NASDAQ OMX PSX Price List - Trading & Connectivity



All U.S. Equities

Rebate to Add Liquidity (displayed shares) All Tapes Liquidity Code
Orders from MPIDs belonging to a firm that adds greater than 2,000,000 shares of displayed liquidity per day and in a security in which the MPID quotes at the NBBO at least 25% of market hours on average during the month.$0.0028 A
Orders from MPIDs belonging to a firm that adds greater than 2,000,000 shares of displayed liquidity per day and the MPID quotes at least 500 securities at the NBBO at least 25% of market hours on average during the month.$0.0028 A
Orders from MPIDs belonging to a firm that adds greater than 100,000 shares of displayed liquidity per day on average during the month.$0.0026 A
Orders from all other MPIDs$0.0020 A
Rebate to Add Liquidity (non-displayed shares) All Tapes
Added liquidity via a midpoint order $0.0010 k
Other non-displayed added liquidity$0.0005 J
Fee to Remove Liquidity Tapes A & C Tape B
Firms adding greater than 10,000 shares per day$0.0028$0.0025R or m
Routable Orders$0.0028 $0.0025R or m
All other liquidity accessing orders$0.0030$0.0030R or m
Shares Executed Below $1.00All Tapes
Rebate to Add Liquidity $0.00 A
Fee to Remove Liquidity 0.20% (i.e. 20 basis points) of total dollar volume R or m

Routing Fees *

NASDAQ (Q) BX (B) NYSE (D) Other (X)
PSTG $0.0028 -$0.0014 $0.0025 $0.0028
PSCN $0.0028 -$0.0014 $0.0025 $0.0028
PTFY $0.0028 -$0.0014 $0.0024 $0.0005
PMOP $0.0031 $0.0031 $0.0027 $0.0031
PCRT $0.0028 -$0.0014 N/A N/A
XCST N/A -$0.0014 N/A Free
XDRK N/A N/A N/A Free

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


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Membership Fees

Firms must be members of NASDAQ OMX 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

Complaints

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.

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 NASDAQ OMX 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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Connectivity*

FIX/OUCH/RASHport/DROP

  • Connectivity to NY-Metro and Mid-Atlantic data centers is $400 per port pair/month.
  • For internet ports an additional charge of $200 per month for each internet port will be applied to support bandwidth costs.

ITCH

  • ITCH and Compressed ITCH data feed connectivity is $400 per port pair/month.
  • Multicast ITCH data feed connectivity is $1,000 per port pair/month.

Please note that firms will be charged for their ports in full month increments. Any port cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled port through the rest of the month. FIX/OUCH/RASHports are charged per logical port (Source/MPID combination).

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Pre-Trade Risk Management

Item Fee
PRM Add 2013On to NASDAQ Workstation $100 per user, per month
PRM Ports Fee*
50 or more ports $400 per port, per month
20-49 ports $500 per port, per month
5-19 ports $550 per port, per month
1-4 ports $600 per port, per month

*The PRM fees will be capped at $25,000 per firm, per month


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Secure Data

Regulatory Transaction Fee Reports
Monthly user fee $25

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PSX TradeInfo

  • Access to PSX TradeInfo is $95 per user, per month.

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NASDAQ OMX 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 OMX market through a service bureau for the first time. Firms requesting this waiver must notify NASDAQ OMX Subscriber Services prior to initiating testing.

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