Trading Fees Rise: Nasdaq Updates SQF Port Charges
Published Date: 12/30/2025
Notice
Summary
Nasdaq GEMX is changing the fees for its Specialized Quote Feed (SQF) ports that Market Makers use to send and receive trading info. These fee updates start right away and could affect how much Market Makers pay to connect and manage their orders. If you’re a Market Maker using SQF, keep an eye on these new costs starting December 22, 2025!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
New per‑port monthly SQF fees
If you are a Market Maker using SQF ports, GEMX will assess ports at tiered monthly rates starting 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 charges apply to both SQF Ports and SQF Purge Ports and are billed monthly.
Volume‑based discounts up to 50%
GEMX will give monthly discounts on SQF Port and SQF Purge Port fees based on a Market Maker's percent of Total National Volume in the prior month: <0.10% = 0% discount; ≥0.10% and <0.25% = 10% discount; ≥0.25% and <0.40% = 30% discount; ≥0.40% = 50% discount. Discounts are calculated monthly using prior‑month volume.
How volume is counted for discounts
For discount calculations, GEMX will weight Market Maker Non‑Penny Symbol volume five times the Penny Symbol volume and will exclude index options. The percent used to determine discounts is: (Penny volume + 5×Non‑Penny volume) divided by Market Maker Total National Volume, measured using prior‑month activity.
Only one SQF port required to meet obligations
GEMX notes that a Market Maker requires only one SQF Port (and similarly one SQF Purge Port) to submit quotes and meet its regulatory quoting obligations, though Market Makers may choose multiple ports for business reasons. That means Market Makers could avoid paying for extra ports that are not required for compliance.
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