2025-18369NoticeWallet

Nasdaq MRX Adjusts Fees for Speedy Quote Feeds

Published Date: 9/23/2025

Notice

Summary

Nasdaq MRX is updating the prices for its Specialized Quote Feed (SQF) ports, which help Market Makers send and receive trading info faster. This change affects Market Makers using these ports and takes effect immediately, with no surprise fees—just clearer, updated pricing. If you use these services, keep an eye on the new costs starting now!

Analyzed Economic Effects

4 provisions identified: 1 benefits, 2 costs, 1 mixed.

Tiered SQF Port Pricing Introduced

Nasdaq MRX is changing its Specialized Quote Feed (SQF) and SQF Purge Port fees to a tiered monthly schedule effective January 1, 2026: ports 1–5 will be $1,620 per port per month; ports 6–20 will be $1,080 per port per month; and ports 21 and above will be $540 per port per month.

Removal of Monthly Cap on Port Fees

MRX will no longer apply the prior monthly cap of $17,850 on SQF Port and SQF Purge Port fees starting January 1, 2026. The Exchange explicitly states it would no longer offer the monthly cap.

End of One-Port Monthly Waiver

MRX will stop waiving one SQF Port fee per Market Maker per month starting January 1, 2026. The Exchange states it will no longer waive one SQF Port fee per Market Maker per month.

Only Market Makers Use SQF; One Port Is Sufficient

The filing states that only Market Makers may utilize SQF Ports and SQF Purge Ports, and that a MRX Market Maker requires only one SQF Port to submit quotes in its assigned options series, though a Market Maker may elect to obtain multiple ports for business or risk-management reasons.

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Key Dates

Published Date
Effective Date
9/23/2025
1/1/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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