Nasdaq Caps Quote Ports: Traders, Watch Your Connections
Published Date: 8/1/2025
Notice
Summary
Nasdaq PHLX 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 who send lots of quotes and orders. The new rule kicks in right away and could affect trading costs and strategies starting this month.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
SQF Port Fee and Billing Rules
Nasdaq PHLX assesses an SQF Port Fee of $1,375 per port per month, with a monthly fee cap of $46,200 for active ports. The Exchange does not prorate SQF Port Fees, and the Exchange notes it does not charge incremental port fees once a member exceeds the monthly fee cap.
250-Port Monthly Limit for Market Makers
If you are a Nasdaq PHLX Market Maker, you may subscribe to no more than 250 Specialized Quote Feed (SQF) Ports in a month starting August 15, 2025. The 250-port limit applies regardless of whether the SQF Ports are active.
250 Fusion-Port Limit for Migration
If you are acquiring new SQF Ports in anticipation of the November 2025 technology migration ("Fusion Ports"), Nasdaq PHLX limits you to 250 Fusion SQF Ports per month. This separate 250-port cap for Fusion Ports is subject to the same August 15, 2025 implementation timing.
One SQF Port Is Sufficient To Quote
A Phlx Market Maker requires only one SQF Port to submit quotes in its assigned options series and to satisfy its regulatory quoting obligations. Market Makers may still choose to obtain multiple SQF Ports for business, accounting, performance measurement, or regulatory reasons.
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