Nasdaq Limits Trading Ports: Market Makers Face New Caps
Published Date: 8/1/2025
Notice
Summary
Nasdaq BX is setting a monthly limit on how many Specialized Quote Feed (SQF) ports Market Makers can use. This change helps keep things fair and organized for traders using these special connections. The new rule kicks in right away and could affect how Market Makers manage their trading tools and costs.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
SQF Port Fee: $550/month, No Proration
Nasdaq BX charges an SQF Port Fee of $550 per port, per month, and the Exchange does not prorate SQF Port Fees. The Exchange requested the August 1, 2025 effective date so the 250-port limit would be in place at the beginning of the month to manage billing.
250 SQF Port Monthly Cap
If you are a Nasdaq BX Market Maker, the Exchange is limiting you to no more than 250 Specialized Quote Feed (SQF) Ports per month starting August 1, 2025. The rule applies uniformly to Market Makers and was announced via an Options Technical Alert.
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