ISE Limits Quote Ports: Fairer Trading Rules Apply
Published Date: 8/1/2025
Notice
Summary
Nasdaq ISE is setting a monthly limit on how many Specialized Quote Feed (SQF) ports Market Makers can use. This change helps manage system resources and keeps trading smooth without extra costs. Market Makers should note this new rule starts right away and could affect how they connect to the exchange.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
SQF Port Fee: $1,185 Monthly, Not Prorated
ISE charges an SQF Port Fee of $1,185 per port, per month for Market Makers, and the Exchange does not prorate SQF Port Fees. The Exchange requested the August 1, 2025 implementation so the 250-port limit is in place at the beginning of the month to manage billing.
Market Makers Limited to 250 SQF Ports
If you are an ISE Market Maker, the Exchange will limit how many Specialized Quote Feed (SQF) ports you may subscribe to to no more than 250 SQF Ports per month. The rule is set to be implemented on August 1, 2025, and the Commission waived the usual 30‑day delay so the limit is effective immediately for the August billing cycle.
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