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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 Phlx Equity 7of the Rule Book.

For all Add pricing tier/incentives on this fee schedule, Nasdaq PSX will calculate a member's percentage of consolidated volume twice - (1) once including activity at all price levels and (2) once excluding all volume below $1 (in the numerator and denominator) while also increasing the required volume percentage threshold by 10% (i.e. 0.10% becomes 0.11%). Nasdaq PSX will determine under which consolidated volume calculation a member receives the best rebate/fee and apply it automatically.

Rebate to Add Displayed Liquidity (Per Share Executed) All Securities
Liquidity Code
  1. Firm Adds 0.10% or more of TCV during the prior month; and
  2. Firm Adds 0.10% or more of TCV during the month.
Additional $0.00005  A, V, or u
Firm adds 0.15% or more of TCV  $0.0033  A, V, or u
Firm adds 0.07% or more of TCV  $0.0032  A, V, or u
Firm adds 0.05% or more of TCV $0.0030 A, V, or u
All others $0.0020 A, V, or u

 

  Per Share Executed
Liquidity Code
Rebates to Add Non-Displayed Liquidity via an Order with Midpoint Pegging
Add Non-Displayed Liquidity via an Order with Midpoint Pegging of at least 1million shares ADV  $0.0025 k 
All firms $0.0018 k
Rebates to Add Other Non-Displayed Liquidity
Firm adds 0.01% or more of TCV of non-displayed liquidity (other than midpoint orders) $0.0015 J
Other non-displayed added liquidity $0.0005 J
Fee to Remove Liquidity
All firms $0.0030 R or m
Shares Executed Below $1.00
Rebate to Add Liquidity $0.00 A, V, or u
Fee to Remove Liquidity 0.30% (i.e. 30 basis points) of total dollar volume R or m

Routing Rates *


 NASDAQ (Q) NTX (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 $0.0016 Rebate N/A N/A

* 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

Complaints

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.

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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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 NTX. 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 NTX 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 Trading Port (FIX and FIX Lite (FLITE)) $400 per port
RASH $400 per port
CORE FIX
OUCH Purge Port
FIX Purge Port
RASH Purge Port

Test Mode Ports 		$400 per port
$500 per port
$500 per port
$500 per port

$100 per port
Chicago DR Ports (OUCH, FIX Trading Port, CORE FIX, RASH) $25 per port

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NASDAQ PSX DROP Ports

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
DR Ports FREE

  • Fees are prorated for the first month of service under this section. Upon cancellation, participants are required to pay for service for the remainder of the month, regardless of whether it is the first month of service.
  • 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

    • Subscribers that conduct tests of their PSX access protocols connection or market data vendor feeds through the Exchange's Testing Facility (Testing Facility) shall pay $300 per port, per month*
    • Subscribers to the Testing Facility shall pay a fee of $1,100 per hand-off, per month for connection to the Testing Facility. The hand-off fee includes either a 1Gb or 10Gb switch port and a cross connect to the Testing Facility. Subscribers shall also pay a onetime installation fee of $1,100 per hand-off.

    *Waived for OUCH, FIX and RASH Purge Ports for the first two calendar months from the start date of the Test Facility port.

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