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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17283, Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the CDS Instrument On-Boarding Policies and Procedures
ICE Clear Credit LLC is updating how it adds new credit default swap (CDS) contracts for clearing. This change makes the process clearer and smoother for everyone involved, including the companies that use these contracts. The update kicks in soon and helps keep things running efficiently without extra costs.
Previous / Next Documents
Previous: 2025-23814, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Modify Rule 11.21 To Adopt a Retail Price Improvement Program and Modify Rule 11.6(e)(2) and Rule 11.10(a)(4)(C)-(D) in Order To Describe the Behavior of Orders Containing a Non-Displayed Instruction
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.
Next: 2025-23816, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Minimum Performance Standards Applicable to the Exchange's Lead Market Maker (“LMM”) Program in BZX-Listed Exchange-Traded Product (“ETP”) Securities as Provided in Footnote 14 of the Exchange's Fee Schedule and To Remove Closed-End Funds (“CEFs”) From the ETP LMM Program
Cboe BZX Exchange is updating the rules for its Lead Market Maker (LMM) program that supports trading of certain exchange-traded products (ETPs). They’re raising the performance standards for LMMs and removing closed-end funds (CEFs) from the program. These changes take effect immediately and aim to boost market quality and fairness for traders and investors.