# 2025-23812: Nasdaq BX Hikes Fees for Quote Feeds and Purge Ports

2025-23812, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend SQF Port and SQF Purge Port Fees, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective 2026-01-01 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23812
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23812
- Title: Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend SQF Port and SQF Purge Port Fees
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60838
- Published: 2025-12-29
- Effective: 2026-01-01
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq BX Hikes Fees for Quote Feeds and Purge Ports

## 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 Plus, some old, outdated rules are getting cleaned up to keep things fresh and clear.

## Effects PRIA read

- New SQF Port Monthly Fee Tiers: cost, high. 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: benefit, high. 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…
- Ports and Purge Ports Aggregated for Tiers: benefit, low. 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 app…
- Non-Penny Weighting and Index Exclusion: mixed, medium. 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…

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## Sources
- [2025-23812 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23812/self-regulatory-organizations-nasdaq-bx-inc-notice-of-filing-and-immediate-effectiveness-of-proposed)
- [2025-23812 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23812.pdf)

## Related
- [Previous: 2025-23811, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-23811)
- [Next: 2025-23813, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-23813)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23812 (as of 2026-06-08).