Nasdaq Jacks Up Fee for Pro Trader Monitoring Tool
Published Date: 9/4/2025
Notice
Summary
Nasdaq is adding a new fee for its WorkX PRO Monitor Full Version starting September 8, 2025. This change affects traders and firms using Nasdaq’s platform who want the full version’s advanced features. It’s a fresh update to Nasdaq’s fee schedule, so users should get ready to budget for this new cost.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New $400 Monthly WorkX PRO Fee
Nasdaq will charge a new monthly subscription fee of $400 per logon per month for the WorkX PRO Monitor Full Version starting September 8, 2025. The fee is charged monthly, subscribers may add or cancel at any time, and the fee will be prorated if added or removed intramonth.
Flat $400 Fee Covers All MPID Users
The WorkX PRO Monitor Full Version is priced as a flat $400 per month that covers an unlimited number of MPID users and the Exchange is not imposing a per-member fee cap for this product. This fee structure is effective September 8, 2025.
Automated POR Workflow and Support
WorkX PRO Monitor automates the price override request (POR) process by letting firms submit and track PORs electronically and provides real-time reject details to FINRA Operations, removing the need to email or call FINRA or Nasdaq MarketWatch for POR handling. These automation features are part of the Full Version offering available September 8, 2025.
Lite Version and MarketWatch Remain Free
Nasdaq will continue to offer a WorkX PRO Monitor Lite Version at no additional cost, and market participants not subscribed to WorkX can have rejected trade reports resubmitted at no cost through Nasdaq MarketWatch. These no-cost options remain available after the Full Version fee takes effect on September 8, 2025.
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