Nasdaq PHLX Updates Port Fees Before Major Tech System Overhaul
Published Date: 8/4/2025
Notice
Summary
Nasdaq PHLX is updating its port fees because it’s moving to a new tech platform starting November 2025. Traders and member firms will need to get new connection ports, which might change their costs. This change kicks in right away, so everyone should get ready for the switch and any fee updates.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
Free Duplicate SQF/CTI Ports During Transition
If you are a Nasdaq PHLX member, the Exchange will not charge fees for new SQF Ports, SQF Purge Ports, and CTI Ports that duplicate your legacy ports from November 1, 2025 through December 31, 2025. Legacy SQF, SQF Purge, and CTI ports will still be charged during that period, and all SQF and CTI port fees will apply to new and legacy ports starting January 1, 2026. You may return legacy ports in December 2025 to avoid being charged after the Transition Period; legacy ports will be sunset on February 27, 2026.
FIX Port Fee Rules and Mnemonic Charges
PHLX currently assesses a FIX Port Fee of $650 per month per mnemonic. During November 1, 2025–December 31, 2025, the Exchange will not charge FIX Port fees for mnemonics on new FIX Ports if those mnemonics existed on legacy FIX Ports as of October 1, 2025. Starting January 1, 2026, the Exchange will assess FIX Port Fees for each mnemonic on new and legacy FIX Ports; members may be charged for any mnemonics beyond their October 1, 2025 counts.
New OTTO and FIX Drop Port Fees Take Effect
PHLX will begin assessing fees for newly adopted ports on November 1, 2025: an OTTO Port fee of $400 per port per month per mnemonic (with a monthly cap of $4,000) and a FIX Drop Port fee of $500 per port per month per account number. These ports have no legacy equivalents, so fees apply immediately if you use them.
Migration Is 1:1 — No Extra Ports Required
PHLX's technology migration, starting in November 2025 and rolling out symbol-by-symbol over about five weeks, is 1:1 and does not require members to acquire more ports than they currently have. Only one order-entry port and one quoting port are required, and market data ports remain free.
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