All U.S. Equities**
**Please note that this price list may be abbreviated. For the most comprehensive view of the NASDAQ Stock Market fee and rebate schedule, please refer to the Order Execution and Routing section of the NASDAQ Rule Book.
BX Qualified Liquidity Provider Program Criteria
MPIDs will qualify for the QLP program by satisfying each requirement in either Method 1 or Method 2:
- Quoting at least 150 securities at the National Best Bid or Offer (NBBO) at least 25% of the month, and
- Belonging to a firm with total BX volume (added and removed) greater than 0.50% of consolidated volume, of which added liquidity is at least 0.40% of consolidated volume
- Quoting at least 400 securities at the National Best Bid or Offer (NBBO) at least 25% of the month, and
- Belonging to a firm with total BX volume (added and removed) greater than 0.45% of consolidated volume, of which added liquidity is at least 0.35% of consolidated volume
Routing Fees *
|NASDAQ (Q)||PSX (P)||NYSE (D)||Other (X)|
- Orders using the BX router that remove liquidity from BX will receive a $0.0011 rebate.
* Liquidity Codes for each destination are displayed in the parentheses
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.
|Annual membership fee||$3,000|
|Monthly trading rights fee||$500|
Equity Regulatory Fee (ERF)
The ERF tier assigned to each member firm will be based on the Average Daily Orders for the previous calendar year. Please refer to ETA 2012-19 for complete details.
|Daily Order Tiers||Annual ERF|
|=1,000 orders, but <50,000 orders||$2,500|
|< 1,000 orders||$0|
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.
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.
- 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).
|PRM Add 2013On to NASDAQ Workstation||$100 per user, per month|
|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
|Monthly user fee||$25|
- Access to TradeInfo for the BX Exchange is $95 per user, per month.
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.