No Charge for Tech Dry Runs: Nasdaq Eases Port Fees
Published Date: 7/11/2025
Notice
Summary
Nasdaq PHLX is changing its rules to stop charging fees for special test ports used before new tech goes live. This means traders testing their connections won’t pay port fees during the testing phase. The change is effective immediately, helping everyone prepare for tech upgrades without extra costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Waiver of Pre-Production Port Fees
If you are a Nasdaq PHLX member or member organization acquiring pre-production ports in anticipation of the Exchange's technology migration, the Exchange will not assess Port Fees for those pre-production ports. This rule was filed on July 2, 2025 and is effective immediately, so members can use test ports for user acceptance testing and final confidence tests without paying port fees during the testing phase.
Ports Become Chargeable After November 2025
Pre-production ports will become production ports only after Nasdaq PHLX begins its technology migration in November 2025, at which point those ports may be used to submit quotes and orders for execution and may be subject to fees. The Exchange said it will file a separate rule to explain how duplicate ports will be billed during production, when duplicate billing will end, and the date it intends to sunset legacy ports during the roughly 5-week rollout.
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Previous: 2025-12916 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
Starting July 1, 2025, MIAX PEARL is updating its fee schedule to charge industry members a new, lower fee for the Consolidated Audit Trail (CAT) costs. This fee, set at $0.000009 per executed share, will help cover half of the CAT expenses for the rest of 2025. Brokers will see their first bill in August 2025 based on July’s trades, so get ready for this mid-year change!
Next: 2025-12918 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
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