Nasdaq BX Revises SQF Port Prices to Aid Options Market Makers
Published Date: 9/10/2025
Notice
Summary
Nasdaq BX is updating the prices for its Specialized Quote Feed (SQF) and SQF Purge Port services used by Market Makers to send and receive options trading info. This change affects Market Makers who use these ports and takes effect immediately, possibly changing their costs. The update aims to keep things fair and clear for everyone trading options on Nasdaq BX.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Higher SQF and Purge Port Fees
If you are a Market Maker using Nasdaq BX Specialized Quote Feed (SQF) or SQF Purge Ports, the monthly charges change to a tiered schedule effective January 1, 2026: ports 1–5 cost $1,620 per port per month, ports 6–20 cost $1,080 per port per month, and ports 21+ cost $540 per port per month. Previously the SQF Port fee was $550 per port per month and the SQF Purge Port fee was $540 per port per month, so many Market Makers will face higher monthly and annual costs under the new tiers.
Only One SQF Port Is Required
Nasdaq BX states that only Market Makers use SQF Ports and that a BX Market Maker requires only one SQF Port (and one SQF Purge Port) to submit quotes in its assigned options series and to meet its regulatory quoting obligations. This means a Market Maker can choose to operate with a single port and avoid buying multiple ports if it does not need them for business organization.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2025-17338, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 6
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.
Next: 2025-17340, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Options 7, Section 9
Nasdaq PHLX is updating the fees for its Specialized Quote Feed (SQF) and SQF Purge Port, which are tools used by market makers and traders to send and receive options trading info. These changes take effect right away and could impact how much these users pay to connect and trade. If you’re a Lead Market Maker, Streaming Quote Trader, or Remote Streaming Quote Trader, keep an eye on these new port fees starting now!