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.
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