Nasdaq Quietly Updates SQF Port Pricing for Traders
Published Date: 12/30/2025
Notice
Summary
Nasdaq ISE is changing the fees for its Specialized Quote Feed (SQF) ports, which help traders send and receive important market info. This update affects Lead Market Makers and Streaming Quote Traders who use these ports, and the new fees take effect right away. If you use SQF ports, expect a fresh pricing setup starting December 16, 2025.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Tiered SQF Port Fee Discounts
If you are a Market Maker on ISE, the current SQF port fee of $1,185 per port per month can be reduced based on your share of Total National Volume in the prior month. Discounts are: less than 0.10% = 0%; 0.10% to less than 0.25% = 10%; 0.25% to less than 0.40% = 30%; and 0.40% or greater = 50%. The rule filing was made December 16, 2025, and the amendments become operative January 1, 2026.
Qualification Calculation and Index Exclusion
Eligibility for the SQF port fee discount is calculated each month by adding Market Maker Penny Symbol volume to five times Market Maker Non-Penny Symbol volume (Non-Penny volume is weighted 5x), then dividing that sum by Total National Volume. Index options are excluded from the calculation, and only Market Makers may utilize SQF ports and receive these discounts.
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