Nasdaq (NDAQ) is currently experiencing network issues; says clients may intermittently encounter missing market data

Exchange-side data disruptions of this kind follow a fairly standard sequence: initial reports of missing or intermittent feeds, a formal exchange notice acknowledging a systems issue, then either a resolution advisory or escalation to a halt in affected symbols. Past episodes of this kind have tended to be resolved within the session, though the distinction that matters operationally is whether the problem sits in the proprietary feed, in the consolidated tape, or in matching engines themselves, since the first degrades visibility while the latter two can force regulatory trading pauses. Intermittent missing data, as described here, sits at the lower end of that severity ladder, but it can still impair algos dependent on continuous top-of-book and push flow toward unaffected venues. Worth watching is whether Nasdaq issues follow-up notices naming a root cause and affected feeds, whether any self-help declarations or trade-through exemptions appear, and whether volumes migrate to rival exchanges for the duration. For NDAQ itself, prior outages at major venues have drawn regulatory scrutiny and reputational cost but limited lasting franchise damage, with the financial read-through depending on duration and whether the incident touches its high-margin data business rather than transaction fees.