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 at least 0.03% TCV and removing at least 0.25% TCV$0.0027$0.0027$0.0027 R
Firms removing at least 0.07% TCV$0.0025$0.0025$0.0025 R
Firms adding at least 50,000 ADV $0.0015$0.0015$0.0015 R
All other firms $0.0003 fee$0.0003 fee$0.0003 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 that add at least 0.25% TCV$0.0025$0.0025$0.0025A or 7
or 8
All other firms$0.0029 $0.0029$0.0029A 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 adding non-displayed liquidity $0.0015 $0.0015$0.0015 k
Fee to Add Liquidity for Midpoint orders that received price improvement better than the midpoint of the NBBO$0.0024$0.0024$0.0024 N
Fee to Add Other Non-Displayed Liquidity
Firm adding at least 0.25% TCV$0.0028$0.0028$0.0028 J
All other firms adding non-displayed liquidity$0.0030 $0.0030$0.0030 J
Retail Price Improvement (RPI) Program
Rebate for Retail Order that removes RPI liquidity $0.0021 rebate$0.0021 rebate$0.0021 rebate r
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 rebatet or R
or p
Rebates and Fees for Retail orders that route Standard route rates applyStandard route rates applyStandard route rates apply Standard Codes
Fee for RPI Order that provides liquidity $0.0025 fee$0.0025 fee$0.0025 fee j
Shares Executed Below $1.00 (Per Share Executed) Liquidity Code
Rebate to Add Liquidity $0.00000 $0.00000>$0.00000A, 7, 8, k,
N, or J
Fee to Remove Liquidity 0.10% (i.e. 10 basis points) of total dollar volume0.10% (i.e. 10 basis points) of total dollar volume0.10% (i.e. 10 basis points) of total dollar volume R, m,
or p

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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


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.


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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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

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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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Secure Data

Regulatory Transaction Fee Reports

Monthly user fee $25

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