Nasdaq PHLX Rolls Out New Trading Port and Fees
Published Date: 2/3/2025
Notice
Summary
Nasdaq PHLX is rolling out a new FIX Drop Port, a tech tool that helps traders connect faster and smoother. This change affects anyone using Nasdaq PHLX’s trading systems and comes with new fees starting immediately. It matches similar setups on other Nasdaq exchanges, making life easier for traders and their tech teams.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New FIX Drop Port Offered
Nasdaq PHLX is adopting a new FIX Drop Port, a connection method for traders to link to PHLX's trading systems. The change was filed on January 15, 2025 and is part of a proposed rule change now published in the Federal Register.
Related Fees Proposed; Immediate Effect
The proposed rule change includes related fees for the new FIX Drop Port and the Exchange designated the proposal for immediate effectiveness when it was filed on January 15, 2025. Interested persons may submit comments on the filing through February 24, 2025.
Alignment With Other Nasdaq Exchanges
The new FIX Drop Port on PHLX is identical to the FIX Drop Port already used by Nasdaq BX, NOM, ISE, GEMX, and MRX. This makes PHLX's connectivity consistent with those other Nasdaq options platforms.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12260 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules Related to Market Makers
The Long-Term Stock Exchange (LTSE) wants to update its rules for Market Makers—those who help keep trading smooth and steady. They’re adding clear definitions, setting up a new registration system, and creating fresh responsibilities for Market Makers and their traders. These changes aim to make trading fairer and more organized, with no big cost changes expected, and they’re open for public comments now.
Previous / Next Documents
Previous: 2025-02076 — Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Completing Form 7203
The IRS wants your thoughts on keeping Form 7203, which helps S Corporation shareholders track their stock and debt limits. This form affects business owners who need to report their investments correctly. The IRS is asking for comments now to make sure the form isn’t too tricky or time-consuming before they decide to keep it around.
Next: 2025-02078 — New England Hydropower Company, LLC; Notice of Preliminary Permit Application Accepted for Filing and Soliciting Comments, Motions To Intervene, and Competing Applications
New England Hydropower Company wants to study building a small hydroelectric project at Manville Dam in Rhode Island. If approved, they get first dibs to apply for a full license but can’t start construction yet. People have 60 days to share their thoughts or compete for the project, which could generate clean energy and power about 3,952 homes a year.