Nasdaq PHLX Rolls Out New Port Fees After Upgrade
Published Date: 12/29/2025
Notice
Summary
Nasdaq PHLX is updating its port fees for options trading starting January 1, 2026, right after a big tech upgrade on December 8, 2025. This change affects traders and firms using the Exchange’s systems, adjusting how much they pay to connect. The new fees kick in immediately, so everyone should get ready for the updated costs and rules.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
FIX Port Fees Start January 1, 2026
As of January 1, 2026, Nasdaq PHLX will assess a FIX Port Fee based on each mnemonic associated with new and legacy FIX Ports. Legacy FIX Ports remain functional and will not be sunset until February 27, 2026; members may return legacy FIX Ports in December 2025 to avoid any fees or return them any time prior to February 27, 2026.
OTTO and FIX Drop Monthly Fees
Nasdaq PHLX began assessing OTTO Port Fees and FIX Drop Port Fees on November 1, 2025. The OTTO Port fee is $400 per port per month per mnemonic with a $4,000 monthly cap, and the FIX Drop Fee is $500 per port per month per account number.
SQF and CTI Ports Sunsetting Early
Nasdaq PHLX will sunset legacy SQF Ports, SQF Purge Ports, and CTI Ports earlier than planned — the sunset date moves from February 27, 2026 to January 1, 2026. The Exchange completed its migration on December 8, 2025 and says these legacy ports are no longer functional; members may return legacy SQF and CTI ports in December 2025 to avoid fees.
Free Duplicate Ports During Transition
During the Transition Period (November 1, 2025 through December 31, 2025) Nasdaq PHLX offered duplicate new SQF Ports, SQF Purge Ports, and CTI Ports at no cost so members could test and maintain connection while symbols migrated. These duplicate ports were provided at no charge to let members test the new environment and ensure continuous connection during rollout.
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