Price List - Trading Connectivity



Add and Remove Rates

**Please note that this price list may be abbreviated. For the most comprehensive view of the NASDAQ Stock Market fee and rebate schedule, please refer to the Order Execution and Routing section of the NASDAQ Rule Book.


All percentages below are Firm or MPID share volumes expressed as a percentage of consolidated U.S. average daily share volume. Note that on December 9th, 2013, NASDAQ began excluding odd-lot transactions from industry volume calculations. However, odd lots are always included as part of any Firm or MPID's volume for purposes of tier calculations.

All U.S. Equities
Per Share Executed
Liquidity Code
Rebate to Add Displayed Liquidity, Shares Executed at or Above $1.00 (based on consolidated U.S. average daily share volume)*
Added by Firm
Greater than 0.20% add Additional $0.0001 in Tape A & B
(excluding Designated Retail orders)
A, 7, 8,
a, x or y
Greater than 1.25% add $0.00305 A, 7, 8,
a, x or y
Member firms who add greater than 0.15% TCV and NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.90% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM. $0.00305 A, 7, 8,
a, x or y
  1. Add greater than 0.60% TCV; and
  2. Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.10% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM; and
  3. Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.50% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
$0.00305 A, 7, 8,
a, x or y
Greater than 0.75% add and 5M ADV of non-display $0.0030 A, 7, 8,
a, x or y
0.575% or greater added of which 0.10% or greater are Tape B securities $0.0030 A, 7, 8,
a, x or y
Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.15% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM $0.00295 A, 7, 8,
a, x or y
Greater than 0.45% added $0.0029 A, 7, 8,
a, x or y
Minimum of 2 million shares added per day and greater than 0.80% removed $0.0029 A, 7, 8,
a, x or y
Greater than 0.30% added of which 0.10% are Tape B securities $0.0029 A, 7, 8,
a, x or y
Greater than 0.15% added and total contracts per day (added and removed) of 0.9% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM $0.0029 A, 7, 8,
a, x or y
Member with imbalance shares executed in all securities in the Opening and Closing Cross through one or more of its NASDAQ Market Center MPIDs that represent more than 0.01% Consolidated Volume during the month: $0.0028 per executed share $0.0028 A, 7, 8,
a, x or y
Greater than 0.30% added $0.0027 A, 7, 8,
a, x or y
  1. Add greater than 0.10% TCV; and
  2. Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Non- Penny Pilot Options of 0.40% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM ; and
$0.0027 A, 7, 8,
a, x or y
Greater than 0.10% added $0.0025 A, 7, 8,
a, x or y
Minimum of 2 million shares added per day and greater than 0.45% removed $0.0025 A, 7, 8,
a, x or y
Firm adds greater than 4 million shares per day, of which 1.5 million share per day are non-displayed liquidity, excluding midpoint orders $0.0025 A, 7, 8,
a, x or y
Minimum of 250,000 shares added per day in Tape A or Tape B securities (combined) $0.0020 A, 7, 8,
a, x or y
Minimum of 10,000 shares executed via QDRK $0.0020 A, 7, 8,
a, x or y
All other firms $0.0020 for Tape A & B Securities
$0.0015 for Tape C Securities
A, 7, 8,
a, x or y
Rebate to Add Displayed Designated Retail Liquidity
All firms $0.0034 e
Rebate to Add Non-Displayed Midpoint Liquidity, shares executed at or above $1.00 (shares per day)
Firm adds greater than 5 million shares of midpoint liquidity and add 8 million shares of non-displayed liquidity $0.0025 k
Firm adds 6 million or more shares of midpoint liquidity $0.0022 in Tape A & B,
$0.0020 in Tape C
k
Firm adds 3 million or more shares of midpoint liquidity $0.0020 in Tape A & B,
$0.0017 in Tape C
k
Firm adds 1 million or more shares of midpoint liquidity $0.0018 in Tape A & B,
$0.0010 in Tape C
k
Firm adds less than 1 million shares of midpoint liquidity $0.0014 in Tape A & B,
$0.0010 in Tape C
k
Rebate to Add Supplemental Liquidity
MPID adds greater than 1 million shares of supplemental liquidity $0.0018 0
MPID adds less than 1 million shares of supplemental liquidity $0.0015 0
Rebate to Add Other Non-Displayed Liquidity
Firm adds greater than 0.03% of TCV of non-displayed liquidity, including midpoint orders $0.0010 for Tape A & B Securities, $0.0005 for Tape C Securities J
All other firms $0.0000 for all tapes J
Fees to Remove Liquidity, Shares Executed at or above $1.00
All MPIDs $0.0030 R
Fees to Remove Midpoint Liquidity, Shares Executed at or above $1.00
All MPIDS $0.0030 m
Rebates and Fees, Shares Executed Below $1.00
Rebate to Add Liquidity $0.00 A, 7, 8,
a, x or y
Fee to Remove Liquidity 0.30% (i.e. 30 basis points) of total dollar volume R or m

 

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Limit Up – Limit Down (LULD) Pricing Pilot

Effective Monday, May 2, 2016, Nasdaq introduced the Limit Up-Limit Down (LULD) Pricing Pilot (“LULD Pricing Pilot”). The pilot provides additional incentives to Registered Nasdaq Market Makers for entering executable orders when a pilot symbol enters a limit down state (i.e. straddle state or limit state) or a trading pause.

For eligible symbols, displayable buy orders entered by Nasdaq Market Makers from the time a symbol enters a limit down state, up until Nasdaq receives a message from the SIP that the symbol has exited the state, will be eligible to receive an additional add displayed rebate of $0.0010 per share executed upon execution. Details include:

  • Buy Orders must be priced at or higher than the Lower Price Band
  • Orders will remain eligible to receive the additional displayed liquidity rebate of $0.0010 when executed, unless canceled by the entering party
  • The $0.0010 per share executed will be in addition to all other applicable rebates
  • The message is received from the SIP in approximately 200 microseconds

When an LULD trading pause is declared for a symbol, all orders entered during the pause will receive a $0.0005 rebate upon execution during the re-open process.

Nasdaq will add four new liquidity codes under the LULD Pricing Pilot:

Liquidity Code Description Rate For Market Makers registered in the Symbol (per share executed) Rate for all Other participants (per share executed
b Displayed, liquidity-adding order improves the NBBO in pilot symbol during specified LULD Pricing Pilot timeframe $0.0010 rebate in addition to standard add display rebates Standard add display rebates
c Added displayed liquidity in a pilot symbol during specified LULD Pricing Pilot timeframe $0.0010 rebate in addition to standard add display rebates Standard add display rebates
h Removed liquidity in a pilot symbol during specified LULD Pricing Pilot timeframe Standard remove liquidity rate Standard remove liquidity rate
N Halt Cross, orders entered in pilot symbols during the LULD Trading Pause $0.0005 rebate $0.0005 rebate

All participants will receive the new liquidity codes when their executions meet the descriptions. The above liquidity codes will be in addition to the current liquidity codes Nasdaq provides to members (e.g. ‘A’,’7’,’8’,etc…).

The list of eligible securities for the LULD Pricing Pilot can be found here.

Please refer to the Specifications Page for more information.

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Small Cap Incentive Pilot (SCIP)

Effective Friday, April 1, 2016, Nasdaq will introduce a Small Cap Incentive Pilot for Nasdaq Market Makers registered in Nasdaq-listed symbols with a market cap less than $100 million. Details include:

  • Nasdaq Market Markers registered in a SCIP symbol will receive a displayed liquidity rebate of $0.0005 per share (“SCIP Rebate”) if their percent of time at the National Best Bid or Offer is above 50% (“NBBO Test”) for the month. The SCIP Rebate will be in addition to all other applicable displayed rebates.
  • For shares Executed Below $1.00, Nasdaq Market Makers will be subject to the following rates for shares executed below $1.00: The Rebate to Add Liquidity will be 0.10% (10 basis points) of the total dollar volume and the Fee to Remove Liquidity will be 0.25% (25 basis points) of the total dollar volume.
  • There will be no fee for all quotes and orders executed in the Nasdaq Opening or Closing Cross, or any other cross (e.g. Halt, LULD) for Nasdaq Market Makers that meet the NBBO Test in SCIP symbols. All quotes and orders exclude Market-on-Close and Limit-on-Close orders executed in the Nasdaq Closing Cross and Market-on-Open, Limit-on-Open, Good-till-Cancelled, and Immediate-or-Cancel orders executed in the Nasdaq Opening Cross.

The SCIP eligible securities will have unique liquidity codes for displayed orders to assist in tracking of rebates. These codes will replace the current “A”, “7”, and “8” liquidity codes. The unique codes are as follows:

Liquidity Code Description
a Added displayed liquidity
x Displayed, liquidity-adding order improves the NBBO
y Displayed, liquidity-adding order set the QBBO while joining the NBBO

All other liquidity codes, such as those used to signify executions in crosses, routing, removing liquidity, or adding non-display liquidity, will remain unchanged for the SCIP symbols.


The list of SCIP securities can be found here.

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Qualified Market Makers

NASDAQ rewards market makers who actively quote at the National Best Bid or Offer (NBBO) in a broad set of securities through the QMM program. A Member attains QMM status by meeting certain quoting requirements each month. By meeting affirmative standards, QMMs receive meaningful benefits to further encourage broad-based liquidity provision.

Members must meet the following obligations to qualify as a QMM:

  • Maintain a one- or two-sided quote, of at least one round lot at the NBBO in an average of 1,000 securities for at least 25% of market hours each month through one or more Nasdaq Market Center MPIDs.
  • Be in compliance with NASDAQ's Excessive Messaging Policy during the month. Firms must ensure that their weighted order to trade ratio does not exceed a certain threshold, outlined in detail in the Excessive Messaging Policy section below.
  • Be a Registered Nasdaq Market Maker

QMM rebate incentives for achieving the QMM criteria are as follows: A rebate per share executed (as defined in the below table) for all displayed orders (other than Designated Retail Orders) in securities priced at $1 or more per share that provide liquidity and were for securities listed on NYSE ("Tape A QMM Incentive"), securities listed on exchanges other than Nasdaq and NYSE ("Tape B QMM Incentive"), or securities listed on Nasdaq (“Tape C QMM Incentive”). Such rebate for executions will be in addition to any rebate payable under Rule 7018 (existing add displayed liquidity rebates):

QMM Tiers Tape A QMM Incentive Tape B QMM Incentive Tape C QMM Incentive
Tier 1 Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.70% up to and including 0.90% of Consolidated Volume during the month. $0.0001 $0.0001 $0.0001
Tier 2 Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs above 0.90% of Consolidated Volume during the month. $0.0002 $0.0002 $0.0002

In addition to the above rebate incentives, QMM’s that execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent 0.80% or more of Consolidated Volume during the month will be assessed a discounted remove fee of $0.00295 in Tapes A and B for shares executed.

In order to determine how much time a Member quotes a security at the NBBO for purposes of determining a Member's QMM eligibility, NASDAQ will take the average of the time spent at the bid and offer between 9:30 a.m. and 4:00 p.m., Eastern Time (ET) for each trading day for each of a Member’s MPIDs. The monthly average will be calculated for each MPID for each security by summing the security's daily averages then dividing the resulting sum by the total number of trading days in the month. The exchange will aggregate the number of securities meeting the 25% threshold requirement for all of a Member’s MPIDs to determine if the Member met the 1,000 security threshold for the month.

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NBBO Program

Nasdaq will provide a rebate per share executed with respect to all other displayed orders (other than Designated Retail Orders, as defined in Rule 7018) in securities priced at $1 or more per share that provide liquidity and establish the NBBO. The rebate will be in addition to any rebate or credit payable under Rule 7018(a) and the ISP, QMM and NBBO Program under Rule 7014.

To qualify for the $0.0004 per share executed in Tape A and B securities, the member must execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 1.0% or more of Consolidated Volume during the month.

If a member (i) executes shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.5% or more of Consolidated Volume during the month, and (ii) has a ratio of at least 25% NBBO liquidity provided* to liquidity provided during the month, the member will receive an additional $0.0002 per share executed credit for displayed quotes/orders (other than Supplemental Orders or Designated Retail Orders) that provide liquidity priced at $1 or more. This rebate will be in addition to any rebate or credit payable under Rule 7018(a) and the ISP, QMM Program, and NBBO Program under Rule 7014.

*NBBO liquidity provided means liquidity provided from orders (other than Designated Retail Orders, as defined in Nasdaq Rule 7018), that establish the NBBO, and displayed a quantity of at least one round lot at the time of execution.

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Lead Market Maker Program

Lead Market Makers (LMMs) are market makers who have been selected to promote an active and liquid trading market in Exchange Traded Products (ETPs) by maintaining higher standards of liquidity in qualified NASDAQ-listed ETPs.

The criteria and rebates for the LMMs will be as follows:

 Displayed Liquidity Rebate
(For Executions $1 and Above)
Displayed Liquidity Rebate
(for executions less than
$1 per share)
All Crosses (Maximum Fee)
Percent of time at the national best bid (best offer) ("NBBO")Above 15% to 20%$0.0040 per executed share$0.0000 per executed share$0.0005 per executed share
Percent of time at the NBBOAbove 20% to 50%$0.0043 per executed share$0.0000 per executed share$0.0000 per executed share
Percent of time at the NBBOAbove 50%$0.0046 per executed share$0.0000 per executed share$0.0000 per executed share

Shares receiving an enhanced rebate through the LMM program are not eligible to receive additional rebates through other incentive programs (including, for example, ISP or NBBO setter pricing).

For more information on this program, please refer to the ETF Page on the NASDAQ Trader® website.

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Route Rates

Fees to Route Liquidity
All U.S. Equities Per Share Executed Liquidity Code
All routing strategies that check the NASDAQ book (i.e. STGY, SCAN, SKIP, SKNY, DOTA, DOTM) except for shares that route and execute on NYSE. (See “Rates to Route to NYSE” for shares that route and execute on NYSE) $0.0030 X1
Directed Orders $0.0035 X
MOPP and MOPB orders $0.0035 X
RFTY Strategies (Retail Order Process)
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders that execute at venues other than Nasdaq Free D, B, P,
X, Y, T,
F, E, G,
U, or S
Fee for orders that remove liquidity on Nasdaq Free R or m
Rebate for orders that add liquidity on Nasdaq $0.0034 e
TFTY Strategies
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders that execute on BX Free B
Fee for orders that execute on low-priced venues $0.0007 X
Fee for orders that execute on PSX $0.0030 P
Fee for orders that execute on NYSE $0.0030 D
SAVE and SOLV Strategies
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders that execute on BX Free B
Fee for orders that execute on PSX $0.0030 P
Fee for orders that execute on NASDAQ $0.0030 R
Fee for orders that execute on NYSE $0.0030 D
Fee for orders that execute on other protected quotes and additional destinations $0.0030 X
QCST and QDRK Strategies
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders that execute on BX Free B
Fee for orders that execute on NASDAQ $0.0030 R
Fee for orders that execute on other protected quotes and additional destinations $0.0007 X
Rebate for orders that add liquidity to NASDAQ Standard NASDAQ add rates apply
CART Strategy
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders that execute on BX Free B
Fee for orders that execute on PSX $0.0030 P
Fee for orders that execute on NASDAQ $0.0030 R
Rebate for orders that add liquidity to NASDAQ Standard NASDAQ add rates apply
Rates to Route to NASDAQ BX
All U.S. Equities Per Share Executed Liquidity Code
Fee for Directed Orders $0.0035 B
Fee for DOTI, CART, TFTY, QCST, SAVE, SOLV Free B
Fee for MOPP and MOPB $0.0035 B
Fee for other orders $0.0030 B
Rates to Route to NASDAQ PSX
All U.S. Equities Per Share Executed Liquidity Code
Fee for Directed Orders $0.0035 P
Fee for MOPP and MOPB $0.0035 P
Fee for all other orders $0.0030 P
Rates to Route to NYSE
All U.S. Equities Per Share Executed Liquidity Code
Fee for all routing strategies (excluding those specified above) that check the NASDAQ book $0.0030 D
Rebate for liquidity added to NYSE $0.0015 U
Fee for MOPP and MOPB orders $0.0035 D
Fee for directed and Intermarket Sweep Orders (ISO) $0.0035 D
Fee for LIST or DOT orders that execute in the NYSE Opening Auction $0.0015 F
Fee for LIST orders that execute in the NYSE MKT or NYSE Arca Opening Auctions $0.0005 F for NYSE MKT
T for ARCA
Fee for LIST or DOT orders that execute in the NYSE Closing Auction $0.0010 E, G
Fee for LIST order that executes in the NYSE MKT Closing Auction $0.00095 E, G
Fee for LIST orders that execute in the NYSE Arca Closing Auction $0.0005 T
Fee for orders that NYSE re-routes to another market center $0.0030 Y
Rate to Route Shares Below $1.00
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders executed outside of the NASDAQ facility 0.30% (i.e. 30 basis points) of total dollar volume X
  • Volume from Directed ISO, MOPP, SAVE, QSAV, TFTY and QTFY orders that execute on destinations other than NASDAQ will not be included in firms’ average daily volume calculations for pricing tiers.

Excessive Messaging Policy

The NASDAQ Stock Market (NASDAQ), NASDAQ BX (BX) and NASDAQ PSX (PSX) have introduced an Excessive Messaging Policy that encourages active quoting near the NBBO while discouraging excessive order activity away from the inside.

Member firms that exceed a "Weighted Order-to-Trade Ratio" of 100:1 pay a fee on the orders that cause the firm to exceed the threshold. The weighting factors are as follows:

Order's Price vs NBBO upon entry Weighting factor
0% - 0.20% away 0x
0.20% - 0.99% away 1x
1% - 1.99% away 2x
2% or more away 3x

Firms that exceed the Weighted Order-to-Trade Ratio threshold of 1,000:1 will pay a $0.01 penalty on each order that caused the firm to surpass the threshold.

Firms that exceed the Weighted Order-to-Trade Ratio threshold of 100:1 but less than 1,000:1 will pay a $0.005 per order penalty on all orders that caused the firm's ratio to exceed 100:1.

Example

  • ABCD sends the following displayed, liquidity-providing orders:
    • 1,000,000 orders at the NBBO (weighting factor: 0x), of which 7,000 trade
    • 500,000 orders 1.5% away from the NBBO (weighting factor: 2x), of which 1,000 trade
  • ABCD's Weighted Order-to-Trade Ratio is 125:1
    • Weighted Order Count: 1,000,000 (1,000,000 x 0 + 500,000 x 2)
    • Orders executed (i.e., Trades): 8,000
    • Therefore, the ratio is 125 = (1,000,000 weighted orders / 8,000 orders executed)
  • Based on 8,000 orders executed, ABCD needed a weighted order count of 800,000 orders to meet the 100:1 threshold
    • Therefore, the Excessive Order quantity is: 200,000 = (1,000,000 - 800,000)
    • ABCD will incur a penalty of $0.005 on their 200,000 excessive orders.

Notes

Only displayed, liquidity-providing orders received during regular market hours are included in the Weighted Order-to-Trade Ratio calculation.

Non-displayed orders, Immediate-or-Cancel (IOC) orders and Auction orders are excluded from the calculation

Orders sent by Registered Market Makers in their registered securities will not be included in the calculation.

Firms sending less than 100,000 weighted orders daily will not incur penalties.

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

Excessive Messaging Policy for DOTI and DOTZ

NASDAQ assesses an excessive message fee for member firms that use the DOTI or DOTZ strategies and have an order to execution ratio of greater than 300 to 1. This fee applies to firms using NASDAQ's router to engage in high frequency trading on the NYSE and who send orders not eligible to post on the NASDAQ book.

A fee of $0.01 per order applies in the following circumstances:

  • Only orders sent via the DOTI or DOTZ strategies
  • Only when the order to execution ratio for an MPID's usage of DOTI/DOTZ greater than 300 orders per 1 execution.
  • Only to firms that send an average of more than 10,000 DOTI/DOTZ orders per day
  • Only to the number of orders that cause the firm to exceed the 300 to 1 ratio

Note:

A partial execution counts as an execution toward the ratio calculation. In addition, cancel messages are free and are excluded from the ratio calculation. Orders for less than one round lot and any resulting execution are also excluded.

Example:

Firm A sends 200,000 DOTI/DOTZ orders and 800 of the orders result in executions. No fee is applied because the order to execution ratio is 250:1.

Firm B sends 200,000 DOTI/DOTZ orders and 100 of the orders result in executions. The execution ratio is 2000:1 and the firm will be charged $1,700 for exceeding the ratio by 170,000 messages.

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NASDAQ Membership Fees

Application fee $2,000
Annual membership fee $3,000
Monthly trading rights fee $1,000
Form U-4 filed for the registration of a Representative or Principal $55
Form U-4 filed for the transfer or re-licensing of a Representative or Principal $55

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MPID Fees

MPIDs $550/per month, per MPID

Please note: MPIDs used exclusively for FINRA reporting will be excluded from the MPID fee. Any MPIDs 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 MPID through the rest of the month.

 

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NASDAQ Rule 11890 Fees

Complaints:

NASDAQ will charge fees for NASDAQ 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 NASDAQ 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. For complete information please refer to Regulatory Alert #2008-005.

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 NASDAQ official who made the initial determination. The fee will be reflected in the monthly invoice.

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NASDAQ Crossing Network

Execution Fees for the NASDAQ Opening Cross

Each firm's Opening Cross charges from Market-On-Open (MOO) and Limit-On-Open (LOO) orders will be capped at $30,000 per month, provided that firm adds one million shares of liquidity, on average, during the month.

Order Type Fee for Opening Cross
Per Share Executed
Liquidity Code
Market-on-open $0.0015 O
Limit-on-open $0.0015 O
Regular Hours Orders* that execute in the cross $0.0015 O
Imbalance-only $0.0008 M
Continuous Book** $0.0008 M

* Regular Hours Orders include GTC, IOC and DAY orders, executable between 9:30 a.m. and 4:00 p.m., Eastern Time, including during the Opening Cross.
** Continuous Book includes all quotes and extended hours orders (X) orders eligible to participate in the cross.

Execution Fees for the NASDAQ Closing Cross

Order Type Fee for Closing Cross
Per Share Executed
Liquidity Code
Market-on-close Refer to Tiers A-G Below C
Limit-on-close Refer to Tiers A-G Below C
Imbalance-only $0.0008 L
Continuous Book $0.0008 L

Tier A: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 1.40% of Consolidated Volume or MOC/LOC volume above 0.50% of Consolidated Volume: $0.0008 per executed share

Tier B: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 0.80% to 1.40% of Consolidated Volume or MOC/LOC volume above 0.30% to 0.50% of Consolidated Volume: $0.0011 per executed share

Tier C: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 0.50% to 0.80% of Consolidated Volume or MOC/LOC volume above 0.10% to 0.30% of Consolidated Volume: $0.0012 per executed share

Tier D: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 0.30% to 0.50% of Consolidated Volume: $0.0013 per executed share

Tier E: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 0.015% to 0.30% of Consolidated Volume: $0.00135 per executed share

Tier F: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent 0.00% to 0.015% of Consolidated Volume: $0.0015 per executed share

Tier G: Member adds NOM Customer and/or Professional liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of 0.80% or more of national customer volume in multiply-listed equity and ETF option classes in a month: $0.0010 per executed share

NASDAQ IPO/Halt Cross

  • $0.0010 per share.

  • Orders executed in either a halt or IPO cross will generate a liquidity code of "H" or "K."

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Data Revenue Sharing

Market Data Revenue Sharing the FINRA/NASDAQ Trade Reporting Facility (TRF)

Firms qualify for tiers on a per tape basis according to each firm's reported market share volume for trades reported to the FINRA/NASDAQ TRF as a percent of the entire reported volume for each period in each Tape. Firms' tier qualifications will be evaluated each quarter for that period's payout.

Tape & Tier Tier Revenue Share
Tape A Tier 1 =>2% 98%
Tape A Tier 2 <2%, =>1% 95%
Tape A Tier 3 <1%, =>0.50% 75%
Tape A Tier 4 <0.50%, =>0.10% 20%
Tape A Tier 5 <0.10% 0%
     
Tape B Tier 1 =>2% 98%
Tape B Tier 2 <2%, =>1% 90%
Tape B Tier 3 <1%, =>0.35% 70%
Tape B Tier 4 <0.35%, =>0.10% 10%
Tape B Tier 5 <0.10% 0%
     
Tape C Tier 1 =>2% 98%
Tape C Tier 2 <2%, =>1% 95%
Tape C Tier 3 <1%, =>0.50% 75%
Tape C Tier 4 <0.50%, =>0.10% 20%
Tape C Tier 5 <0.10% 0%

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ACES

Market Maker Side Only

Per execution for the first 25,000 orders executed in one month $.70
Per execution for the next 25,000 orders executed in one month $.50
Per execution for all remaining orders executed in one month FREE
Per execution for new relationships between market making and order-entry firms $.15
Order-entry FREE
Reject Fee $1.00

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Weblink ACES

$59 per user, per month for access to Weblink ACES. ACES execution fees still apply. See ACES on this Fee Schedule.

  • Please note: Firms will be charged for Weblink ACES in full month increments. Any logon 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 logon or port through the rest of the month.

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FINRA/NASDAQ Trade Reporting Facility (ACT Technology)


See Equity Trader Alert #2010-009 for definitions and additional details.


Standard Fees

Cancellation Fee $.25
Comparison/Accept per 100 share block (400 share minimum to 7,500 share maximum block) $.0144 per side
T + 1/T + N $.288 per trade report, charged to executing broker
Explicit Fee $.03 per side

Non-Comparison/Accept Trade Reports

Firms may be eligible to achieve capped charges based on the number of tape-eligible (media) reports where they are the Executing Party on a daily average basis over the billing period.

The daily average number of media/reporter trades during the month needed to qualify for cap for each tape is below:

Tape Monthly Cap
A 2,500
B 2,500
C 2,500

Tape A Monthly Charge Maximum Monthly Charge if Capped
Media/Executing Party ($0.018) x (Number of Media/Executing Party Reports During the Month) ($0.018) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Executing Party ($0.018) x (Number of Non-Media/Executing Party Reports During the Month) ($0.018) x (2,500) x (Number of Trading Days During the Month)
Media/Contra ( $0.013) x (Number of Media/Contra Reports During the Month) ($0.013) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Contra ($0.013) x (Number of Non-Media/Contra Reports During the Month) ($0.013) x (2,500) x (Number of Trading Days During the Month)

Tape B Monthly Charge Maximum Monthly Charge if Capped
Media/ Executing Party ($0.018) x (Number of Media/Executing Party Reports During the Month) ($0.018) x (2,500) x (Number of Trading Days During the Month)
Non-Media/ Executing Party ($0.018) x (Number of Non-Media/ Executing Party Reports During the Month) $0.018) x (2,500) x (Number of Trading Days During the Month)
Media/Contra ($0.013) x (Number of Media/Contra Reports During the Month) ($0.013) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Contra ($0.013) x (Number of Non-Media/Contra Reports During the Month) ($0.013) x (2,500) x (Number of Trading Days During the Month)

Tape C Monthly Charge Maximum Monthly Charge if Capped
Media/ Executing Party ($0.018) x (Number of Media/Executing Party Reports During the Month) ($0.018) x (2,500) x (Number of Trading Days During the Month)
Non-Media/ Executing Party ($0.018) x (Number of Non-Media/ Executing Party Reports During the Month) ($0.018) x (2,500) x (Number of Trading Days During the Month)
Media/Contra ($0.013) x (Number of Media/Contra Reports During the Month) ($0.013) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Contra ($0.013) x (Number of Non-Media/Contra Reports During the Month) ($0.013) x (2,500) x (Number of Trading Days During the Month)

Media/Contra Cap

Participants making markets in alternative trading systems registered pursuant to Regulation ATS will qualify for a fee cap applied to all trades under Rule 7620A if they meet the following criteria on a monthly basis:

  • Participant’s percentage of contra media trades must represent at least 35% of their total TRF volume.
  • Participant must be contra to a minimum of 1,000,000 trades in Tape A, 500,000 trades in Tape C and 250,000 trades in Tape B

Participant must complete an attestation form stating that they maintain a two sided quote in each symbol traded on an alternative trading system registered pursuant to Regulation ATS and display a quotation size of at least one normal unit of trading (specific for each security) thereon. Participants will be audited by Nasdaq, Inc. periodically.

Maximum Monthly Charge if Capped $5,000 per Tape (A,B or C)

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Trade Facilitation

Sales Fee Transfer Charge

The Sales fee transfer charge will be paid by the transferring party as per the schedule below:

10% of the dollar value of the transferred fee Variable
Minimum charge per submission $0.025
Maximum charge per submission $0.25

Step-Outs on the NASDAQ Exchange

  • $0.029 per side

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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 NASDAQ.

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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Pre-Trade Risk Management

Item Fee
PRM Add-On 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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Post Trade/Credit Risk Management

Standard Fees

Service (per correspondent, billed to the clearing firm) $17.25/month
Activity (per trade, per correspondent, billed to the clearing firm*) $0.030
Minimum Activity (per correspondent, billed to clearing firms with relationships that have less than 17,000 trades and less than 50 total correspondents) $500

*$7,500 capped per month per correspondent relationship.

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Weblink ACT 3.0

Connectivity (per user, per month)

Trade report and trade scan $525
Trade Reporting Query (each) $0.50
Trade Reporting File Upload Capability Free
Reject Scan (per logon, per month) Free
Additional ACT Trade History (>6 months) $225

Notes

  • The above Weblink ACT 3.0 fees do not include transaction charges. Please see the FINRA/NASDAQ TRF section on this Fee Schedule for more information on transaction fees.
  • Please note: Firms will be charged for Weblink ACT 3.0 in full month increments. Any logon 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 logon through the rest of the month.

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NASDAQ Workstation

NASDAQ Workstation Logon

Standard Rate (per logon, per month) $575
Trade Reporting Query (each) $0.50
Trade Reporting File Upload Capability (per logon, per month) Free
Reject Scan (per logon, per month) Free

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ACT Workstation for Clearing Firms Logon

Standard Rate (per logon, per month) $525
Trade Reporting Query (each) $0.50
Trade Reporting File Upload Capability (per logon, per month) Free
Reject Scan (per logon, per month) Free

Workstation users may choose to purchase CQS data at the exchanges' rates. The exchange will bill the user directly. View the NYSE and NYSE MKT pricing schedules.

  • Please note: Firms will be charged for their NASDAQ Workstation(s) in full month increments. Any logon or 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 logon through the rest of the month.

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NASDAQ InterACT

  • $400 per login, per month
  • Cap of $2,400 per firm, per month
  • Please note: Firms will be charged for NASDAQ InterACT in full month increments. Any logon 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 logon through the rest of the month.
  • Standard scan rates will apply.

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Compliance Dashboard

Reg Recon

  • $1,000 per MPID, per month

Short Sale Monitor

  • Short Sale Monitor (TRF) - $750 per MPID, per month
  • NASDAQ - $150 per MPID, per month
  • PSX - $50 per MPID, per month
  • BX - $50 per MPID, per month

To subscribe to the add-on packages, a firm must first subscribe to the Short Sale Monitor.

Limit Locator

  • $750 per MPID, per month

Notes

  • Please note: Firms will be charged in full month increments. Any logon 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 logon through the rest of the month.
  • Subscribers can only access these alerts through the NASDAQ or ACT Workstation.
  • To access the Compliance Dashboard, a user must have at least one subscription above.

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QView

Product Fee
QView *
  • Nasdaq - $600 per firm, per month
  • BX - $200 per firm, per month
  • PSX - $100 per firm, per month
QView + Latency Optics Add-On $3,500 per firm, per month (inclusive of QView and up to 5 TradeInfo user log ins)

*Please Note: Subscribers can only access QView through NASDAQ TradeInfo or NASDAQ Workstation.

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NASDAQ TradeInfo

  • Access to TradeInfo for the NASDAQ Exchange is $95 per user, per month.

  • Effective May 1, 2013, the Band Lookup add-on feature will be $200 per user, per month.

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NASDAQ Order Entry Ports

OUCH$575 per port
FIX$575 per port
RASH$575 per port
Test Mode Ports$100 per port
Chicago DR Ports$25 per port

  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month.

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NASDAQ DROP Ports

DROP$550 per port
Chicago DR Ports$25 per port

  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month.

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Quoting Ports

QIX Ports$1200 per port
Unsolicited Message (UM) Port$1000 per port
DR PortsFREE

  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month.

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Market Data Ports

TCP ITCH Port$750 per port
Multicast ITCH (MTCH) - software$1000 per port
Multicast ITCH (MTCH) - software & hardware$2500 per port
DR PortsFREE

  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month.

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Other Ports

FIX (non-trading activity)$500 per port
CTCI Station$600 per port
DR PortsFREE

  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month.

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Dedicated OUCH

Dedicated OUCH Server$5000 per month
Installation Fee$5000

  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month.
  • Standard monthly OUCH port fees still apply.

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NASDAQ VTE

  Fee/Month (per ID)
VTE ID that executes less than 100,000 shares/month $500
VTE ID that requires web access $500
  • Each VTE ID receiving NASDAQ or Consolidated Quotation System (CQS) market data is subject to pass-through fees for the use of this service, as determined and billed by the specified exchange and/or market center.

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Computer-To-Computer Interface (CTCI) Connectivity

CTCI Transmission Control Protocol/Internet Protocol (TCP/IP)

Fee Component Fee
Station $600/Station/month
Each 56kb line with single hub and router (for remote disaster recovery sites only) $900/month
Option 1
Dual 56kb lines (one for redundancy) and single hub and router $1,000/month
Option 2
Dual 56kb lines (one for redundancy), dual hubs (one for redundancy) and dual router (one for redundancy) $1,200/month
Option 3
Dual T1 lines (one for redundancy), dual hubs (one for redundancy) and dual router (one for redundancy). Includes base bandwidth of 128kb $2,500/month
Bandwidth Enhancement Fee (for T1 Subscribers only)
Per 64kb increase above 128kb T1 base $200/month

Notes

  • Please note that firms will be charged for their CTCI Stations in full month increments. Any station 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 station through the rest of the 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.

Hourly charges still apply to CTCI and FIX for the following services:ACT (TRF/ORF/ADF), ACES, TRACE (SP/CA), MFQS and FINRA TRAQS web application.

Hourly Testing Fees
For Active Connection testing during the normal operating hours of the NTF $285
For Active Connection testing all times other than the normal operating hours of the NTF $333
  • New customers and existing customers testing new services not previously accessed are able to test for up to one month free of charge. New customers must notify Trading Services via e-mail or at 212-231-5100 prior to the start of testing to be eligible for one month of free testing. This includes testing for firms that are accessing NASDAQ through a service bureau for the first time.

  • Firms will be charged when active testing occurs. It is important for firms to log off once testing is complete. If a firm continues to be logged into NTF but does not send any transactions, the firm will be charged at the applicable weekday or weekend testing rates up to a maximum of one hour after the last transaction was entered.

  • Please note that the NTF hourly test fees are applied to total connect time. Customers are responsible for monitoring their own test efforts. NTF customers should control all automatic logon sequences and simultaneous login triggers to ensure that CTCI, FIX and QIX IDs are only logged into the NTF while conducting application testing. These rates do not include fees imposed by internet service providers or the dial-up costs associated with modem access.

Monthly Handoff Fees (Applies to Carteret for testing to NASDAQ, BX, and PSX only)

  • $1,000 per month for either 1G or 10G handoff.
  • $1,000 installation fee (waived if ordered by March 31, 2014)

Monthly Circuit Fees

  • Test vendor feeds including current and new NASDAQ proprietary feeds, data over a 56kb dedicated circuit are $1,100/circuit/month.
  • CTCI service over a 56kb dedicated circuit is $1,100/circuit/month.
  • The NASDAQ Testing Facility Suite (FIX, QIX and CTCI service over two 56kb circuits on a 128kb port) is $1,800/bundled circuit/month.
  • The installation fee is $700 for the NASDAQ Test Facility dedicated service.

Notes and Restrictions

  • Subscribers that install the NASDAQ Testing Facility Test Suite or any other NTF dedicated service will not have the ability to alter the nature of their service (a de-installation or installation is required). Subscribers are prohibited from dropping the CTCI, FIX, or QIX portion of the NTF Test Suite at any point prior to the completion of the year agreement. A subscriber that has entered a month-to-month agreement for any NASDAQ Testing Facility dedicated test circuit will be able to uninstall existing service or install new services upon the completion of the term of service.
  • There is no de-installation fee provided the subscriber has fully completed their term of service. Subscribers that wish to de-install dedicated test circuits before their contract is complete are liable for the remaining length of the contract. MCI requires 30-business days to process disconnect orders.

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NASDAQ Report Center

Report Center package (per user, per month) $250
Equity Trade Journal for Clearing package
(tiered, per month):
Tier Number of Correspondent MPIDs Monthly Fees
Tier 1 Daily Reports for 0-10 correspondent MPIDs $750/month
Tier 2 Daily Reports for 11-20 correspondent MPIDs $1,000/month
Tier 3 Daily Reports for 21-30 correspondent MPIDs $1,250/month
Tier 4 Daily Reports for 31-40 correspondent MPIDs $1,500/month
Tier 5 Daily Reports for 41 or more correspondent MPIDs $1,750/month


Regulatory Transaction Fee Reports

Monthly user fee $25

ACT Recap Messages

Monthly user fee $315

Daily Market Participant Position Report Plus

Monthly user fee $150

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