GEMX Caps Ports Monthly: Traders Adjust Strategies
Published Date: 8/1/2025
Notice
Summary
Nasdaq GEMX 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.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
SQF Port Monthly Fee and Cap
GEMX currently charges an SQF Port Fee of $1,350 per port per month and the SQF Port (and SQF Purge Port) are subject to a monthly fee cap of $18,900 applicable to Market Makers.
250 SQF Port Monthly Limit
Nasdaq GEMX limits each Market Maker to no more than 250 Specialized Quote Feed (SQF) Ports per month. This limit becomes operative on August 15, 2025.
Immediate Effectiveness and Billing Timing
The Commission waived the 30-day operative delay, and GEMX implemented the 250-port limit effective upon filing with implementation on August 15, 2025; GEMX noted it does not prorate SQF Port fees and wants the limit in place before the start of the billing month to manage billing.
One SQF Port Suffices for Quoting
GEMX states a Market Maker requires only one SQF Port to submit quotes in its assigned options series and only Market Makers may utilize SQF Ports.
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Nasdaq ISE is setting a monthly limit on how many Specialized Quote Feed (SQF) ports Market Makers can use. This change helps manage system resources and keeps trading smooth without extra costs. Market Makers should note this new rule starts right away and could affect how they connect to the exchange.
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