The Nasdaq Stock Market, Inc. (Nasdaq: NDAQ) today announced a new program that will offer broker-dealers an enterprise license option to purchase TotalView, NASDAQ's premier data product.
The optional program was recently approved by the Securities and Exchange Commission (SEC) and takes effect October 1, 2005. TotalView(SM) Enterprise License - Permits the distributor to provide TotalView to internal professional users, whether such users receive the data directly or through third-party data providers, and external professional and non-professional users with whom the firm has a brokerage relationship. TotalView(SM) Nonprofessional Enterprise License - Permits the distributor to provide TotalView to its external non-professional users with whom the firm has a brokerage relationship.
"TotalView has emerged as the standard NASDAQ data feed for serious traders," said Bill O'Brien, Senior Vice President of NASDAQ Market Data Distribution. "With the proliferation of broker-vended applications to their institutional and retail customers, NASDAQ wanted to facilitate broad distribution of this valuable data. The enterprise license program enables broker-dealers to provide TotalView to an unlimited number of internal and external users for a fixed monthly cost."
The TotalView Enterprise License program is designed to provide cost- efficient market data on electronic software applications that are becoming increasingly popular among brokers. Firms can incorporate TotalView data into the applications they make available to their institutional and retail customers.
One of the following Enterprise Licenses may be selected:
TotalView provides the aggregated size of all quotes and orders available for execution for every price level in the NASDAQ Market Center for each NASDAQ-listed security, as well as net order imbalance information for NASDAQ Opening and Closing Cross-eligible securities. Earlier this year, NASDAQ integrated the full depth of Brut liquidity in NASDAQ-listed stocks into TotalView further exaggerating the difference between TotalView and legacy NASDAQ quotation data feeds.
Separately, NASDAQ enhanced TotalView technology so it is the fastest source of NASDAQ order book information. The combination of these initiatives has resulted in a superior data product that allows traders to pursue unique trading opportunities and realize the full potential of their trading strategies.