Nasdaq Caps Quote Ports: Traders, Watch Your Connections
Published Date: 8/1/2025
Notice
Summary
Nasdaq PHLX is setting a monthly limit on how many Specialized Quote Feed (SQF) ports Market Makers can use. This change helps keep things fair and organized for traders who send lots of quotes and orders. The new rule kicks in right away and could affect trading costs and strategies starting this month.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
SQF Port Fee and Billing Rules
Nasdaq PHLX assesses an SQF Port Fee of $1,375 per port per month, with a monthly fee cap of $46,200 for active ports. The Exchange does not prorate SQF Port Fees, and the Exchange notes it does not charge incremental port fees once a member exceeds the monthly fee cap.
250-Port Monthly Limit for Market Makers
If you are a Nasdaq PHLX Market Maker, you may subscribe to no more than 250 Specialized Quote Feed (SQF) Ports in a month starting August 15, 2025. The 250-port limit applies regardless of whether the SQF Ports are active.
250 Fusion-Port Limit for Migration
If you are acquiring new SQF Ports in anticipation of the November 2025 technology migration ("Fusion Ports"), Nasdaq PHLX limits you to 250 Fusion SQF Ports per month. This separate 250-port cap for Fusion Ports is subject to the same August 15, 2025 implementation timing.
One SQF Port Is Sufficient To Quote
A Phlx Market Maker requires only one SQF Port to submit quotes in its assigned options series and to satisfy its regulatory quoting obligations. Market Makers may still choose to obtain multiple SQF Ports for business, accounting, performance measurement, or regulatory reasons.
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.
2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!
Previous / Next Documents
Previous: 2025-14561 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Amend the iShares Ethereum Trust To Permit Staking of Ether Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
Nasdaq wants to update the iShares Ethereum Trust so it can earn extra rewards by staking the Ether it holds. This change affects investors in the Trust, letting their shares potentially grow more thanks to staking benefits. The proposal was filed in July 2025 and is now open for public comments before any final decision.
Next: 2025-14563 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to SQF Port Fees
Nasdaq is setting a monthly limit on how many Specialized Quote Feed (SQF) ports Market Makers can use. This change helps keep things fair and organized for traders using these special connections. The new rule kicks in right away and could affect how much Market Makers pay for their port access.