# 2025-23813: Nasdaq Hikes SQF Fees: Market Makers Brace for Extra Costs Now

2025-23813, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 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/2025-23813
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23813
- Title: Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 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 60841
- 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 Hikes SQF Fees: Market Makers Brace for Extra Costs Now

## 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!

## Effects PRIA read

- SQF Port Monthly Fee Schedule: cost, high. 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 qua…
- Ports Aggregated for Tier Billing: benefit, low. 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.
- Volume-Based SQF Port Discounts: benefit, high. 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 S…

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## Sources
- [2025-23813 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23813/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate)
- [2025-23813 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23813.pdf)

## Related
- [Previous: 2025-23812, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-23812)
- [Next: 2025-23814, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Order Instituting Proc…](https://policyrisk.com/federal-register/2025-23814)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23813 (as of 2026-06-08).