Low ImpactNotice/Securities and Exchange Commission

SEC Notices Nasdaq PHLX Accelerating Legacy Port Shutdown to Jan 1, 2026

December 29, 2025

Effective January 1, 2026

Nasdaq PHLX completed its technology migration on December 8, 2025, and is now pulling the plug on legacy trading ports two months earlier than planned. Members still holding legacy SQF, SQF Purge, or CTI ports need to return them before year-end or face fees for ports that no longer work. This change has no impact on F-1, H-1B, or other visa holders.

Nasdaq PHLX LLC has moved up the deadline to retire its legacy trading ports, giving exchange members until December 31, 2025 — not February 27, 2026 — to return old SQF, SQF Purge, and CTI ports. The SEC published the notice on December 29, 2025, and the rule takes effect January 1, 2026.

Key Points

What: Nasdaq PHLX is accelerating the sunset of legacy SQF, SQF Purge, and CTI ports from February 27, 2026 to January 1, 2026.
Who: Nasdaq PHLX member firms and market organizations still holding legacy trading ports.
When: Legacy ports must be returned by December 31, 2025; fees apply to all ports starting January 1, 2026.
Impact: Members who do not return legacy ports by year-end may incur fees for ports that are no longer functional.

Why the Early Shutdown?

Phlx completed its technology migration on December 8, 2025, moving all trading to a new platform. Once the migration finished, legacy SQF, SQF Purge, and CTI ports became completely non-functional — they are no longer connected to any active platform and members cannot log into them.

Because these ports serve no purpose, Phlx argues there is no reason to keep them open until February. The exchange says members have had enough time during December to return unused ports.

What About FIX Ports?

This early sunset does not apply to legacy FIX ports. Those still sunset on February 27, 2026, as originally planned. The reason: legacy FIX ports are still delivering data from the new platform and remain functional.

Starting January 1, 2026, Phlx will charge FIX Port fees based on each mnemonic (unique identifier) associated with both new and legacy FIX ports. Members can return legacy FIX ports in December 2025 to avoid those fees, or keep them and pay until the February 27 deadline.

Fee Structure Reminder

SQF, SQF Purge, CTI ports: Fees assessed on all ports (new and legacy) starting January 1, 2026. Legacy ports that are non-functional will still incur fees if not returned.
FIX ports: Fee per mnemonic on new and legacy ports starting January 1, 2026; sunset February 27, 2026.
OTTO and FIX Drop ports: Fees have been in place since November 1, 2025.

What You Should Do

This notice does not affect visa holders, students, or immigration matters in any way. It is a narrow, technical rule change for Nasdaq PHLX member firms managing trading infrastructure.

If you are a Phlx member firm: return any legacy SQF, SQF Purge, or CTI ports before December 31, 2025 to avoid paying fees on ports that no longer work. Review your legacy FIX port subscriptions and decide whether to return them in December or carry them through to the February 27, 2026 sunset.

Federal Register Source Download PDF

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