Nasdaq GEMX Charges Up Fees for Speedy FPGA Market Data Tech
Published Date: 9/30/2025
Notice
Summary
Nasdaq GEMX is setting new fees for buying special FPGA technology that helps traders get market data faster and clearer. This change affects anyone using the Nasdaq GEMX Depth of Market Data Feed and starts right away, making it easier to choose this tech option with clear pricing. If you trade or use market data, keep an eye on these new costs and options!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New FPGA Fee Schedule for GEMX
If you purchase the GEMX FPGA hardware-based delivery for the Nasdaq GEMX Depth of Market Feed, the Exchange charges $8,000 per month per distributor for internal-only distribution, $1,000 per month per distributor for external-only distribution, and $9,000 per month per distributor for both. These FPGA fees are in addition to any other fees that apply to the Depth of Market Feed.
FPGA Service Is Optional for All Customers
The GEMX FPGA service is optional: no customer or category of customer is required to buy it for legal or technical reasons. Customers can choose whether to pay the FPGA fees or to decline the service.
Same Data Provided With Or Without FPGA
Customers who receive the Nasdaq GEMX Depth of Market Feed without the GEMX FPGA service receive the same depth and last-sale data as customers who purchase the FPGA service. If you decline FPGA, you pay no additional FPGA fee and still get the same data content.
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Key Dates
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