Updates to PSX Midpoint Pricing

A rebate of $0.0020 per share executed will be provided for orders with midpoint pegging or, when approved by the SEC, the midpoint peg post-only (see Equity Trader Alert #2015 – 91 for details on the new Midpoint Peg Post-Only order type).

Updates to BX Pricing

BX Qualified Market Maker (QMM)

BX is modifying the Qualified Market Maker (“QMM”) criteria by changing the add liquidity requirement from midpoint pegging to all non-displayed liquidity during the month. The new criterion is described below.

A firm may become a QMM by being a member that provides through one or more of its MPIDs more than 0.15% of Consolidated Volume during the month. For a member qualifying under this method, the member must have at least one Qualified MPID, that is, an MPID through which, for at least 200 securities, the Qualified Market Maker quotes at the NBBO an average of at least 50% of the time during regular market hours (9:30 a.m. through 4:00 p.m.) during the month. The member must also provide an average daily volume of 1.5M shares or more of non-displayed liquidity during the month. The QMM displayed order fee will remain $0.0014 per share executed.

BX Excess Order Fee

The Excess Order Fee will be eliminated.

Updates to Nasdaq Pricing

Nasdaq/ NOM Pricing

Nasdaq is updating its Nasdaq/NOM pricing tiers, opening and closing cross pricing, removing the MOC/LOC remove fee tier, and adjusting the excessive messaging program.

Nasdaq/ NOM Tiers

	Description	Rebate per Share Executed
Existing Tier	Shares of liquidity provided in all securities during the month representing at least 0.60% of Consolidated Volume during the month, and (ii) Adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.25% or more of total industry ADV in the customer clearing range for Equity and exchange-traded fund (ETF) option contracts per day in a month on the NOM	$0.0030
New Tier 1	Adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.25% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on the NOM	$0.0029
New Tier 2	Shares of liquidity provided in all securities during the month representing at least 0.15% of Consolidated Volume during the month, and (ii) executes Total Volume of 125,000 or more contracts per day in a month executed on the NOM	$0.0029

Cross Pricing

The fee for all other quotes and orders executed in the Nasdaq Closing Cross and the Nasdaq Opening Cross will increase from $0.0006 to $0.0008 per share executed.

Remove Fees

The discounted remove fee of $0.00295 in Tapes A and B for Firms that executes over 0.15% TCV as Market/Limit-on-close will be eliminated.

Excess Order Fee

Registered Nasdaq market makers that are registered in 100 or more issues will be exempt from this fee.

For further details please visit the Pricing Page.