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

PSX Qualified Market Maker (QMM) Program:

(1) A member may be designated as a QMM if the member organization (i) quotes at the NBBO at least 10% of the time during Market Hours in an average of at least 750 securities per day during a month. For purposes of this rule, a member organization is considered to be quoting at the NBBO if one of its MPIDs has a displayed order at either the national best bid or the national best offer or both the national best bid and offer. On a daily basis, the Exchange will determine the number of securities in which each of a member organization's MPIDs satisfied the 10% NBBO requirement. The Exchange will aggregate all of a member organization's MPIDs to determine the number of securities for purposes of the 10% NBBO requirement. To qualify for QMM designation, the member organization must meet the requirement for an average of 750 securities per day over the course of the month.

(2) The Exchange will provide a credit of $0.0002 per share executed with respect to all displayed orders of a QMM in securities in Tape A priced at $1 or more per share that provide liquidity. Such credit will be in addition to any credit provided under Equity 7, Section 3.

  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 $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
SCAR $0.00295 $0.0015 Rebate in Tape A and C
$0.0026 Rebate in Tape B

* 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.

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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.

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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.

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NASDAQ PSX Order Entry Ports

OUCH$400 per port
FIX$400 per port
RASH$400 per port
Test Mode Ports$100 per port
Chicago DR Ports$25 per port

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DROP$400 per port
Chicago DR Ports$25 per port

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Market Data Ports

TCP ITCH Port$400 per port
Multicast ITCH (MTCH) - software$1000 per port

  • 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.
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    PSX TradeInfo

    • Access to PSX TradeInfo 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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    Secure Data

    Regulatory Transaction Fee Reports
    Monthly user fee $25

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