Nasdaq BX Hikes Fees for Quote Feeds and Purge Ports
Published Date: 12/29/2025
Notice
Summary
Nasdaq BX is changing the fees for its Specialized Quote Feed (SQF) and SQF Purge Port services, which help Market Makers send and receive trading info. These fee updates take effect right away and could impact how much Market Makers pay to connect. Plus, some old, outdated rules are getting cleaned up to keep things fresh and clear.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New SQF Port Monthly Fee Tiers
Starting January 1, 2026, BX will assess SQF Port and SQF Purge Port fees by port per month: ports 1–5 at $1,620 each, ports 6–20 at $1,080 each, and ports 21 and above at $540 each. These monthly fees determine what Market Makers must pay to hold SQF Ports and SQF Purge Ports on BX.
Volume-Based Discounts for Port Fees
Beginning January 1, 2026, Market Makers may receive discounts on SQF Port and SQF Purge Port fees based on prior-month share of Total National Volume: <0.10% = 0% discount; ≥0.10% and <0.25% = 10% discount; ≥0.25% and <0.40% = 30% discount; ≥0.40% = 50% discount. The percentage is calculated using Market Maker Penny and Non-Penny volume (excluding index options) with Non-Penny volume multiplied by five, divided by Total National Volume.
Non-Penny Weighting and Index Exclusion
For the discount calculation, BX will count Market Maker Non-Penny Symbol volume at five times the Penny Symbol volume and will exclude index options, effective January 1, 2026. This weighting and exclusion affect how a Market Maker's percentage of Total National Volume is computed for determining discounts.
Ports and Purge Ports Aggregated for Tiers
BX will aggregate SQF Port and SQF Purge Port counts together for purposes of determining the incremental port tiers and will present tier qualifications in one combined table, effective January 1, 2026. This clarifies that SQF Port and SQF Purge Port usage are counted together when calculating applicable fees and discounts.
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Key Dates
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Nasdaq is changing the fees for its Specialized Quote Feed (SQF) ports used by Market Makers to send and receive options trading info. These fee updates take effect immediately and could impact how much Market Makers pay to connect and manage their trading messages. If you’re a Market Maker using Nasdaq’s SQF, keep an eye on these new costs starting now!