Nasdaq Unveils TOPO, Glimpse of TotalView


The Top of PHLX Options (TOPO) feed, which is subject to approval by the Securities and Exchange Commission, is similar to the Best of Nasdaq Options datafeed for the Nasdaq Options Market, comprising the same best-bid-and-offer and last sale data from Nasdaq OMX PHLX that is reported to OPRA to produce the authority's consolidated feed of US options quote and trade data.

Accessing the feed directly from PHLX rather than OPRA will enable users to achieve lower latency by eliminating any processin