PSX Pricing

All U.S. Equities**

**Please note that this prices list is abbreviated. For the most comprehensive view of Nasdaq PSX connectivity options and fee schedule please review Phlx Equity 7of the Rule Book.

For all Add pricing tier/incentives on this fee schedule, Nasdaq PSX will calculate a member's percentage of consolidated volume twice - (1) once including activity at all price levels and (2) once excluding all volume below $1 (in the numerator and denominator) while also increasing the required volume percentage threshold by 10% (i.e. 0.10% becomes 0.11%). Nasdaq PSX will determine under which consolidated volume calculation a member receives the best rebate/fee and apply it automatically.

Rebate to Add Displayed Liquidity (Per Share Executed) All Securities
Liquidity Code
  1. Firm Adds 0.10% or more of TCV during the prior month; and
  2. Firm Adds 0.10% or more of TCV during the month.
Additional $0.00005  A, V, or u
 Firm adds 0.15% or more of TCV  $0.0033  A, V, or u
Firm adds 0.07% or more of TCV  $0.0032  A, V, or u
Firm adds 0.05% or more of TCV $0.0030 A, V, or u
  1. Firm provides 1 million displayed ADV; and
  2. Increases add ADV by 100% vs October 2021
 $0.0030  A, V, or u
All others $0.0020 A, V, or u


  Per Share Executed
Liquidity Code
Rebates to Add Non-Displayed Liquidity via an Order with Midpoint Pegging
Add Non-Displayed Liquidity via an Order with Midpoint Pegging of at least 1million shares ADV  $0.0025 k 
All firms $0.0018 k
Rebates to Add Other Non-Displayed Liquidity
Firm adds 0.01% or more of TCV of non-displayed liquidity (other than midpoint orders) $0.0015 J
Other non-displayed added liquidity $0.0005 J
Fee to Remove Liquidity
All firms $0.0030 R or m
Shares Executed Below $1.00
Rebate to Add Liquidity $0.00 A, V, or u
Fee to Remove Liquidity 0.30% (i.e. 30 basis points) of total dollar volume R or m

Routing Rates *

NASDAQ (Q) BX (B) NYSE (D) Other (X)
PSTG $0.0030 Free $0.0030 $0.0030
PSCN $0.0030 Free $0.0030 $0.0030
PTFY $0.0030 Free $0.0030 $0.0007
PMOP $0.0035 $0.0035 $0.0035 $0.0035
PCRT $0.0030 Free N/A N/A
XCST N/A Free N/A $0.0007
XDRK N/A N/A N/A $0.0007
SCAR $0.00295 $0.0016 Rebate N/A N/A

* The liquidity code for each routing destination is displayed in parentheses

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

PSX Market Data Revenue ("MDR") Rebate:

1. A PSX Participant may receive a quarterly MDR rebate in proportion to the PSX Participant’s quoting of displayed orders in Tapes A and C securities from the previous calendar quarter (“MDR Rebate”) subject to meeting the requirements mentioned below:

  • Quote* at the NBBO at least 25% of the time during Market Hours in an average number of securities (specified below) per day over the course of the quarter through the PSX Participant’s MPID:
Tape A
Tape C
At least 250 symbols At least 300 symbols

*For purposes of this Section, a PSX Participant will be deemed to quote at the NBBO if the PSX Participant’s MPID has a displayed order of at least 100 shares in a security at either the national best bid or the national best offer or both the national best bid and offer.

2. MDR will be calculated separately for quotes in each Tape A and C security, for a total of two MDR pools. If the MDR received by PSX in any given pool exceeds the following thresholds in any given calendar quarter, 40% of such excess MDR will be payable to PSX Participants in proportion to their respective quoting of displayed orders in that pool.

Tape A
Tape C
$110,000 $200,000


3. A PSX Participant will not be paid an MDR Rebate in any calendar quarter in which the total MDR Rebate attributable to the PSX Participant is less than $500.

4. Please see the example below: 

  • PSX Actual Quoting revenue for Tape C = $350,000.
    • Excess Revenue = $350,000 less $200,000 = $150,000.
    • Amount to be shared with participants = $60,000 ($150,000*40%).
  • There are five PSX Participants (i.e., Participants A, B, C, D and E) that had eligible quote activity in Tape C securities in the previous calendar quarter. After calculating the Tape C quote credits for each Participant, the attributed MDR for each Participant would be as follows:
Tape C Quote Credits
Attributed MDR 
A 24,000 $1,440
B 75,000 $4,500
C 201,000 $12,060
D 300,000 $18,000
E 400,000 $24,000
 Total 1,000,000 $60,000


Membership Fees

Firms must be members of Nasdaq PHLX (PHLX) in order to trade on PSX. However, there are currently no participation fees for trading equities as part of a PHLX membership. Refer to the PHLX membership page for more information.

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Rule 11890 Fees


PSX 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 PSX does not break any of the trades included in that complain

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 Nasdaq official who made the initial determination. The fee will be reflected in the monthly invoice.

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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 PSX.

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).

The PSX sales fee invoicing is performed separately from NASDAQ and BX. There are discreet invoices and support files available. The PSX direct debit appears on the Settlement Account line #62 of firm's DTCC settlement invoice. The BX direct debit appears on the Settlement Account line #45 and the NASDAQ direct debit appears on the Settlement Account line #43.

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NASDAQ PSX Order Entry Ports

OUCH $400 per port
FIX $400 per port
RASH $400 per port
Test Mode Ports $100 per port
Chicago DR Ports $25 per port

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DROP $400 per port
Chicago DR Ports $25 per port

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Market Data Ports

TCP ITCH Port $400 per port
Multicast ITCH (MTCH) - software $1000 per port

  • All PSX Port Fees are billed in full month increments.
  • The maximum monthly fee assessed to a PSX Participant for the above listed Port Fees will be $30,000 per month.
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    PSX TradeInfo

    • Access to PSX TradeInfo 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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