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 rules VIII, X, XI of the Rule Book.

Rebate to Add Displayed Liquidity (Per Share Executed) Tape A Tape B Tape C
Liquidity Code
Firm adds 0.10% or more of TCV $0.0035 $0.0035 $0.0035 A or V
Firm adds 0.05% or more of TCV and removes at least 0.02% TCV $0.0034 $0.0034 $0.0034 A or V
  1.  Increases add ADV during the month by at least 75% vs March 2022; and
  2. Adds ADV of 2 million shares during the month
$0.0032 $0.0032 $0.0032 A or V
  1. Firm provides 1 million displayed ADV; and
  2. Increases add ADV by 100% vs October 2021
 $0.0030   $0.0030   $0.0030  A or V
All others $0.0020 $0.0020 $0.0020 A or V

  Per Share Executed
Liquidity Code
Rebates to Add Non-Displayed Liquidity via an Order with Midpoint Pegging
All firms $0.0023 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
  1. Firm adds a minimum ADV of 2 million shares during the month; and
  2. Increases add ADV by 50% or more during the month vs January 2022; and
  3. Increases add and remove ADV by 100% or more during the month vs January 2022; and
  4. Adds and removes a minimum ADV of 10 million shares during the month
 $0.0029 R or m 
All other firms $0.0030 R or m
Shares Executed Below $1.00
Rebate to Add Liquidity $0.00 A or V
Fee to Remove Liquidity 0.20% (i.e. 20 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

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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