All U.S. Equities**

**Please note that this price list may be abbreviated. For the most comprehensive view of the NASDAQ OMX BX fee and rebate schedule, please refer to the Order Execution and Routing section of the BX Rule Book.

Shares Executed At or Above $1.00 (Per Share Executed) Liquidity Code
Rebate to Remove Liquidity
Firms removing at least 0.20% TCV $0.0017 R
Firms removing at least 0.10% TCV $0.0015 R
Firms adding at least 0.05% TCV $0.0012 R
Firms adding at least 0.02% TCV $0.0008 R
All other firms $0.0006 R
Rebate to Remove Midpoint Liquidity
Order with Midpoint Pegging that removes liquidity $0.0000 m
Order receives price improvement and removes from Order with Midpoint Pegging $0.0000 m
Fee to Add Displayed Liquidity
Firms meeting the QMM criteria $0.0014 A
Firms (i) adding at least 0.25% TCV and (ii) adding and removing at least 0.50% TCV $0.0014 A
Firms that add at least 0.20% TCV $0.0018 A
Firms that add at least 0.10% TCV $0.0019 A
All other firms $0.0020 A
Fee to Add Liquidity using Order with Midpoint Pegging
Firm adds at least 0.02% TCV of non-displayed liquidity $0.0005 k
All other firms adding non-displayed liquidity $0.0015 k
Fee to Add Other Non-Displayed Liquidity
Firm adds at least 0.06% TCV of non-displayed liquidity $0.0024 J
All other firms adding non-displayed added liquidity $0.0030 J
Retail Price Improvement (RPI) Program
Rebate for Retail Order that removes RPI liquidity $0.0025 rebate r
Retail Order that receives price improvement and accesses non-Retail Price Improvement Order with Midpoint Pegging $0.0002 rebate q or m
Retail Order that accesses other liquidity on the Exchange book $0.0017 rebate t or R
Rebates and Fees for Retail orders that route Standard route rates apply Standard Codes
Fee for RPI Order that provides liquidity $0.0025 fee j
Shares Executed Below $1.00 (Per Share Executed) Liquidity Code
Rebate to Add Liquidity $0.00000 A
Fee to Remove Liquidity 0.10% (i.e. 10 basis points) of total dollar volume R

BX Qualified Market Mater (QMM) Program Criteria

  • Firm has at least one MPID which quotes at least 200 securities at the National Best Bid or Offer (NBBO) at least 50% of the month
  • Firm has a total BX Add volume greater than 0.15% of Consolidated Volume.
  • Firm provides an average daily volume of 1.5 million or more shares using orders with midpoint pegging during the month.

Return to Top

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
  • Orders using the BX router that remove liquidity from BX will receive a $0.0006 rebate.

* Liquidity Codes for each destination are displayed in the parentheses

Excessive Messaging Policy

The NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM) have introduced an Excessive Messaging Policy that encourages active quoting near the NBBO while discouraging excessive order activity away from the inside

MPIDs that exceed a "Weighted Order-to-Trade Ratio" of 100:1 pay a fee on the orders that cause MPID to exceed the threshold. The weighting factors are as follows:

Order's Price vs NBBO upon entry Weighting factor
0 - %0.20 away 0x
%0.20 - 0.99% away 1x
1% to 1.99% away 2x
2.00% or more away 3x

MPIDs that exceed the Weighted Order-to-Trade Ratio threshold of 1,000:1 will pay a $0.01 penalty on each order that caused the MPID to surpass the threshold.

MPIDs that exceed the Weighted Order-to-Trade Ratio threshold of 100:1 but less than 1,000:1 will pay a $0.005 per order penalty on all orders that caused the MPID's ratio to exceed 100:1.


  • ABCD sends the following displayed, liquidity-providing orders:
    • 1,000,000 orders at the NBBO (weighting factor: 0x), of which 7,000 trade
    • 500,000 orders 1.5% away from the NBBO (weighting factor: 2x), of which 1,000 trade
  • ABCD's Weighted Order-to-Trade Ratio is 125:1
    • Weighted Order Count: 1,000,000 (1,000,000 x 0 + 500,000 x 2)
    • Orders executed (i.e., Trades): 8,000
    • Therefore, the ratio is 125 = (1,000,000 weighted orders / 8,000 orders executed)
  • Based on 8,000 orders executed, ABCD needed a weighted order count of 800,000 orders to meet the 100:1 threshold
    • Therefore, the Excessive Order quantity is: 200,000 = (1,000,000 - 800,000)
    • ABCD will incur a penalty of $0.005 on their 200,000 excessive orders.


Only displayed, liquidity-providing orders received during regular market hours are included in the Weighted Order-to-Trade Ratio calculation.

Non-displayed orders, Immediate-or-Cancel (IOC) orders and Auction orders are excluded from the calculation

Orders sent by Registered Market Makers in their registered securities will not be included in the calculation.

MPIDs sending less than 100,000 Weighted orders daily will not incur penalties.

Return to Top

Membership Fees

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

Return to Top

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 NASDAQ OMX 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.

Return to Top



  • Connectivity to NY-Metro and Mid-Atlantic data centers is $500 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 and Compressed ITCH data feed connectivity is $750 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).

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

Return to Top

Secure Data

Regulatory Transaction Fee Reports

Monthly user fee $25

Return to Top

BX TradeInfo

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

Return to Top

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.

Return to Top