Nasdaq PHLX Quietly Bumps Up Pro Trader Fees
Published Date: 12/22/2025
Notice
Summary
Nasdaq PHLX is raising fees for professional users who subscribe to Top of PHLX Options and PHLX Orders to keep up with inflation. This change affects traders and firms using these data services and takes effect immediately. Expect a small bump in costs starting December 2025 to keep the data fresh and fair-priced!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Market‑data professional fees rise 12.8%
If you are a professional subscriber to Nasdaq PHLX market data, the monthly fee that is now $40 will increase to $42.30 in 2025, $44.10 in 2026, and $45.10 in 2027. This change applies to Top of PHLX Options (TOPO), TOPO Plus Orders, and PHLX Orders; the Exchange says the overall increase is 12.8% and the $40 fee has not changed since January 1, 2013.
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