Nasdaq MRX Rolls Out Faster Market Data Gadget
Published Date: 5/19/2025
Notice
Summary
Nasdaq MRX is rolling out a cool new option for traders: FPGA technology to deliver their Depth of Market data feed faster and smarter. This upgrade affects anyone using Nasdaq MRX market data and aims to speed up trading info without extra cost changes right now. The new option is effective immediately, so traders can start enjoying quicker data delivery ASAP!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Optional FPGA Delivery for MRX Depth Feed
Nasdaq MRX will offer field-programmable gate array (FPGA) technology as an optional delivery method for its Depth of Market Feed. The Exchange intends to make the FPGA option available on June 1, 2025, and customers can choose whether to use it.
Same Data Content With Or Without FPGA
If you buy the MRX Depth of Market Feed without the FPGA option, you will receive the same data content as customers who buy the feed with the FPGA option. The Exchange states customers choosing non-FPGA service get identical depth and last-sale information.
Fee Schedule Will Be Filed Separately
The Exchange will submit a proposed fee schedule for the MRX FPGA service in a separate filing; no fees are specified in this notice. Because fees will be proposed later, costs for choosing the FPGA option are not determined in this filing.
FPGA Raises Determinism, Not Guaranteed Latency Drop
The Exchange says FPGA technology increases determinism (reduces 'jitter') so data delivery is more predictable, especially during peak activity, but it does not guarantee lower latency at all times. Whether FPGA gives lower latency depends on the customer's systems and use case.
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
2026-10373 — 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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-08850 — Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Offer FPGA Technology as an Optional Delivery Mechanism for the Nasdaq GEMX Depth of Market Data Feed
Nasdaq GEMX is rolling out a cool new option for traders: FPGA technology to deliver their Depth of Market data feed faster and more efficiently. This upgrade affects anyone using GEMX market data and kicks in right away, helping traders get info quicker without extra cost changes. It’s a smart move to keep GEMX users ahead in the fast-paced trading game!
Next: 2025-08852 — Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rule 7.35 and Amend Rule 7.31
NYSE Texas is rolling out a new Rule 7.35 to make auctions smoother and updating Rule 7.31 to add cool new order types like Imbalance Offset Orders and Q Orders. These changes affect traders and market makers by improving how trades happen, especially for certain Exchange Traded Products. The new rules kicked in right away on May 9, 2025, aiming to boost trading efficiency without extra costs.