# 2025-23815: Nasdaq PHLX Hikes Fees for Fast-Market Quote Ports

2025-23815, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend SQF 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/2025-23815
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23815
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend SQF Port Fees
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60788
- 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 PHLX Hikes Fees for Fast-Market Quote Ports

## 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.

## Effects PRIA read

- SQF Port Base Fee: $1,185/month: cost, high. 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: benefit, high. 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 weig…
- 250 SQF Port Subscription Limit Reinstated: cost, low. 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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## Sources
- [2025-23815 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23815/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-23815 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23815.pdf)

## Related
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- [Next: 2025-23816, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2025-23816)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23815 (as of 2026-06-08).