NASDAQ Level 2 (NQDS)
NASDAQ Level 2 provides the top-of-file position for NASDAQ exchange participants. 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. At the time, NQDS carried only NASDAQ market participant depth for NASDAQ-listed securities. In 2007, NASDAQ expanded the Level 2 product to include market participant depth in NYSE-, Amex- and regional exchange-listed securities.
While Level 2 has since been surpassed by NASDAQ TotalView with respect to market liquidity, the entitlement still offers valuable insight into NASDAQ market participant trading strategies.
Benefits & 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
Via 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 direct products, please refer to the specifications page of the NASDAQ Trader
- Via Market Data Vendors: 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. Refer to the Market Data Vendors page for a complete list of companies.
This product is subject to the following usage and distributor fees:
|NASDAQ Level 2|
|Entitlement Name||Security Coverage||Monthly Fee|
|NASDAQ Level 2 with
|NASDAQ Issues||Professional/Corporate: $40 per subscriber
Non-Professional: $9 per subscriber
|NYSE and NYSE MKT Issues||Professional/Corporate: $6 per subscriber
Non-Professional: $1 per subscriber
|NASDAQ Depth Non-Display||NASDAQ, NYSE and NYSE MKT Issues||1 to 10 subscribers = $300 per subscriber|
11 to 29 subscribers = $3,300
30 to 49 subscribers = $9,000
50 to 99 subscribers = $15,000
100 to 249 subscribers = $30,000
250 subscribers or more = $75,000
|Managed Data Solution|
(Internal Use Only)
|NASDAQ, NYSE and NYSE MKT Issues||Professional/Corporate: $300 per subscriber
Non-Professional: $60 per subscriber
|Depth Distributor Fees|
|NASDAQ Depth Fee for NQDS||NASDAQ Issues||Internal Distribution: $1,000 per firm
External Distribution: $2,500 per firm
Direct Access: $2,000 per firm
|NASDAQ Depth Fee for OpenView||NYSE and NYSE MKT Issues||Internal Distribution: $500 per firm
External Distribution: $1,250 per firm
Direct Access: $1,000 per firm
|Enhanced Display Solution||NASDAQ, NYSE and NYSE MKT Issues||1 to 299 subscribers = $2,000
300 to 399 subscribers = $3,000
400 to 499 subscribers = $4,000
500 to 599 subscribers = $5,000
600 to 699 subscribers = $6,000
700 to 799 subscribers = $7,000
800 to 899 subscribers = $8,000
900 to 999 subscribers = $9,000
1,000 subscribers or more = $10,000
plus applicable TotalView and OpenView subscriber fees
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.
Agreements & Forms
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.
To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from NASDAQ OMX:
- Data Feed Request Form - Required for all firms
- NASDAQ OMX Global Data Agreement - Required for all firms prior to initiation of the first NASDAQ OMX data service only
- System Application - Required for firms only if the data will be displayed or used in a system that is not yet approved by 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.
Product News & Updates
For the complete list of NASDAQ direct data feed changes, please refer to the NASDAQ Data Product Release Schedule.