Nasdaq Updates Fees for Fast Trading Quote Feeds Now
Published Date: 12/30/2025
Notice
Summary
Nasdaq MRX is changing the fees for its Specialized Quote Feed (SQF) ports that market makers use to send and receive trading info. These fee updates take effect immediately and could impact how much market makers pay to connect and purge data. If you’re a market maker using SQF, keep an eye on these new costs starting now!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New SQF Port Tiered Pricing
If you are a Market Maker using Nasdaq MRX's SQF ports, MRX set per-port monthly prices 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 and above cost $540 per port per month. These prices apply to both SQF Ports and SQF Purge Ports.
Volume-Based Discounts For Ports
MRX will offer discounts on SQF Port and SQF Purge Port fees based on a Market Maker's percentage of Total National Volume in the prior month: less than 0.10% = 0% discount; ≥0.10% and <0.25% = 10% discount; ≥0.25% and <0.40% = 30% discount; and ≥0.40% = 50% discount. The percentage is calculated by taking Market Maker Penny Symbol volume plus five times Market Maker Non-Penny Symbol volume (index options excluded) and dividing by Market Maker volume in multiply listed options across all options exchanges (Total National Volume).
How Port Tiers Are Calculated
MRX will aggregate SQF Port and SQF Purge Port counts when determining which incremental tier applies and will place the tier qualifications into one combined table; MRX intends to calculate SQF Ports and SQF Purge Ports on January 1, 2026 identical to NOM. This changes how your port counts are totaled for tier pricing.
Only One SQF Port Required
MRX states that an MRX Market Maker requires only one SQF Port (and one SQF Purge Port) to submit quotes and satisfy regulatory quoting obligations, so Market Makers may choose to operate with a single port rather than multiple ports. This may affect how many ports you decide to subscribe to and thus your monthly port fees.
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