Markets Impacted: Nordic Markets & Baltic Markets
Products Impacted: Nordic Equity, Nordic Equity Derivatives, Nordic Fixed Income, Baltic Equity & Fixed Income, Nordic Indexes, VINX and Baltic Indexes
What you need to know:
Fees for European data products and services will be updated with effect from January 1, 2026. The fee changes are based on inflation and cost. In addition, the concept of separate direct and indirect licenses for all Equity Derivatives Non-Display categories will be discontinued, a new fee structure for delayed data feed redistribution will be introduced, and a new license and pricing model for Nordic Equity & Fixed Income TotalView Non-Professional Streaming will be introduced.
What are the general fee changes based on inflation and cost?
Nasdaq will implement fee changes of +2.4% for listed products in the below Customer Categories:
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Customer Category 1: External Distributor
- External Distributor Licenses
- Direct Access Licenses
- Managed Data Solution (MDS) products
- Extranet distribution
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Hosted distribution
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Customer Category 2: Realtime Professional
- Internal Distributor Licenses
- Display Professional Subscriber fees
- Non-Display products
- Index Calculation Licenses
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Customer Category 3: Realtime Non-Professional
- Display Non-Professional Subscriber fees
- Display Non-Professional Streaming Level fees
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Other Market Data Products
- Reference Data products
- End-of-day Data products
- Technical Services (port fees and GLIMPSE)
- Bond Analytics
- VINX index data
What are the other price and product changes related to the new pricing models?
The other changes to be implemented, as set out below by Customer Category, are as follows:
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Customer Category 2: Realtime Professional
- Non-Display Equity Derivatives Direct and Indirect Access Licenses
The concept of separate direct and indirect licenses for all Equity Derivatives Non-Display categories will be discontinued. With effect from January 2026, only a single license will be available for these products and categories. This change is intended to simplify the licensing structure and to provide greater clarity for all Customers. No action is required on the part of Customers. Please refer to the updated fee schedule for details on the new single license model.
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Customer Category 3: Realtime Non-Professional
- Nordic Equity & Fixed Income TotalView Non-professional Streaming
A new license and pricing for Nordic Equity & Fixed Income TotalView Non-Professional Streaming will be introduced. For full details on the pricing and terms, please refer to the updated price list.
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Customer Category 4: Delayed Professional
- Delayed Data Redistributor fees
Fee and product changes will be introduced for Delayed Data Redistributor fees. The current tiered pricing structures, which are based on the number of recipients, will be replaced by a simplified per-recipient pricing model and an option for an enterprise license. For full details on the updated pricing, please refer to the enclosed file.
Where can I find additional information?
Please see enclosed file for details on fees for individual products.
The future price list effective January 1, 2026, can be found on the European Data Pricing & Policies web page: http://www.nasdaq.com/solutions/european-pricing-policies
Other Upcoming Changes to Nasdaq European Data in 2026
As part of Nasdaq’s ongoing commitment to transparency and regulatory alignment, a series of updates will be announced in 2026. For expected implementation in mid-2026, Nasdaq is preparing changes related to regulatory developments stemming from the European Securities and Markets Authority’s (ESMA) MiFIR review and the revised Regulatory Technical Standards (RTS) concerning the Reasonable Commercial Basis (RCB) for market data pricing.
In response, Nasdaq will update relevant documents, including the Nasdaq European Data Policies document to reflect these new requirements. We are actively assessing the potential impact on licensing terms, product structures, and data policies. Any changes will be communicated in line with the contractual notification periods to ensure that Customers have sufficient time to review and adapt.
For questions regarding this notice please speak to your Sales Representative or contact EUDataSales@nasdaq.com or by telephone: +45 33 93 33 66.