional User Option NASDAQ Issues 1 to 9,999 users: $0.60 each
    10,000 to 49,999 users: $0.48 each
    50,000 to 99,999 users: $0.36 each
    100,000 user or more: $0.30 each
    NYSE and Amex Issues 1 to 9,999 users: $0.30 each
    10,000 to 49,999 users: $0.24 each
    50,000 to 99,999 users: $0.18 each
    100,000 users or more: $0.15 each
    NLS — Per Query Option NASDAQ Issues Up to 10 million: $0.0030 each
    10 million to 20 million: $0.0024 each
    20 million to 30 million: $0.0018 each
    Over 30 million: $0.0015 each
    NYSE and Amex Issues Up to 10 million: $0.0015 each
    10 million to 20 million: $0.0012 each
    20 million to 30 million: $0.0009 each
    Over 30 million: $0.000725 each
    NLS — Unique Website Visitor Option NASDAQ Issues Up to 100,000: $0.036 each
    100,001 to 999,999: $0.030 each
    Over 1 million: $0.024 each
    NYSE and Amex Issues Up to 100,000: $0.018 each
    100,001 to 999,999: $0.015 each
    Over 1 million: $0.012 each
    NLS — Television Per Household Option NASDAQ Issues Up to 1 million: $0.00096 each
    1 million to 5 million: $0.00084 each
    5 million to 10 million: $0.00072 each
    Over 10 million: $0.00060 each
    NYSE and Amex Issues Up to 1 million: $0.00048 each
    1 million to 5 million: $0.00042 each
    5 million to 10 million: $0.00036 each
    Over 10 million: $0.00030 each
    Distributor Fees
    NLS Distributor Fee NASDAQ, NYSE and Amex Issues $1,500 per firm
    FilterView - NASDAQ Trades NASDAQ, NYSE and Amex Issues (NASDAQ Execution System only) $500 per firm
    FilterView - TRF Trades NASDAQ, NYSE and Amex Issues (FINRA/NASDAQ Trade Reporting Facility only) $500 per firm
    Enterprise License Option
    NLS Enterprise License* NASDAQ, NYSE and Amex Issues $50,000 per firm

     

    The usage fees are assessed based on the number and type of subscribers that access NASDAQ OMX market data. See the NASDAQ OMX Data Policies document for additional information. Please consult with your NASDAQ OMX Global Data Product account manager to determine which fee option is best suited to your company's needs.

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

    The enterprise license option is available to all firms. For some products, there may be a minimum subscription length. Please contact your NASDAQ OMX Global Data Product account manager to discuss this pricing option.

    *Customers entitled to the Enterprise License of NASDAQ Last Sale receive GIDS at no additional fee.

    Agreements & Forms

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

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

    FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority.