Nasdaq BX Revises SQF Port Prices to Aid Options Market Makers
Published Date: 9/10/2025
Notice
Summary
Nasdaq BX is updating the prices for its Specialized Quote Feed (SQF) and SQF Purge Port services used by Market Makers to send and receive options trading info. This change affects Market Makers who use these ports and takes effect immediately, possibly changing their costs. The update aims to keep things fair and clear for everyone trading options on Nasdaq BX.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Higher SQF and Purge Port Fees
If you are a Market Maker using Nasdaq BX Specialized Quote Feed (SQF) or SQF Purge Ports, the monthly charges change to a tiered schedule effective January 1, 2026: ports 1–5 cost $1,620 per port per month, ports 6–20 cost $1,080 per port per month, and ports 21+ cost $540 per port per month. Previously the SQF Port fee was $550 per port per month and the SQF Purge Port fee was $540 per port per month, so many Market Makers will face higher monthly and annual costs under the new tiers.
Only One SQF Port Is Required
Nasdaq BX states that only Market Makers use SQF Ports and that a BX Market Maker requires only one SQF Port (and one SQF Purge Port) to submit quotes in its assigned options series and to meet its regulatory quoting obligations. This means a Market Maker can choose to operate with a single port and avoid buying multiple ports if it does not need them for business organization.
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