Nasdaq PHLX Hikes Fees on SQF Ports for Streamlined Quote Trading
Published Date: 9/10/2025
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
SQF Port fee set at $1,185/port
If you are a Market Maker (for example a Lead Market Maker, Streaming Quote Trader, or Remote Streaming Quote Trader) using Nasdaq PHLX's Specialized Quote Feed (SQF) ports, Phlx proposes to charge $1,185 per SQF port per month. This change was filed August 26, 2025 and is designated operative January 1, 2026.
SQF Purge Port fee changed to $1,185/port
If you use Nasdaq PHLX's SQF Purge Ports, Phlx proposes to charge $1,185 per SQF Purge Port per month. This proposed change was filed August 26, 2025 and is designated operative January 1, 2026.
Removal of monthly cap on SQF port fees
Phlx proposes to eliminate the existing monthly maximum cap on SQF Port and SQF Purge Port charges (the filing states the SQF Port cap was $46,200 per month). This change was filed August 26, 2025 and is designated operative January 1, 2026.
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Previous: 2025-17339, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 3
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.
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The National Securities Clearing Corporation (NSCC) is upgrading its Automated Customer Account Transfer Service (ACATS) to make moving investment accounts between firms faster and smoother. This change affects financial firms and their customers by improving how account transfers are handled, with no extra fees announced. The new rules kick in soon, helping everyone save time and avoid headaches during transfers.