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🚨 HUGE MARKET DATA SHAKEUP! 🚨

BATTLE OF THE FEEDS: MAJOR CHANGES ON THE HORIZON!

Ready or not, the market data landscape is transforming! While the current offerings are sticking around, get ready for some jaw-dropping name changes and protocol spiffs that will send shockwaves through the industry!

🔥 NEW NAMES that REDEFINE the GAME!

🔹 PHLX Top Quote Feed is going under the knife! Get ready for the brand-spankin’ new Options Top of Market Feed! This isn’t just a name change—it’s a revamped powerhouse designed to deliver Best Bid and Offer info straight to your screens, NOW with updated message formats to sync with ISE, MRX, and GEMX!

🔹 PHLX Depth of Market Feed is stepping up as the Options Depth of Market Feed! This isn’t just a cosmetic facelift; it’s a full-throttle upgrade, featuring FULL DEPTH with order-by-order messages! Time to take control—firms will now resurrect the order book from the ashes of yesteryear!

🔹 Next up, the PHLX Orders Feed transforms into the Options Orders Feed! Expect a lightning-fast snapshot of orders sitting on the order book—with auction notifications to boot! Buckle up for updated message formats that will electrify your trading experience!

▶️ But wait! There’s MORE! 🎉 Introducing the Game-Changing Options Trade Feed and Options Spread Feed—pending SEC approval, of course! Expect last trade info, volume stats, and updates on complex order activity, all in a thrilling new light!

💸 NEW FEES to WATCH OUT FOR!

If you think these changes come free, think again! Brace yourselves for new fees! Here’s the lowdown:

• Nasdaq Options Trades Feed – Just $1,000/month!
• Nasdaq Options Spread Feed – A cool $3,100/month!

But hold your horses! To sweeten the deal, these fees will be WAIVED through November and December 2025, just to grease the wheels for the migration madness coming your way!

🚀 TIME TO MAKE THE SWITCH!

Mark your calendars, trading warriors! The IP addresses for these state-of-the-art feeds are changing, and anyone who doesn’t adapt will be left in the dust! New IP addresses will be posted, and firms must act fast to connect before the symbol migration starts on November 3, 2025!

📅 MIGRATION TIMELINE – DON’T MISS A BEAT!

Get ready for a whirlwind migration schedule! Here’s the unmissable lineup:

• May 5, 2025: Customer Test Environment Available
• July 28, 2025: Production Connectivity
• November 1, 2025: Final Confidence Test
• November 3, 2025: Symbol Migration KICKS OFF!
• December 8, 2025: Symbol Migration COMPLETED!

❗️ WHY THIS MATTERS?

These changes are NOT just cosmetic but are part of a HUGE effort to transform and harmonize exchange tech! 🌍 Expect BETTER messaging, EASIER maintenance, & a future-proof system that puts you in the driver’s seat!

⚠️ IS YOUR BANDWIDTH READY?

Heads up! Prepare for an EXPANSION in messaging expectations across PHLX products! Projected bandwidth rates are on the rise—don’t say we didn’t warn you!

❓ NEED HELP?

For any burning questions or to get connected, reach out to Nasdaq Data Client Success. More info at the PHLX Re-platform website—don’t get left behind in this high-stakes market drama!

Get in the game NOW! The clock is ticking! 🕒💥