New Limits on Trading Ports: Nasdaq Fees Get Stricter
Published Date: 8/1/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
SQF Port Fee Schedule & Non‑Proration
Nasdaq charges SQF port fees of $1,620 per port per month for ports 1-5, $1,080 per port per month for ports 6-20, and $540 per port per month for ports 21 and above. The Exchange does not prorate SQF Port Fees.
250 SQF Port Monthly Limit
If you are a Nasdaq Options Market Maker, you may subscribe to no more than 250 Specialized Quote Feed (SQF) ports in a month. The Exchange announced this 250-port limit and proposes to implement it on August 1, 2025.
Immediate Operative Effect and Billing Timing
The Commission waived the usual 30-day operative delay and designated the proposed rule change operative upon filing, and the Exchange will implement the 250 SQF port limit on August 1, 2025. Nasdaq stated it does not prorate SQF Port Fees and requested the limit be in place at the beginning of the month to manage participant billing.
QUO Ports Left Unchanged
Nasdaq is not limiting the number of QUO (Quote Using Orders) ports at this time. Market Makers may continue to subscribe to QUO ports without a monthly numerical limit under this filing.
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Key Dates
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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.
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