Nasdaq Texas Proposes Fee Changes for New TotalView Plus and Basic Plus Products

Nasdaq Texas, LLC is moving to reshape how market data reaches investors, filing a formal proposal with the Securities and Exchange Commission on October 27, 2026, to overhaul its fee structure for real-time data feeds.

The move, detailed in the Federal Register, comes as the exchange prepares for a shift to a 23-hour, five-day-a-week trading schedule slated to launch this December.

At the heart of the filing are two new products: Nasdaq TotalView Plus and Nasdaq Basic Plus. These offerings are designed to bundle Depth-of-Book and Top-of-Book information from Nasdaq, Nasdaq Texas, and Nasdaq PHLX into single, consolidated feeds. By reducing the number of individual connections firms must maintain, the exchange aims to drive down networking and connectivity costs for market participants.

The exchange isn’t just launching new products; it is creating financial incentives to ensure third-party vendors can still compete. Nasdaq Texas proposes to waive certain market data distributor fees for firms that certify they are consolidating Nasdaq’s various feeds for external redistribution. For vendors, this effectively lowers the cost of entry, allowing them to build their own consolidated products using the underlying depth-of-book data from Nasdaq affiliates.

Under the proposed rule, the firm will waive the $1,620 monthly external market data distributor fee at Equity 7, Section 119 for qualified vendors. When combined with a $350 reduction in monthly external distributor fees for the Nasdaq Stock Market, the exchange argues these changes will allow vendors to cover the costs of forming a competing consolidated feed.

The goal, according to the filing, is to ensure that while Nasdaq offers its own “Plus” products, the market remains open to independent data providers.

For the average firm, this transition represents a change in how they ingest market information. Currently, market participants often pull data from multiple, separate sources to get a complete picture of the order book. By amalgamating these into the new “Plus” feeds, the exchange hopes to optimize data consumption.

The filing clarifies that firms receiving Nasdaq Basic Plus—which contains the Nasdaq Texas Last Sale and Nasdaq Texas BBO feeds—will be subject to the same administrative and consolidation fees currently applied to Nasdaq Last Sale Plus. This extension of existing fee structures ensures consistency across the exchange’s product suite as it migrates toward these consolidated offerings.

The exchange contends that this proposal aligns with Section 6(b) of the Securities Exchange Act of 1934, arguing that the changes are designed to provide for the “equitable allocation of reasonable dues, fees and other charges.” By not increasing the price of existing products and instead offering fee waivers, the exchange maintains that it is expanding customer choice rather than restricting it.

However, the question of competition remains at the forefront of the SEC’s oversight. The exchange explicitly addressed concerns about potential advantages, stating in its filing:

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.

It is unclear whether this parity holds in practice as trading hours extend later into the night. The SEC is now soliciting comments from interested parties as market data infrastructure continues to evolve.

As the industry approaches the December deadline for the new 23-hour trading cycle, the ability of vendors to successfully consolidate these feeds without incurring prohibitive costs will be a critical metric for the health of the broader market data ecosystem.