Nasdaq MRX Sets Prices for Fast-Track FPGA Trading Tech
Published Date: 9/30/2025
Notice
Summary
Nasdaq MRX is rolling out a new fee plan for buying special FPGA tech that helps deliver their Depth of Market data faster and smarter. This change affects traders and firms who want quicker market info and starts right away, so they’ll know exactly what it costs to get this high-speed data. It’s a smart move to keep Nasdaq’s tech top-notch and clear on pricing!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Monthly FPGA Fees for MRX Data
If your firm buys the MRX FPGA service, you must pay $8,000 per month per distributor for internal-only distribution, $1,000 per month per distributor for external-only distribution, or $9,000 per month per distributor for both internal and external distribution. These FPGA fees are in addition to any other fees for the Nasdaq MRX Depth of Market Feed and became effective upon the filing of the proposed rule change on September 22, 2025.
MRX Fees Lower Than NOM Comparable Fees
MRX proposes internal-only FPGA fees of $8,000 per month per distributor compared with Nasdaq Options Market (NOM) internal-only fees of $10,530 per month; external-only fees remain $1,000 per month and combined fees would be $9,000 per month versus NOM's $11,530 per month. The Exchange states the lower internal fee reflects MRX's 2.8% market share versus NOM's 5.3% market share.
Optional Service — No Extra Fee If Declined
If you do not buy the MRX FPGA service, you will still receive the same Depth of Market data and will not pay the FPGA fees listed by MRX. Purchasing FPGA is optional and customers can choose not to purchase it for any reason.
Non-Discriminatory Availability of FPGA Service
The Exchange states the MRX FPGA service will be available to all customers on the same fee schedule and will not be offered in a way that permits unfair discrimination between customers, issuers, brokers, or dealers. Any customer that wishes to purchase the FPGA service can do so on a non-discriminatory basis.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-11657 — Franklin Resources, Inc.
Franklin Resources, Inc. is asking the SEC for special permission to create investment groups just for its employees, letting them skip some usual rules. This change mainly affects Franklin’s workers and could make it easier and faster to manage these employee investment partnerships. If no one objects by July 6, 2026, the SEC will approve this exemption, which might save time and money for Franklin and its employees.
2026-11682 — Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend Rule 13.003 Related to Proxy Voting
The Texas Stock Exchange is changing its rules to make sure members vote uninstructed shares fairly by matching how other shareholders vote. This affects anyone holding TXSE-listed stocks and aims to make proxy voting more transparent and balanced. The new rule kicks in soon and could impact how shareholder meetings run, but it doesn’t involve extra costs.
2026-11683 — Self-Regulatory Organizations; Nasdaq Phlx, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Non-Conforming Ratios
Nasdaq Phlx is shaking things up by letting Complex Orders trade with both regular and unusual ratios on their trading platform and auctions. This change affects traders using the Complex Order Book and aims to boost flexibility and trading options starting immediately. No extra fees or delays—just more ways to trade smarter and faster!
Previous / Next Documents
Previous: 2025-18961 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 2, To List and Trade Shares of the Canary PENGU ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The Cboe BZX Exchange wants to start trading shares of the new Canary PENGU ETF, which is based on commodities. The SEC is now reviewing whether to approve or reject this plan, with a decision expected by October 12, 2025. This affects investors looking for fresh ways to trade commodity-based funds and could open up new money opportunities soon.
Next: 2025-18963 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
Cboe BZX Exchange is updating its fee schedule to change how it charges for certain stock trades, especially those involving Penny Program securities. These changes affect customers, market makers, and brokers by adjusting fees and volume tiers, aiming to simplify and improve the fee structure. The new fees took effect immediately on September 15, 2025, so traders should check how this impacts their costs.