All U.S. Equities**

**Please note that this price list is abbreviated. For the most comprehensive view of Nasdaq BX connectivity options and fee schedule please review rules 7015, 7034, and 7051 of the Rule Book.

Shares Executed At or Above $1.00 (Per Share Executed)

(Liquidity Code)
Rebate to Remove Liquidity Tape A Tape B Tape C
Firms Adding and Removing at least 0.15% TCV; and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0018 $0.0018 $0.0018 R
Firms Removing at least 0.035% of TCV in Tape B and growing Tape B % Removing TCV by 60% vs firm's April 2021 Tape B % Remove TCV; and Adding at least 50,000 ADV N/A $0.0018 N/A R
Firms Adding and Removing at least 0.10% TCV; and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0016 $0.0016 $0.0015 R
Firms Adding and Removing at least 0.075% TCV; and Adding at least 50,000 ADV $0.0015 $0.0015 $0.0014 R
Firms Adding and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0010 $0.0010 $0.0009 R
Firms adding at least 50,000 ADV $0.0005 $0.0005 $0.0004 R
All other firms $0.0007 fee $0.0007 fee $0.0007 fee R
Rebate to Remove Midpoint and Other Non-Displayed Liquidity
Order with Midpoint Pegging that removes liquidity $0.0000 $0.0000 $0.0000 m
Order receives price improvement and removes from Order with a Non-Displayed price $0.0000 $0.0000 $0.0000 m or p
Fee to Add Displayed Liquidity
Firms Adding at least 0.25% TCV $0.0012 $0.0012 $0.0012 A or 7
or 8
Firms Adding at least 0.15% TCV $0.0014 $0.0014 $0.0014 A or 7
or 8
Firms Adding at least 0.10% TCV $0.0017 $0.0017 $0.0017 A or 7
or 8
Firms Adding at least 9.5M ADV and increase Adding ADV by 15% vs firm’s March 2021 Add volume $0.0017 $0.0017 $0.0017 A or 7
or 8
Firms Adding at least 0.05% TCV $0.0020 $0.0020 $0.0020 A or 7
or 8
Firms Adding at least 2.5M ADV and increase Adding ADV by 25% vs firm’s March 2021 Adding ADV $0.0020 $0.0020 $0.0020 A or 7
or 8
All other firms $0.0030 $0.0030 $0.0030 A or 7
or 8
Fee to Add Liquidity using Order with Midpoint Pegging
Firm adds at least 0.02% TCV of non-displayed liquidity $0.0005 $0.0005 $0.0005 k
All other firms $0.0010 $0.0010 $0.0010 k
Fee to Add Liquidity for Midpoint orders that received price improvement better than the midpoint of the NBBO $0.0030 $0.0030 $0.0030 N
Fee to Add Other Non-Displayed Liquidity
Firms Adding and Removing at least 0.15% TCV and firm has at least 35% Displayed Add to Total Add Ratio during the month $0.0024 $0.0024 $0.0024 J
All other firms adding non-displayed liquidity $0.0030 $0.0030 $0.0030 J
Retail Price Improvement (RPI) Program
Rebate for Retail Order with an accepted price less than $10,000 that accesses liquidity provided by a Retail Price Improvement Order $0.0021 rebate $0.0021 rebate $0.0021 rebate r
Rebate for Retail Order with an accepted price greater than or equal to $10,000 that accesses liquidity provided by a Retail Price Improvement Order$0.0010 rebate
$0.0010 rebate$0.0010 rebate 6
Retail Order that receives price improvement and accesses non-Retail Price Improvement Order with Midpoint Pegging $0.0000 $0.0000 $0.0000 q or m
Retail Order that accesses other liquidity on the Exchange book $0.0017 rebate $0.0017 rebate $0.0017 rebate t or R
or p
Rebates and Fees for Retail orders that route Standard route rates apply Standard route rates apply Standard route rates apply Standard Codes
Fee for RPI Orders from a member quoting RPI in at least 2,500 symbols and adds at least 2.5 million RPI shares per day $0.0018 fee $0.0018 fee $0.0018 fee j or 4
Fee for RPI Order that provides liquidity $0.0025 fee $0.0025 fee $0.0025 fee j or 4
Shares Executed Below $1.00 (Per Share Executed)

Liquidity Code
Rebate to Add Liquidity $0.00000 $0.00000 $0.00000 A, 7, 8, k,
N, or J
Fee to Remove Liquidity 0.10% (i.e. 10 basis points) of total dollar volume 0.10% (i.e. 10 basis points) of total dollar volume 0.10% (i.e. 10 basis points) of total dollar volume R, m,
or p

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QMM Program

Shares Executed At or Above $1.00 Per Share Executed Liquidity Code
Firms quoting at the NBBO in an average of 325 symbols for at least 10% of market hours; and Adding at least 0.07% TCV $0.0001 discount (to otherwise applicable Display add fees) A or 7 or 8

Enhanced Market Quality Program


Members who actively quote at the National Best Bid or Offer (NBBO) in a broad set of securities and meet the quoting requirements of the Enhanced Market Quality Program each month will qualify for a lump sum payment (Fixed Payment) at the end of each month. Members will be paid fixed payments based on the Class securities being quoted belong to. The Securities in each class will be updated prior to the beginning of each month of the program. The list of securities in each Class by month can be found here.

Members must meet the following obligations to qualify for the Enhanced Market Quality Program:

  • Maintain a one- or two-sided quote, of at least one round lot at the NBBO for at least 30% of market hours in an average number of securities per day each month through one or more MPIDs in Tape A securities

  • Maintain a one- or two-sided quote, of at least one round lot at the NBBO for at least 50% of market hours in an average number of securities per day each month through one or more MPIDs in Tape B securities

Note: Members will qualify for payments based on their quoting performance within a given Tape and Class.

The Fixed Payment incentives for the Enhanced Market Quality Program are as follows:

Tape A Securities
Tiers
Average # securities quoted at the NBBO for at least 30% of market hours
Class 1 Class 2 
Class 3
1 0-24  $0 per qualified security per month   $0 per qualified security per month $0 per qualified security per month 
2  25-49  $0 per qualified security per month $0 per qualified security per month  $200 per qualified security over 24 per month 
3 50-149  $50 per qualified security over 49 per month $200 per qualified security over 49 per month  $5,000 + ($450 per qualified security over 49) per month 
4 150-249   $5,000 + ($100 per qualified security over 149) per month $20,000 + ($300 per qualified security over 149) per month  $50,000 + ($600 per qualified security over 149) per month 
5  250 or greater  $15,000 + ($150 per qualified security over 249) per month  $50,000 + ($350 per qualified security over 249) per month $50,000 + ($600 per qualified security over 149) per month 
Tape B Securities
Tiers
Average # securities quoted at the NBBO for at least 50% of market hours
Class 1 Class 2 
Class 3
1 0-24  $0 per qualified security per month   $0 per qualified security per month $0 per qualified security per month  
2  25-49  $0 per qualified security per month $0 per qualified security per month   $100 per qualified security over 24 per month
3 50-149  $0 per qualified security per month $25 per qualified security over 49 per month $2,500 + ($150 per qualified security over 49) per month
4 150-249  $50 per qualified security over 149 per month $2,500 + ($50 per qualified security over 149) per month $17,500 + ($300 per qualified security over 149) per month
5  250 or greater $5,000 + ($75 per qualified security over 249) per month $7,500 + ($150 per qualified security over 249) per month $17,500 + ($300 per qualified security over 149) per month

 


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Routing Fees *


NASDAQ (Q) PSX (P) NYSE (D) Other (X)
BSTG/BSKN $0.0030 $0.0030 $0.0030 $0.0030
BSCN/BSKP $0.0030 $0.0030 $0.0030 $0.0030
BTFY $0.0030 $0.0030 $0.0030 $0.0007
BMOP $0.0035 $0.0035 $0.0035 $0.0035
BCRT $0.0030 $0.0030 N/A N/A
BCST N/A N/A N/A $0.0010
BDRK N/A N/A N/A $0.0010
SCAR $0.00295 $0.0029 N/A N/A

* Liquidity Codes for each destination are displayed in the parentheses


Rate to Route Shares Below $1.00
All U.S. Equities Per Share Executed
Fee for orders executed outside of the NASDAQ BX facility 0.30% (i.e. 30 basis points) of total dollar volume

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Membership Fees

Application fee $2,000
Annual membership fee $3,000
Monthly trading rights fee $1,000


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Rule 11890 Fees

Complaints

BX will charge fees for members who file more than two unsuccessful clearly erroneous complaints during a calendar month.

  • Each security listed in a filing is treated as a separate complaint for purposes of this fee.
  • An unsuccessful complaint is one in which BX does not break any of the trades included in that complaint.

Following the second unsuccessful complaint, the member shall be assessed a fee of $250 for each additional unsuccessful complaint.

Appeals

There is a $500 fee for unsuccessful appeals of Clearly Erroneous Rule 11890 adjudications. The party initiating the appeal shall be assessed the $500 fee if the Market Operations Review Committee (MORC) upholds the decision of the Nadsaq official who made the initial determination. The fee will be reflected in the monthly invoice.

Sales Fees to Fund Section 31 Obligations

In order to fund Section 31 exchange obligations, we assess a Sales Fee to Clearing Firms relative to the covered sale activity of their executing brokers on BX.

The Sales Fee will be assessed no later than the 10th calendar day of the following month and facilitated through a direct debit against the Clearing Firm’s settlement account at the National Securities Clearing Corporation (NSCC).

NASDAQ and BX sales fee invoicing is performed separately. There are discreet invoices and support files available. The BX direct debit appears on the Settlement Account line #45 of firm's DTCC settlement invoice. NASDAQ direct debit appears on the Settlement Account line #43.

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NASDAQ BX Order Entry Ports

OUCH $500 per port
FIX $500 per port
RASH $500 per port
Test Mode Ports $100 per port
Chicago DR Ports $25 per port

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NASDAQ BX DROP Ports

DROP $500 per port
Chicago DR Ports $25 per port

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Market Data Ports

TCP ITCH Port $750 per port
Multicast ITCH (MTCH) - software $1000 per port
DR Ports FREE

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BX TradeInfo

  • Access to TradeInfo for the BX Exchange is $95 per user, per month.

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Nasdaq Testing Facility

Dial-Up and Dedicated Testing Services

  • INET test ports will be charged $300 per port per month.
  • New customers and existing customers testing new services not previously accessed are able to test for up to one month free of charge. This includes testing for firms that are accessing a Nasdaq market through a service bureau for the first time. Firms requesting this waiver must notify Nasdaq Subscriber Services prior to initiating testing.

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