Nasdaq Sets Minimum Fee for Trading Venues Using its Non-Display Depth Data

Fee will be capped at $15,000 per month, but will be offset by existing fees, so many will see no increase, officials say.


In a petition filed with the US Securities and Exchange Commission on Jan. 5, Nasdaq proposes that any execution venue that operates a trading platform or platforms that utilize Nasdaq depth-of-dook data on a non-display basis and currently pay less than $15,000 a month for that data, will now be required to pay $5,000 per month per trading platform—up to a maximum of $15,000—to use the data.

The exchange defines a trading platform as any execution platform operated as or by a registered

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