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 and removes 0.20% or greater of Consolidated Volume $0.0030 $0.0030 $0.0030 A or V
Firm adds and removes 0.15% or greater of Consolidated Volume $0.0027 $0.0027 $0.0027 A or V
  1. Firm adds at least 1 million shares ADV in Tape B securities; and
  2. Adds double the ADV in Tape B securities versus the firm’s February 2017 added ADV in Tape B securities
NA $0.0027 NA A or V
Firm adds and removes 0.05% or greater of Consolidated Volume $0.0025 $0.0025 $0.0025 A or V
All others $0.0023 $0.0023 $0.0023 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
Other non-displayed added liquidity $0.0000 J
Fee to Remove Liquidity
Firm removes 0.065% or more of Consolidated Volume Tape A: $0.0028
Tape B: $0.0028
Tape C: $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

* 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.

Return to Top

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.

Return to Top

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.

Return to Top


OUCH$400 per port
FIX$400 per port
RASH$400 per port
Test Mode Ports$100 per port
Chicago DR Ports$25 per port
DROP$400 per port
Chicago DR Ports$25 per port
TCP ITCH Port$400 per port
Multicast ITCH (MTCH) - software$1000 per port

  • Firms are charged per logical port (Source/MPID combination) except for Test Mode, DROP ports, TCP ITCH and MTCH Ports.
  • 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.
  • New PSX Participants will not be assessed the above listed Port Fees through August 1, 2017. A New PSX Participant will be defined as a PSX Participant that was not a PSX Participant after July 1, 2016.
  • Return to Top

    PSX TradeInfo

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

    Return to Top

    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.

    Return to Top

    Secure Data

    Regulatory Transaction Fee Reports
    Monthly user fee $25

    Return to Top