Nasdaq PHLX Hikes Fees for Fast-Market Quote Ports
Published Date: 12/29/2025
Notice
Summary
Nasdaq PHLX is changing the fees for its Specialized Quote Feed (SQF) ports, which help traders send and receive important market info fast. This update affects Lead Market Makers and Streaming Quote Traders who use these ports, with new fees kicking in right away. If you trade options on Nasdaq PHLX, expect some changes in your connection costs starting December 16, 2025.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
SQF Port Base Fee: $1,185/month
If you are a Nasdaq PHLX Market Maker that uses SQF ports, the Exchange will assess a fee of $1,185 per SQF port, per month as of January 1, 2026. This fee was filed on December 16, 2025 and the change was made effective upon filing, with the amendments designated operative on January 1, 2026.
Volume-Based Discounts on SQF Fees
Nasdaq PHLX will offer Market Makers discounts on SQF port fees based on prior-month Total National Volume starting January 1, 2026: less than 0.10% = 0% discount; ≥0.10% and <0.25% = 10% discount; ≥0.25% and <0.40% = 30% discount; ≥0.40% = 50% discount. Market Maker Non-Penny Symbol volume is weighted five times in the calculation, index options are excluded, and the Exchange provided a numeric example showing how these calculations apply.
250 SQF Port Subscription Limit Reinstated
The Exchange is adding back the rule that a Market Maker may not subscribe to more than 250 SQF ports per month, effective January 1, 2026. That subscription cap will apply uniformly to Market Makers.
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