Nasdaq Hikes SQF Fees: Market Makers Brace for Extra Costs Now
Published Date: 12/29/2025
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
SQF Port Monthly Fee Schedule
If you are a Market Maker using Nasdaq's SQF ports, Nasdaq currently charges $1,620 per port per month for ports 1–5, $1,080 per port per month for ports 6–20, and $540 per port per month for ports 21 and above. Those per-port monthly charges are the base fees that Market Makers pay unless they qualify for any discounts.
Volume-Based SQF Port Discounts
Starting January 1, 2026, Nasdaq will offer discounts on SQF Port and SQF Purge Port fees to Market Makers based on their percent of Total National Volume in the prior month: <0.10% = 0% discount; ≥0.10% and <0.25% = 10% discount; ≥0.25% and <0.40% = 30% discount; ≥0.40% = 50% discount. Non-Penny Symbol volume is weighted five times Penny Symbol volume for the calculation, and index options are excluded.
Ports Aggregated for Tier Billing
Nasdaq will aggregate SQF Port and SQF Purge Port counts together when determining which incremental pricing tier applies. This change clarifies that both SQF Port and SQF Purge Port usage count toward the 1–5, 6–20, and 21+ port tiers for billing.
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Previous: 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
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 Plus, some old, outdated rules are getting cleaned up to keep things fresh and clear.
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Cboe EDGX Exchange wants to launch a Retail Price Improvement Program to help everyday investors get better prices when they trade. They’re also updating rules to explain how special hidden orders work. The SEC is now deciding if these changes are good to go by January 1, 2026, which could make trading smoother and possibly save money for retail traders.