Nasdaq MRX Adjusts Fees for Speedy Quote Feeds
Published Date: 9/23/2025
Notice
Summary
Nasdaq MRX is updating the prices for its Specialized Quote Feed (SQF) ports, which help Market Makers send and receive trading info faster. This change affects Market Makers using these ports and takes effect immediately, with no surprise fees—just clearer, updated pricing. If you use these services, keep an eye on the new costs starting now!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Tiered SQF Port Pricing Introduced
Nasdaq MRX is changing its Specialized Quote Feed (SQF) and SQF Purge Port fees to a tiered monthly schedule effective January 1, 2026: ports 1–5 will be $1,620 per port per month; ports 6–20 will be $1,080 per port per month; and ports 21 and above will be $540 per port per month.
Removal of Monthly Cap on Port Fees
MRX will no longer apply the prior monthly cap of $17,850 on SQF Port and SQF Purge Port fees starting January 1, 2026. The Exchange explicitly states it would no longer offer the monthly cap.
End of One-Port Monthly Waiver
MRX will stop waiving one SQF Port fee per Market Maker per month starting January 1, 2026. The Exchange states it will no longer waive one SQF Port fee per Market Maker per month.
Only Market Makers Use SQF; One Port Is Sufficient
The filing states that only Market Makers may utilize SQF Ports and SQF Purge Ports, and that a MRX Market Maker requires only one SQF Port to submit quotes in its assigned options series, though a Market Maker may elect to obtain multiple ports for business or risk-management reasons.
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