
All U.S. Equities**
**Please note that this price list is abbreviated. For the most comprehensive view of Nasdaq BX connectivity options and fee schedule please review rules 7015, 7034, and 7051 of the Rule Book.
QMM Program
Shares Executed At or Above $1.00 | Per Share Executed | Liquidity Code |
---|---|---|
Firms quoting at the NBBO in an average of 400 symbols for at least 25% of market hours; and Adding at least 0.07% TCV | $0.0001 discount (to otherwise applicable Display add fees) | A or 7 or 8 |
Firms quoting at the NBBO in an average of 750 symbols for at least 25% of market hours; and Adding at least 0.15% TCV | $0.0002 discount (to otherwise applicable Display add fees) | A or 7 or 8 |
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 |
SCAR | $0.00295 | $0.0029 | N/A | N/A |
* Liquidity Codes for each destination are displayed in the parentheses
Rate to Route Shares Below $1.00 | ||
All U.S. Equities | Per Share Executed | |
---|---|---|
Fee for orders executed outside of the NASDAQ BX facility | 0.30% (i.e. 30 basis points) of total dollar volume |
Membership Fees
Application fee | $2,000 |
Annual membership fee | $3,000 |
Monthly trading rights fee | $1,000 |
Rule 11890 Fees
Complaints
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.
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 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.
NASDAQ BX Order Entry Ports
OUCH | $500 per port |
FIX | $500 per port |
RASH | $500 per port |
Test Mode Ports | $100 per port |
Chicago DR Ports | $25 per port |
NASDAQ BX DROP Ports
DROP | $500 per port |
Chicago DR Ports | $25 per port |
Market Data Ports
TCP ITCH Port | $750 per port |
Multicast ITCH (MTCH) - software | $1000 per port |
DR Ports | FREE |
BX TradeInfo
- Access to TradeInfo for the BX Exchange is $95 per user, per month.
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.
Secure Data
Regulatory Transaction Fee Reports
Monthly user fee | $25 |