MRX Sets Port Caps: Streamlining Options Access
Published Date: 8/1/2025
Notice
Summary
Nasdaq MRX 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 connect to the exchange. The new rule is effective immediately, so Market Makers should plan their port usage carefully to avoid extra costs or disruptions.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
SQF Port Fee and Monthly Cap
MRX currently assesses an SQF Port Fee of $1,275 per port, per month, and the SQF Port and SQF Purge Port together are subject to a monthly cap of $17,850 for Market Makers. MRX does not prorate SQF Port Fees.
250 SQF Port Monthly Limit
Nasdaq MRX limits each Market Maker to no more than 250 Specialized Quote Feed (SQF) Ports per month. The limit is scheduled to be implemented on August 15, 2025.
Immediate Effectiveness and Billing Timing
The Commission waived the usual 30-day operative delay and the Exchange made the rule operative upon filing so the 250-port limit will be in place on August 15, 2025. MRX stated it does not prorate SQF Port Fees and requested the waiver so the limit is in place before September to manage billing.
One SQF Port Fulfills Quoting Duty
A Market Maker requires only one SQF Port to submit quotes in its assigned options series and to satisfy its regulatory quoting obligations on MRX. Market Makers may choose additional ports for business reasons, but only one is necessary for compliance.
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