All U.S. Equities**

**Please note that this price list may be abbreviated. For the most comprehensive view of the Nasdaq 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 0.15% TCV $0.0016 R
Firms removing at least 0.09% TCV $0.0015 R
Firms removing at least 0.05% 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 $0.0014A or 7
or 8
Firms (i) adding at least 0.25% TCV and (ii) adding and removing at least 0.50% TCV $0.0016A or 7
or 8
Firms that add at least 0.20% TCV $0.0018 A or 7
or 8
Firms that add at least 0.10% TCV $0.0019 A or 7
or 8
All other firms $0.0020 A or 7
or 8
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 $0.0000 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 or 7
or 8
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 0.20% of Consolidated Volume.

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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

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Membership Fees

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

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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 Nadsaq 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.

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  • 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

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Secure Data

Regulatory Transaction Fee Reports

Monthly user fee $25

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BX TradeInfo

  • Access to TradeInfo for the BX Exchange 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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