Nasdaq ISE Charges Up Fees for Speedy FPGA Market Tech
Published Date: 9/30/2025
Notice
Summary
Nasdaq ISE is rolling out a new fee schedule for buying special FPGA technology that helps deliver real-time market data faster and clearer. This change affects traders and firms using the ISE Depth of Market Feed, giving them a new optional way to get data starting immediately. Expect some new costs if you want this high-speed tech, but it’s all about boosting your trading game!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New Monthly FPGA Fees Announced
If your trading firm wants the ISE FPGA delivery for the ISE Real-time Depth of Market Feed, Nasdaq ISE proposes fees of $12,500 per month per distributor for internal-only use, $1,000 per month per distributor for external-only use, and $13,500 per month for both internal and external use. These FPGA fees are charged in addition to any existing fees for the Depth of Market Feed and are available starting when the rule was filed on September 22, 2025.
ISE Internal Fee Slightly Higher Than NOM
ISE proposes an internal-distribution FPGA fee of $12,500/month per distributor, which is higher than the Nasdaq Options Market (NOM) internal fee of $10,530/month; the external-only fee is the same at $1,000/month. The filing explains the higher ISE internal fee reflects ISE's larger market share (6.9% vs. NOM's 5.3%).
FPGA Service Is Optional; No Fee If Not Used
You do not have to buy the ISE FPGA service to get the Depth of Market Feed; customers who elect to receive the feed without FPGA pay no additional FPGA fee. The ISE filing states the FPGA service is optional for all customer categories.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in