The TotalView Enterprise License program is designed to provide cost-efficient market data and to encourage widespread distribution of this valuable data. Schwab will initially incorporate TotalView data into CyberTrader, its online brokerage service for very active traders, and will, in the future, make the data available to its mass trading market through its industry-leading Street Smart Pro software application. CyberTrader clients with access to Level II data will be able to take advantage of NASDAQ TotalView without any additional fees.

"TotalView has emerged as the standard NASDAQ data feed for serious traders," said Adena Friedman, executive vice president of corporate strategy and data products for NASDAQ. "Schwab's decision to provide its clients with TotalView in a cost efficient manner reinforces Schwab's position as a market leader and confirms its commitment to give customers the tools they need to successfully implement their trading strategies."

TotalView provides the aggregated size of all quotes and orders available for execution for every price level in the NASDAQ Market Center(SM) for each NASDAQ-listed security, as well as net order imbalance information for NASDAQ Opening and Closing Cross-eligible securities. NASDAQ has integrated the full depth of Brut liquidity in NASDAQ-listed stocks into TotalView, further expanding the difference between TotalView and legacy quotation data feeds. NASDAQ has completed the acquisition of the INET ECN and will fully incorporate INET liquidity into TotalView in 2006.

Vincent Phillips, chief executive officer of CyberTrader said: "Schwab and CyberTrader have always placed a great deal of emphasis on providing clients with the highest quality services, advanced technology, decision support tools, and education, at competitive prices. By integrating TotalView in the CyberTrader Pro platform, we are continuing down a path of innovation on which we started nearly a decade ago."

TotalView, the fastest source of NASDAQ order book information, is a superior data product that allows traders to pursue unique trading opportunities and realize the full potential of their trading strategies.