After saving the industry more than $400 million with Nasdaq Basic for U.S.-listed stocks, Nasdaq has now extended its market cost reduction services to Canadian-listed stocks through Nasdaq Basic Canada. The service combines Nasdaq CXC, CX2 and CXD data into a single market data product, providing investment advisors and clients with an accurate, lower-cost alternative to real-time Canadian equity data.
“Companies are often shocked to learn that Basic Canada saves an average of 60% on Tier 1 fees for Canadian titles, and even more when considering enterprise licensing options,” said Oliver Albers, Head of global data for Nasdaq Investment Intelligence. “We have transformed access to real-time data in the United States by providing an affordable alternative to Tier 1, and we are committed to performing the same data transformation in Canada.
Nasdaq Basic Canada covers all CSE, TSX and TSX Venture stocks. It’s also very accurate – on average for February, the Nasdaq Basic Canada was within $0.01 of last sale for all stocks listed on the CSE, TSX and TSX-V.
Nasdaq Basic Canada is currently accessible through many trusted data providers, including FactSet, Iress, Options, QuoteMedia, and Refinitiv, and is also available through direct connection or our cloud APIs on Nasdaq Data Link. Flexible delivery options allow wealth management firms to seamlessly integrate the Nasdaq Basic Canada Level 1 offering into their existing platforms.
“Many of our clients around the world own and follow Canadian investments, and Nasdaq Basic Canada will give them a choice that provides the right value for what they’re trying to accomplish,” said Goran Skoko, Head of Research. and consulting solutions at FactSet.
Based on customer feedback, Nasdaq recently launched two new business licenses for Nasdaq Basic Canada, which are suitable for wealth and investment advisors, retail brokers, banks and investment dealers. New options include the first professional enterprise solution in the Canadian market and an option for extended use by non-commercial accounts, as well as Tier 2 depth on retail platforms. Both enterprise licenses offer a fixed price with flexible terms, minimal impact on administrative teams, reduced costs and, above all, unlimited distribution – ideal for cost planning in a fluctuating market.
According to Capgemini’s 2022 Top Trends in Wealth Management report, wealth management firms are exploring synergies with retail banks to present themselves as a one-stop-shop that meets a full range of clients’ financial services needs. Since many Canadian businesses have both wealth management and retail services, providing real-time data through Nasdaq Basic Canada demonstrates a commitment to democratizing data access for all. of the investor spectrum.
Another trend likely to affect Canadian businesses in 2022 is the expansion of commission-free trading. Based on the increased adoption of Nasdaq Basic in the United States as no-fee trading has taken off, Nasdaq is committed to providing the same partnership to Canadian businesses to help them navigate this changing landscape by offering an opportunity to reduce costs while expanding the use of real-time data.
For more information on Nasdaq Basic Canada, visit our solutions page.