Real-time tracking of material updates, rule filings, fee changes, and operational milestones across the three major U.S. equity and options market data plans.
| Effective Date | Description | Type | Status | Ref |
|---|---|---|---|---|
| Apr 1, 2026 |
SIP Failover / MWCB Level 1/2 Test #1 Annual market-wide circuit breaker and SIP failover test. Participants must confirm connectivity readiness ahead of test window. Test conducted pre-market. |
Test Event | Upcoming | UTP-2026-04 |
| Apr 3, 2026 |
Introduction of New Contra Midpoint Only (CMO) Order Type Nasdaq introduces CMO order type to NASDAQ OMX. Market data feed handlers may need to update order type processing logic. |
Milestone | Upcoming | ETU2026-1 |
| Jun 30, 2026 |
Retirement of NFN CTCI Inbound Protocol Nasdaq will retire the NFN CTCI inbound protocol. Firms still using this legacy interface must migrate prior to this date. No extensions expected. |
Milestone | Active | NAS-C40513 |
| Jul 22, 2026 |
SIP Failover / MWCB Level 1/2 Test #2 Second scheduled annual MWCB and SIP failover test. Date subject to confirmation by UTP Operating Committee. |
Test Event | Upcoming | UTP-2026-07 |
| Effective Date | Description | Type | Status | Ref |
|---|---|---|---|---|
| Jan 30, 2026 |
NFN CTCI Protocol — Withdrawal Notice Published Nasdaq published formal withdrawal notice for NFN CTCI. Jun 30 hard deadline confirmed. No further extensions. |
Milestone | Completed | NAS-C38298 |
| Jan 21, 2026 |
FINRA ADF — New ADF Participant in CTS and CQS (Participant ID D) — Industry Test #1 First industry test for new ADF quoting participant. Test confirmed successful. Production launch targeted for March 27. |
Test Event | Completed | UTP2026-2 |
| Effective Date | Description | Type | Status | Ref |
|---|---|---|---|---|
| Apr 1, 2026 |
SIP Failover / MWCB Level 1/2 Test #1 Coordinated with UTP Plan. NYSE SIP failover test and MWCB Level 1 and Level 2 circuit breaker test. Vendor and subscriber participation required. |
Test Event | Upcoming | CTA-2026-04 |
| Mar 27, 2026 |
FINRA ADF — New ADF Quoting Participant Production Launch (Participant ID D) Following completion of UATs on Jan 21, Feb 25, Mar 11, and Mar 25, new ADF participant goes live in CTS and CQS production. Feed handlers must be updated to process new Participant ID D. |
Milestone | Active | CTA-C41295 |
| Jul 22, 2026 |
SIP Failover / MWCB Level 1/2 Test #2 Second annual MWCB and SIP failover test for CTA Plan participants. Date subject to confirmation. |
Test Event | Upcoming | CTA-2026-07 |
| Sep 9, 2026 |
MWCB Level 1/2/3 Full Circuit Breaker Test Annual full MWCB test including Level 3 (market halt). All data vendors and subscribers must participate. Specific test window TBD by CTA Operating Committee. |
Test Event | Upcoming | CTA-2026-09 |
| Dec 3, 2026 |
SIP Failover / MWCB Level 1/2 Test #3 Third and final annual MWCB and SIP failover test. Closes out 2026 annual testing schedule. |
Test Event | Upcoming | CTA-2026-12 |
| Effective Date | Description | Type | Status | Ref |
|---|---|---|---|---|
| Q3 2026 ~Aug 2026 |
Expansion of OPRA Data Dissemination: 48-Line → 96-Line Multicast Network OPRA is doubling its multicast line capacity from 48 to 96 lines to accommodate continued options market volume growth. Subscribers must provision additional network connections and update feed handler configurations. This is the single most impactful OPRA infrastructure change in recent years. Capacity planning and procurement should begin immediately. |
Infrastructure | Active — Plan Now | OPRA-C40912 |
| Mar 27, 2026 |
48-Line Expansion Notice — Updated Subscriber Guidance Published OPRA published updated technical specifications for the 96-line expansion. Connectivity providers and co-location customers should review bandwidth and switch port requirements. Previous 48-line notice (C40164) is withdrawn and superseded. |
Milestone | Superseded | OPRA-C40164 |
| TBD 2026 |
OPRA Fee Schedule Review — Annual Update OPRA Operating Committee conducting annual fee schedule review. Changes to subscriber and vendor fees expected to be announced Q2 2026 with an effective date of Q3/Q4 2026. Watch for SEC filing. |
Fee Change | Pending | OPRA-FEE-2026 |