Nasdaq GEMX Updates Fees for Key Trading Connection Ports Immediately
Published Date: 9/10/2025
Notice
Summary
Nasdaq GEMX is changing the prices for special computer connections called SQF and SQF Purge Ports that help Market Makers trade options faster. These updates affect Market Makers who use these ports and take effect right away, possibly changing their costs. The goal? Keep trading smooth and fair while updating fees to match current needs.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Higher fee for first 5 SQF ports
If you are a Market Maker using SQF or SQF Purge Ports, the fee for each of your first 5 ports (ports 1–5) will be $1,620 per port, per month starting January 1, 2026 (up from $1,350 per port, per month today). This raises the monthly cost by $270 per port for each of those first five ports.
Lower fee for ports 6–20
If you are a Market Maker, ports numbered 6 through 20 will be charged $1,080 per port, per month starting January 1, 2026 (down from $1,350 per port, per month today). This lowers the monthly cost by $270 per port for those ports.
Much lower fee for ports above 20
If you are a Market Maker, any SQF or SQF Purge Ports numbered 21 and above will be charged $540 per port, per month starting January 1, 2026 (down from $1,350 per port, per month today). This reduces the monthly cost by $810 per port for those ports.
Removal of $18,900 monthly cap
GEMX will no longer offer the existing monthly cap of $18,900 on SQF Port and SQF Purge Port charges starting January 1, 2026. The prior cap of $18,900 per month will not apply under the new fee schedule.
Only Market Makers use SQF; one port suffices
The rule confirms that only GEMX Market Makers may use SQF and SQF Purge Ports, and that a GEMX Market Maker requires only one SQF Port and one SQF Purge Port to submit quotes and fulfill regulatory quoting obligations. Additional ports are optional for business organization reasons.
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