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Wednesday, May 28, 2025

Data Technical News #2025 - 19
Nasdaq Announces Cloud Migration Schedule for Last Sale and BBO Products for Fractional Shares

Markets Impacted:

Products Impacted:

  • NLS/NLS+ Cloud
  • BLS Cloud
  • PLS Cloud
  • Nasdaq Basic
  • BX BBO
  • PSX BBO

Contact Information:

What you need to know:

Nasdaq is migrating all Last Sale and BBO Product cloud customers to new topics in preparation for fractional share changes.

UPDATED: The migration period will now end on October 10, 2025.

Why is Nasdaq making this change?

The Nasdaq Equities Team is making changes to accommodate fractional share changes effective February 23, 2026 as announced by FINRA in March 2024. As a part of this change, Nasdaq is also doing a routine cleanup of messages to improve customer experience. Nasdaq realizes that technology migrations are a big commitment for its members, and we thank you in advance for your commitment and efforts.

What is changing?

All price, size, and volume fields will be changing to datatype “double” Nasdaq is also aligning all Last Sale Products (NLS/NLS+, BLS, PLS, Bruce) to one message structure and one specification document. Please note additional schema changes have been made as of 8/25 to allow null values for Bruce. All BBO (Basic, BX BBO, and PSX BBO) and will also use one specification document.

Please see changes below:

Last Sale Feeds/NLS+:

  • Renamed message namespace
  • Removed Long and NextShares messages
  • Renamed messages
    • Operational Halt Message
    • Trading Action Message
    • Trade Cancel Message
    • Trade Correction Message
    • IPO Quoting Message
    • MWCB Message
    • MWCB Status Message
    • Reg SHO Message
  • Changed “Long” and “Integer” datatype fields which had implied decimals to type “double”
  • Message type values changed for messages:
    • IPO Message
    • EOD Trade Summary Message
    • Trade Cancel Message
    • Trade Correction Message
    • Trade Report Message
  • Renamed fields
  • Added TRF “timestamp2” as Client Timestamp

BBO:

  • Renamed message namespace
  • Removed NextShares messages
  • Renamed messages
    • Operational Halt Message
    • Trading Action Message
  • Changed “Long” and “Integer” datatype fields which had implied decimals to type “double”
  • Renamed fields

Where can I find the new topics for Nasdaq Last Sale/Last Sale+ and BBO Feeds?

Please see below for Feeds and Topic Names:

Nasdaq Last Sale/Last Sale+

Feed Topic Name Timing
NLS+ NLSPLUS-UTP-V4 Realtime
NLS+ NLSPLUS-CTA-V4 Realtime
NLS+ NLSPLUS-CTA-V4-DELAYED Delayed
NLS+ NLSPLUS-UTP-V4-DELAYED Delayed
BX Last Sale LSBX-V4 Realtime
PSX Last Sale LSPSX-V4 Realtime

Nasdaq Best Bid and Offer (BBO)

Feed Topic Name Timing
BBO Core QBBO-A-CORE-V2 Realtime
BBO Core QBBO-B-CORE-V2 Realtime
BBO Core QBBO-C-CORE-V2 Realtime
BBO Core QBBO-A-CORE-V2-DELAYED Delayed
BBO Core QBBO-B-CORE-V2-DELAYED Delayed
BBO Core QBBO-C-CORE-V2-DELAYED Delayed
BX BBO QBBO-A-BX-V2 Realtime
BX BBO QBBO-B-BX-V2 Realtime
BX BBO QBBO-C-BX-V2 Realtime
PSX BBO QBBO-A-PSX-V2 Realtime
PSX BBO QBBO-B-PSX-V2 Realtime
PSX BBO QBBO-C-PSX-V2 Realtime

Where can I find the updated Technical Specifications

Please see the updated specifications for Last Sale and BBO cloud products below:

Updated as of 08/25/2025:

Updated specifications for Last Sale products and Best Bid & Offer products can also be found on Nasdaq.com under North American Market Data Specifications.

Testing, Connectivity and Migration Plan

Customers will be able to connect to the new topics starting June 9, 2025.

The migration will run parallel with old topics until October 10, 2025. Customers may choose to migrate from the existing topics to the new topics at any point between this period.

Access to existing topics will be removed for all Last Sale and BBO cloud customers on October 10, 2025.

Will the feeds for NLS/NLS+/BBO offered from our data centers (NY4 and NY11) also be updated?

Yes, changes will be made to feeds out of our data centers to accommodate fractional share changes in the coming months. There will be a second migration that will be announced via a separate DTN.

Who should I reach out to for more information?

Please reach out to the Nasdaq Data Client Success team for more information.


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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