The stock market thrives on data. Traders, analysts, and institutional investors rely on real-time and historical data feeds to make informed decisions. However, accessing this data comes at a cost, governed by exchange agreements and fee schedules that vary across global markets. This article explores some of the most popular market data feeds, detailing the exchanges behind them, the type of data they provide, and the associated costs and agreements. Whether you're a retail investor or a financial institution, understanding these feeds is critical to navigating the complex world of market data.
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1. Nasdaq Basic & Last Sale
Exchange Overview
The Nasdaq Stock Market, commonly referred to as Nasdaq, is one of the largest electronic stock exchanges in the world, based in New York City. Known for its focus on technology and growth companies, Nasdaq provides a variety of data feeds catering to different market participants. The Nasdaq Basic & Last Sale feed combines real-time last sale data with bid/ask quotations, offering an affordable alternative to more comprehensive feeds like Nasdaq TotalView.
Feed Details
- Nasdaq Basic: Provides real-time bid/ask quotes and last sale data for Nasdaq-listed securities.
- Last Sale: Delivers the most recent trade price for executed transactions.
- This feed is widely used by retail brokers and fintech platforms due to its cost-effectiveness and simplicity.
Agreements and Fees
- Data Agreement: Available at Nasdaq Trader Agreements. This outlines the terms of use, redistribution rights, and obligations for subscribers.
- Fee Schedule: Detailed at Nasdaq Trader Price List. Fees vary based on usage (e.g., professional vs. non-professional subscribers) and distribution models.
2. CBOE One
Exchange Overview
The Chicago Board Options Exchange (CBOE) is a leading U.S.-based exchange specializing in options and volatility products, such as the VIX Index. CBOE One is a consolidated feed providing top-of-book data across CBOE’s equity exchanges, including BZX, BYX, EDGX, and EDGA.
Feed Details
- Offers real-time top-of-book quotes and trades for securities listed on CBOE’s equity markets.
- Designed for cost-conscious users who don’t need depth-of-book data.
Agreements and Fees
- Data Agreement: Accessible via CBOE Market Data Support. This includes terms for usage and redistribution.
- Fee Schedule: Found at CBOE Fee Schedule. Fees depend on subscriber type and data usage.
3. CBOE BZX
Exchange Overview
CBOE BZX Exchange is one of CBOE’s four U.S. equity exchanges, known for its maker-taker pricing model and high liquidity. It’s a key venue for trading U.S. equities.
Feed Details
- Provides real-time quotes and trades specific to the BZX Exchange.
- Often used by traders needing exchange-specific data rather than consolidated feeds.
Agreements and Fees
- Data Agreement: Available at CBOE Market Data Support.
- Fee Schedule: Detailed at CBOE BZX Fee Schedule.
4. CBOE EDGX
Exchange Overview
CBOE EDGX Exchange is another CBOE-operated equity market, offering a platform for trading U.S. stocks with a focus on low-cost execution.
Feed Details
- Delivers real-time quotes and last sale data for EDGX-listed securities.
- Suitable for users targeting specific exchange data.
Agreements and Fees
- Data Agreement: Found at CBOE Market Data Support.
- Fee Schedule: Available at CBOE EDGX Fee Schedule.
5. CTA A Feed (NYSE)
Exchange Overview
The New York Stock Exchange (NYSE), part of the Intercontinental Exchange (ICE), is the world’s largest stock exchange by market capitalization. The CTA A Feed provides consolidated data for NYSE-listed securities.
Feed Details
- Offers real-time quotes, trades, and order book data under the Consolidated Tape Association (CTA) Plan.
- Essential for comprehensive U.S. equity market coverage.
Agreements and Fees
- Data Agreement: Accessible at CTA Plan Contracts.
- Fee Schedule: Detailed at CTA Plan Pricing.
6. CTA B Feed (NYSE MKT)
Exchange Overview
NYSE MKT, formerly the American Stock Exchange (AMEX), focuses on small- and mid-cap companies. The CTA B Feed provides consolidated data for NYSE MKT securities.
Feed Details
- Includes real-time quotes and trades for NYSE MKT-listed stocks.
- Part of the CTA Plan, ensuring standardized data dissemination.
Agreements and Fees
- Data Agreement: Found at CTA Plan Contracts.
- Fee Schedule: Available at CTA Plan Pricing.
7. UTP - C Feed (Nasdaq)
Exchange Overview
This feed, governed by the UTP Plan, covers Nasdaq-listed securities, complementing the CTA feeds for NYSE markets.
Feed Details
- Provides consolidated quotes and trades for Nasdaq securities.
- A critical feed for U.S. equity market participants.
Agreements and Fees
- Data Agreement: Available at UTP Plan Data Admin.
- Fee Schedule: Detailed at UTP Plan Data Policies.
8. FINRA OTC
Exchange Overview
The Financial Industry Regulatory Authority (FINRA) oversees over-the-counter (OTC) trading in the U.S., including bulletin board and pink sheet securities.
Feed Details
- Provides data on OTC equity trades, including prices and volumes.
- Used by brokers and investors tracking non-exchange-listed securities.
Agreements and Fees
- Data Agreement: Not publicly detailed; contact FINRA for specifics.
- Fee Schedule: Not publicly detailed; contact FINRA for specifics.
9. TSX & TSX Venture
Exchange Overview
The Toronto Stock Exchange (TSX) and TSX Venture Exchange, operated by TMX Group, are Canada’s primary equity markets, focusing on large-cap and small-cap companies, respectively.
Feed Details
- Offers real-time quotes and trades for TSX and TSX Venture securities.
- Widely used in Canadian financial markets.
Agreements and Fees
- Data Agreement: Available at TMX Infoservices.
- Fee Schedule: Included in the same link above.
10. Canadian Securities Exchange (CSE)
Exchange Overview
The CSE is an alternative Canadian stock exchange, known for supporting emerging companies and offering competitive pricing.
Feed Details
- Provides real-time market data for CSE-listed securities.
- Popular among retail and institutional investors in Canada.
Agreements and Fees
- Data Agreement: Found at CSE Market Data.
- Fee Schedule: Available at CSE Fee Schedule.
11. Aequitas Neo Exchange
Exchange Overview
Aequitas Neo Exchange (NEO) is a newer Canadian exchange focused on transparency and fairness in trading.
Feed Details
- Offers real-time quotes and trades for NEO-listed securities.
- Appeals to investors seeking alternative Canadian market data.
Agreements and Fees
- Data Agreement: Accessible at NEO Market Data Agreements.
- Fee Schedule: Not explicitly linked; contact NEO for details.
12. London Stock Exchange (LSE)
Exchange Overview
The LSE, based in the UK, is one of the oldest and most prestigious stock exchanges globally, listing major international companies.
Feed Details
- Provides real-time quotes, trades, and depth-of-book data for LSE securities.
- Essential for European market participants.
Agreements and Fees
- Data Agreement: Available at LSE Prices and Policies.
- Fee Schedule: Included in the same link.
13. Euronext
Exchange Overview
Euronext operates exchanges across Europe, including Paris, Amsterdam, Brussels, and Lisbon, making it a key player in European equity markets.
Feed Details
- Offers consolidated real-time data for Euronext-listed securities.
- Supports a wide range of financial products.
Agreements and Fees
- Data Agreement: Found at Euronext Market Data Policies.
- Fee Schedule: Included in the same link.
14. CBOE Europe
Exchange Overview
CBOE Europe extends CBOE’s reach into European equity markets, offering trading in multiple jurisdictions.
Feed Details
- Provides real-time quotes and trades for European securities.
- Complements CBOE’s U.S. offerings.
Agreements and Fees
- Data Agreement: Accessible at CBOE Europe Market Data.
- Fee Schedule: Included in the same link.
15. XETRA
Exchange Overview
XETRA, operated by Deutsche Börse, is Germany’s leading electronic trading platform for equities and ETFs.
Feed Details
- Delivers real-time market data for XETRA-listed securities.
- Widely used in European financial hubs.
Agreements and Fees
- Data Agreement: Not explicitly linked; contact Deutsche Börse.
- Fee Schedule: Not provided; requires direct inquiry.
16. Australian Stock Exchange (ASX)
Exchange Overview
The ASX is Australia’s primary securities exchange, listing a range of equities and derivatives.
Feed Details
- Offers real-time quotes and trades for ASX-listed securities.
- Key for Asia-Pacific market participants.
Agreements and Fees
- Data Agreement: Available at ASX Online Products.
- Fee Schedule: Included in the same link.
17. BM&F Bovespa
Exchange Overview
BM&F Bovespa (now part of B3) is Brazil’s main stock exchange, a leader in Latin American markets.
Feed Details
- Provides real-time data for Brazilian equities and derivatives.
- Essential for emerging market investors.
Agreements and Fees
- Data Agreement: Found at B3 Market Data Contracts.
- Fee Schedule: Included in the same link.
18. Bursa Malaysia
Exchange Overview
Bursa Malaysia is the primary stock exchange in Malaysia, offering equity and derivatives trading.
Feed Details
- Delivers real-time market data for Malaysian securities.
- Supports regional investment strategies.
Agreements and Fees
- Data Agreement: Available at Bursa Malaysia Information Services.
- Fee Schedule: Included in the same link.
19. NASDAQ OMX Nordic
Exchange Overview
NASDAQ OMX Nordic operates exchanges in Sweden, Denmark, Finland, and Iceland, focusing on Nordic equities.
Feed Details
- Provides consolidated real-time data for Nordic markets.
- Popular among European investors.
Agreements and Fees
- Data Agreement: Found at Nasdaq Nordic Pricing.
- Fee Schedule: Included in the same link.
20. Tokyo Stock Exchange (TSE)
Exchange Overview
The TSE, part of Japan Exchange Group (JPX), is one of the largest stock exchanges in Asia.
Feed Details
- Offers real-time quotes and trades for TSE-listed securities.
- Critical for Japanese market exposure.
Agreements and Fees
- Data Agreement: Not explicitly linked; contact JPX.
- Fee Schedule: Requires direct inquiry.
21. Shanghai Stock Exchange (SSE)
Exchange Overview
The SSE is one of China’s two major exchanges, focusing on A-shares and B-shares.
Feed Details
- Provides real-time data for SSE-listed securities.
- Key for China-focused investors.
Agreements and Fees
- Data Agreement: Not provided; contact SSE.
- Fee Schedule: Requires direct inquiry.
22. Shenzhen Stock Exchange (SZSE)
Exchange Overview
The SZSE complements the SSE, listing many tech and growth companies in China.
Feed Details
- Delivers real-time market data for SZSE securities.
- Essential for tracking Chinese growth stocks.
Agreements and Fees
- Data Agreement: Not provided; contact SZSE.
- Fee Schedule: Requires direct inquiry.
23. New Zealand Stock Exchange (NZX)
Exchange Overview
The NZX is New Zealand’s primary securities exchange, listing equities and agricultural derivatives.
Feed Details
- Offers real-time quotes and trades for NZX securities.
- Supports Australasian market analysis.
Agreements and Fees
- Data Agreement: Not provided; contact NZX.
- Fee Schedule: Requires direct inquiry.
24. Singapore Stock Exchange (SGX)
Exchange Overview
The SGX is a leading exchange in Southeast Asia, known for equities and derivatives.
Feed Details
- Provides real-time data for SGX-listed securities.
- Key for regional investment.
Agreements and Fees
- Data Agreement: Not provided; contact SGX.
- Fee Schedule: Requires direct inquiry.
25. BSE India
Exchange Overview
The Bombay Stock Exchange (BSE) is India’s oldest stock exchange, listing thousands of companies.
Feed Details
- Offers real-time quotes and trades for BSE securities.
- Vital for Indian market participants.
Agreements and Fees
- Data Agreement: Not provided; contact BSE.
- Fee Schedule: Requires direct inquiry.
26. NSE India
Exchange Overview
The National Stock Exchange (NSE) is India’s largest exchange by trading volume.
Feed Details
- Provides real-time data for NSE-listed securities.
- Complements BSE data for comprehensive coverage.
Agreements and Fees
- Data Agreement: Not provided; contact NSE.
- Fee Schedule: Requires direct inquiry.
27. SIX Swiss Exchange
Exchange Overview
SIX Swiss Exchange is Switzerland’s primary stock exchange, known for blue-chip listings.
Feed Details
- Delivers real-time market data for Swiss securities.
- Essential for European portfolios.
Agreements and Fees
- Data Agreement: Not provided; contact SIX.
- Fee Schedule: Requires direct inquiry.
28. Taiwan Stock Exchange (TWSE)
Exchange Overview
The TWSE is Taiwan’s main exchange, listing major tech companies.
Feed Details
- Offers real-time quotes and trades for TWSE securities.
- Key for tech-focused investors.
Agreements and Fees
- Data Agreement: Not provided; contact TWSE.
- Fee Schedule: Requires direct inquiry.
29. Johannesburg Stock Exchange (JSE)
Exchange Overview
The JSE is Africa’s largest stock exchange, based in South Africa.
Feed Details
- Provides real-time data for JSE-listed securities.
- Crucial for African market exposure.
Agreements and Fees
- Data Agreement: Not provided; contact JSE.
- Fee Schedule: Requires direct inquiry.
Conclusion
Market data feeds are the lifeblood of modern trading, and understanding their costs and agreements is essential for market participants worldwide. From Nasdaq’s cost-effective Basic feed to the JSE’s African market insights, each exchange offers unique value. While some provide detailed public documentation (e.g., Nasdaq, NYSE, LSE), others require direct inquiries, reflecting the diverse approaches to data dissemination globally. As of March 28, 2025, these feeds remain critical tools for navigating the ever-evolving financial landscape.