Nasdaq MRX Rolls Out Faster Market Data Gadget
Published Date: 5/19/2025
Notice
Summary
Nasdaq MRX is rolling out a cool new option for traders: FPGA technology to deliver their Depth of Market data feed faster and smarter. This upgrade affects anyone using Nasdaq MRX market data and aims to speed up trading info without extra cost changes right now. The new option is effective immediately, so traders can start enjoying quicker data delivery ASAP!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Optional FPGA Delivery for MRX Depth Feed
Nasdaq MRX will offer field-programmable gate array (FPGA) technology as an optional delivery method for its Depth of Market Feed. The Exchange intends to make the FPGA option available on June 1, 2025, and customers can choose whether to use it.
Same Data Content With Or Without FPGA
If you buy the MRX Depth of Market Feed without the FPGA option, you will receive the same data content as customers who buy the feed with the FPGA option. The Exchange states customers choosing non-FPGA service get identical depth and last-sale information.
Fee Schedule Will Be Filed Separately
The Exchange will submit a proposed fee schedule for the MRX FPGA service in a separate filing; no fees are specified in this notice. Because fees will be proposed later, costs for choosing the FPGA option are not determined in this filing.
FPGA Raises Determinism, Not Guaranteed Latency Drop
The Exchange says FPGA technology increases determinism (reduces 'jitter') so data delivery is more predictable, especially during peak activity, but it does not guarantee lower latency at all times. Whether FPGA gives lower latency depends on the customer's systems and use case.
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