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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.

For all Add pricing tier/incentives, QMM program, and NBBO program on this fee schedule, Nasdaq 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 will determine under which consolidated volume calculation a member receives the best rebate/fee and apply it automatically.

The following days will be excluded from calculations of total Consolidated Volume and the member’s trading activity for purposes of volume calculations for equity pricing tiers/incentives:
(1) the dates on which stock options, stock index options, and stock index futures expire (i.e., the third Friday of March, June, September, and December)
(2) the dates on which the MSCI Equity Indexes are rebalanced (i.e., on a quarterly basis)
(3) the dates on which the S&P 400, S&P 500, and S&P 600 Indexes are rebalanced (i.e., on a quarterly basis)
(4) the date on which the Nasdaq-100 and Nasdaq Biotechnology Indexes are rebalanced (i.e., on an annual basis); and
(5) the date of the annual reconstitution of the Russell Investments Indexes

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 0.10% added in Tape B Additional $0.0001 in Tape B
(other than Supplemental Orders or Designated Retail orders)

Additional $0.00005 in Tape B for Designated Retail orders
(other than Supplemental Orders) 		A, 7, 8, or u

M-ELO Supplemental Credit A

  1. Increases average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 1 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) ADV; or
  2. Firm adds a minimum average daily volume of 3 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV (midpoint add + MELO) by 100% or more vs June 2021 midpoint add ADV (midpoint add + MELO)

Additional $0.00005
(other than Supplemental Orders or Designated Retail orders)

Cannot be combined with other M-ELO supplemental credits

 A, 7, 8, or u

M-ELO Supplemental Credit B: Firm adds a minimum ADV of 5 million shares through midpoint and Midpoint Extended Life Orders (that execute against Midpoint Extended Life Orders)

Additional $0.00015
(other than Supplemental Orders or Designated Retail orders)

Cannot be combined with other M-ELO supplemental credits

 A, 7, 8, or u
  1. Increase Adding by 30% vs Oct 2021 or Nov 2021 TCV
  2. Add at least 15 Million ADV

Additional $0.00005
(other than Supplemental Orders or Designated Retail orders).

May not be combined with QMM Tier 2 credits

 A, 7, 8, or u
    Firm has a 60% add to total volume (adding and removing) ratio during the month and Add 0.50% or greater of TCV of which
  1. 0.35% or greater are Tape C securities; and
  2. 0.15% or greater are Designated Retail orders
Additional $0.00005
(other than Supplemental Orders) 		A, 7, 8, or u
Greater than 1.50% add $0.00305 A, 7, 8, or u
  1. Add greater than 0.95% TCV; and
  2. Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.20% 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, or u
Greater than 0.95% add and add 0.25% TCV of non-display $0.0030 A, 7, 8, or u
  1. Add 0.875% TCV or greater; and
  2. Add 0.25% TCV or greater using midpoint orders (midpoint add + MELO); and
  3. Remove 1.35% TCV
 $0.0030 A, 7, 8, or u
 
  1. 0.70% add (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1); and
  2. 0.15% add in Tape B securities; and
  3. 0.10% add of non-displayed liquidity (other than midpoint orders)

 $0.0030

This rate cannot be combined with QMM credits

  A, 7, 8, or u
  1. Add greater than 0.65% TCV; and
  2. 0.15% or greater are Designated Retail orders; and
  3. Firm has a 60% add to total volume (adding and removing) ratio during the month
$0.00295 A, 7, 8, or u
  1. Add greater than 0.70% TCV; and
  2. Add greater than 0.20% of TCV using midpoint orders (midpoint add + MELO); and
  3. Remove 1.10% TCV
 $0.00295 A, 7, 8, or u
0.75% or greater added of which 0.15% or greater are Tape B securities $0.0029 A, 7, 8, or u
 
  1. Add 0.50% TCV or greaterof which 0.10% or greater are Tape B securities;and
  2. Add 0.15% TCV or greater of non-displayed liquidity (including midpoint orders) and Midpoint Extended Life Orders
$0.0029
A, 7, 8, or u 
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 $0.0029 A, 7, or 8
  1. Add 0.65% or greater of TCV or 70M shares ADV; and
  2. Increases Midpoint Extended Life Orders average daily volume by 150% or more versus the firm’s January 2021 Midpoint Extended Life Orders average daily volume; and
  3. Firm executes an average daily volume of 750,000 or more shares through Midpoint Extended Life Orders during the month
 $0.0029 A, 7, 8, or u
  1. Greater than 0.675% added; and
  2. Firm executes an average daily volume of 350,000 or more shares through Midpoint Extended Life Orders during the month 
 $0.0029 A, 7, 8, or u
  1. Add greater than 0.60% TCV and Remove greater than 0.80% TCV; and
  2. Firm executes an average daily volume of 350,000 or more shares through Midpoint Extended Life Orders during the month
 $0.0029 A, 7, 8, or u
  1. Greater than 0.60% added of which 0.10% are Tape B securities
  2. Greater than 0.15% TCV added of non-displayed liquidity (other than midpoint orders)
$0.0029 A, 7, 8, or u
Add greater than 0.35% of TCV and Remove greater than 0.75% TCV $0.0028 A, 7, 8, or u
Add 0.45% TCV or greater of which 0.10% or greater are Tape B securities $0.0028 A, 7, 8, or u
  1. Add greater than 0.375% TCV; and
  2. Increases Midpoint Extended Life Orders average daily volume by 100% or more versus the firm’s June 2021 Midpoint Extended Life Orders average daily volume; and
  3. Firm executes an average daily volume of 500,000 or more shares through Midpoint Extended Life Orders during the month
 $0.0028 A, 7, 8, or u
Members with shares executed in the Opening and Closing Cross comprised of imbalance orders and/or limit on close orders entered after 3:55pm that represent more than 0.01% Consolidated Volume during the month $0.0027 A, 7, 8, or u
Greater than 0.30% added $0.0027 A, 7, 8, or u
  1. Add greater than 0.10% TCV; and
  2. Add liquidity 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
$0.0027 A, 7, 8, or u
  1. Remove greater than 0.40% TCV; and
  2. Add greater than 0.15% TCV; and
  3. Minimum of 800,000 shares of Non-Displayed liquidity added per day
 $0.0027 A, 7, 8, or u
 Minimum of 2 million shares added per day and greater than 0.45% removed $0.0025 A, 7, 8, or u
Greater than 0.10% added $0.0020 A, 7, 8, or u
Firm adds greater than 4 million shares per day, of which 1.5 million share per day are non-displayed liquidity (excluding midpoint orders) or Midpoint Extended Life Orders $0.0020 A, 7, 8, or u
  1. Firm increases Adding by 20% vs. July 2022 TCV; and
  2. Minimum Add volume of at least 5 million shares ADV
 $0.0020 A, 7, 8, or u
All other firms $0.0018 for Tape A & B Securities
$0.0013 for Tape C Securities		 A, 7, 8, or u
Rebate to Add Displayed Designated Retail Liquidity
Firm has an 85% add to total volume (adding and removing) ratio during the month $0.0033 e
All other firms $0.00325 e
Rebate to Add Non-Displayed Midpoint Liquidity (excluding buy (sell) orders with Midpoint pegging that receive an execution price that is lower (higher) than the midpoint of the NBBO)
 Firm adds midpoint liquidity that represnts 0.30% TCV or more $0.0028 k
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
Firm executes an average daily volume of at least 2.5 million up to, but not including 4 million shares through Midpoint Extended Life Orders Additional $0.0001 (w/ maximum non-displayed midpoint rebate of $0.0028) k
Firm executes an average daily volume of 4 million or more shares through Midpoint Extended Life Orders Additional $0.0002 (w/ maximum non-displayed midpoint rebate of $0.0028) k
  1. Firm grows midpoint add ADV by 30% or more vs May 2021 midpoint add ADV; and
  2. Minimum of 15 million shares of midpoint liquidity added per day
 Additional $0.0002 (w/ maximum non-displayed midpoint rebate of $0.0027) k
 
  1. Firm provides 0.35% TCV through Midpoint Extended Life Orders and midpoint orders; and
  2. Firm provides at least 0.20% TCV through midpoint orders
 Additional $0.0001 (w/ maximum non-displayed midpoint rebate of $0.0028)  k

Firm executes an average daily volume of 5 million or more shares through Midpoint Extended Life Orders

Additional $0.0001 (w/ maximum non-displayed midpoint rebate of $0.0029)
 		 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 (i) provides 0.10% TCV through non-displayed orders (other than midpoint orders) and (ii) provides 0.15% liquidity using midpoint orders $0.0015 in Tape A & B,
$0.0010 in Tape C 		J or N
Firm (i) provides 0.30% TCV through non-displayed orders and Midpoint Extended Life Orders and (ii) increases non-displayed add liquidity and Midpoint Extended Life Orders volume by 0.06% TCV versus August 2020 non-display add and Midpoint Extended Life Orders TCV $0.0010 in Tape A & B,
$0.00075 in Tape C 		J or N
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 or N
All other firms $0.0000 for all tapes J or N
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
Fees for M-ELO, Shares Executed at or above $1.00
All firms $0.0004 n
Rebates and Fees, Shares Executed Below $1.00
Rebate to Add Liquidity $0.00 A,7,8,e,
J,k,0, or u
Fee to Remove Liquidity 0.30% (i.e. 30 basis points) of total dollar volume R or m

 

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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.

 

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 or 70 million shares ADV during the month.

or

Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.80% up to and including 0.90% (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1) 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.

or

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% (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1) during the month. 		$0.0002 $0.0002 $0.0002

In addition to the above rebate incentives, QMMs that execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent 1.00% 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 securities priced at or greater than $1). QMMs that meet the criteria of Tier 2 and 1) have a combined Consolidated Volume (adding and removing liquidity) of at least 3.7%; 2) execute 0.35% MOC/LOC; and 3) provide 0.15% liquidity using midpoint orders during the month will be assessed a discounted remove fee of $0.0029 in Tapes A and B for shares executed (in securities priced at or greater than $1).

A Member's MPIDs may qualify for an additional rebate of $0.000075 in Tapes A and C, and an additional rebate of $0.00005 in Tape B in addition to the Tier 2 QMM incentive by the 1. MPID adding greater than 1.25% TCV; 2. MPID maintaining a one- or two-sided quote, of at least one round lot at the NBBO in an average of at least 2,700 securities for at least 50% of market hours each month through one or more Nasdaq Market Center MPIDs of which at least 1,200 securities are in Tape A securities; and 3. MPID Increasing add volume as a percentage of TCV in Tape A securities by 0.50% versus the MPID’s May 2020 baseline.

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 QMM and NBBO Program under Rule 7014.

To qualify for the $0.0004 per share executed in Tape A and B securities, a member must add 1.0% or more of Consolidated Volume during the month and the order must have been entered on a port that has a monthly ratio of NBBO liquidity provided* to total liquidity provided of at least 25%.

*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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Designated Liquidity Provider

Designated Liquidity Providers (DLPs) are market makers who have been selected to increase Market Quality and liquidity provisioning NASDAQ-listed ETPs.

The program offers additional standard and enhanced rebates given all the Market Quality requirements (see below) are met. The Nasdaq ETF Team identified 5 key Market Quality Requirements for ETF liquidity DLPs will need to meet including time @ NBBO, time within 5bps of NBBO, notional depth, average spread, and auction quality. Please see this link for more details.

Nasdaq will offer the following rebates to Primary DLPs, based on ETP Industry ADV from the prior month:

Prior Month ADV Less than 50k Between 50k and 150K Between 150k and 250K Between 250k and 1 Million Greater than 1 Million
Standard Rebate $300/month $225/month $200/month $0.0040/share $0.0034/share
Enhanced Rebate $500/month $450/month $350/month $0.0042/share $0.0036/share

 

The new DLP program will also offer a secondary DLP program to further increase liquidity support for ETP issuers in lower ADV ETPs. Secondary DLP will need to hit at least 2 Enhanced Market Quality Requirements to qualify for the rebates. Nasdaq will offer the following rebates to secondary DLPs, based on ETP Industry ADV from the prior month:

Prior Month ADV Less than 250k Greater than 150k
Standard Rebate $150/month $0.0003/share

 

Primary DLPs will be offered additional incremental trade rebates based on the number of ETPs taken on as Primary DLP. If a Primary DLP quotes on average at least 20% of the NBBO across all assigned ETPs and the average liquidity provided by the Primary DLP for each assigned ETP averages at least 5% of the liquidity provided on Nasdaq in the respective ETPs, the Primary DLP will qualify for the rebates below on all the NASDAQ-Listed ETPs they trade:

Tiers 1 2 3 4
Minimum Monthly Average Number of Assigned ETPs as Primary DLP 10 25 50 100
Incremental Tape C ETP Rebate $0.0002/share $0.0003/share $0.0004/share $0.0005/share

 

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 X
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 shares executed in excess of 4 million shares in the month that remove liquidity on Nasdaq or execute on other protected Reg NMS venues, excluding taker-maker venues $0.0030 R, m,
D, B, P,
X, Y, T,
F, E, G,
U, or S

1. Fee for shares executed below 4 million shares in the month that remove liquidity on Nasdaq or execute on other protected Reg NMS venues, excluding taker-maker venues; or

2. above 4 million shares executed in the month that remove liquidity on Nasdaq or execute on other protected Reg NMS venues than Nasdaq Center during regular market hours, provided that the member grows its regular market hours volume during the month by at least 100% vs March 2022, excluding taker-maker venues

 Free R, m,
D, B, P,
X, Y, T,
F, E, G,
U, or S
Fee for shares executed on non Reg NMS protected venues Free X
Rebate for orders that add liquidity on Nasdaq Standard NASDAQ retail add rates apply 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
SCAR Strategy
All U.S. Equities Per Share Executed Liquidity Code
Rebate for orders that execute on BX $0.0016 B
Fee for orders that execute on PSX $0.0029 P
Fee for orders that execute on NASDAQ Standard Nasdaq Rates Apply
Rebate for orders that add liquidity to NASDAQ Standard NASDAQ add rates apply
Nasdaq Midpoint Seeker - MIDP Strategy
All U.S. Equities Per Share Executed Liquidity Code
Fee for orders that execute on protected Reg NMS venues other than BX, PSX or Nasdaq $0.0030 v
Fee for orders that execute on non Reg-NMS venues $0.0012 w
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 Standard NASDAQ remove rates apply m
Rebate/Fee for orders that add liquidity to NASDAQ Standard NASDAQ add rates apply k
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 $0.0010 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
  • 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.

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NASDAQ Membership Fees

Application fee $2,000
Annual membership fee $4,000
Monthly trading rights fee $1,250
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 $35,000 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 $0.0011 M
Continuous Book** $0.0011 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
 Extended Trading Close Refer to Tiers A-G Below i
Imbalance-only $0.0011 L
Continuous Book $0.0011 L

Tier A: Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 1.75% 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 1.75% 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: $0.00135 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: $0.00145 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: $0.0016 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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FINRA/Nasdaq Trade Reporting Facility (TRF) Transaction Credits

FINRA members reporting over-the-counter (“OTC”) transactions in NMS stocks to a FINRA/Nasdaq TRF for public dissemination or “media” purposes may receive quarterly transaction credits. 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 Trade Reporting Facility (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 Percent Market Share TRF Participant
Tape A Tier 1 =>2% 98%
Tape A Tier 2 <2%, =>1% 95%
Tape A Tier 3 <1%, =>0.50% 85%
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% 95%
Tape B Tier 3 <1%, =>0.35% 85%
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% 85%
Tape C Tier 4 <0.50%, =>0.10% 20%
Tape C Tier 5 <0.10% 0%


FINRA/Nasdaq Trade Reporting Facility (TRF) Fees

Participant Fee

Per Participant* $450 per month

*A participant will be charges only one Participant Fee regardless of whether it participates in one of both FINRA/Nasdaq Trade Reporting Facilities. Does not apply to approved Retail Participants.


Standard Fees

Cancellation Fee** $0
Comparison/Accept per 100 share block (400 share minimum to 7,500 share maximum block)** $.0144 per side
T + 1/T + N** $0 per trade report, charged to executing broker
Explicit Fee** $.03 per side

**Does not apply to approved Retail Participants.


Non-Comparison/Accept Trade Reports

Standard Trade Report Fees and Fee Caps are calculated per Tape A, B and C for TRF Participants (Non-Retail).


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.


If a Participant does not qualify for the fee cap based on Media/Executing Party trade reporting activity, the firm will then be evaluated for Contra pricing discount eligibility based on their Media/Contra trade reporting activity across all Tapes.



TRF Participant Monthly Charge


Side Standard Trade Report Fees and Discounts Trade Report Fees, if Capped
Media/Executing Party ($0.015) x (Number of Media/Executing
Party Reports During the Month)		 ($0.013) x (10,000 for Tape
A, B, or C) x (Number of Trading Days During the Month)
Non-Media/Executing Party ($0.015) x (Number of
Non-Media/Executing Party
Reports During the Month)		 ($0.013) x (10,000 for Tape
A, B, or C) x (Number of Trading Days During the Month)
Media/Contra ($0.013) x (Number of Media/Contra Reports During the Month)

  • Discount Tier 1: ($0.0075) x (Number of Non-Media/Contra Party Reports During the Month)
  • Discount Tier 2: ($0.0095) x (Number of Non-Media/Contra Party Reports During the Month)
  • Discount Tier 3: ($0.012) x (Number of Non-Media/Contra Party Reports During the Month)
 ($0.013) x (10,000 for Tape
A, B, or C) x (Number of Trading Days During the Month)
Non-Media/Contra ($0.013) x (Number of Non-Media/Contra Party Reports During the Month)

  • Discount Tier 1: ($0.0075) x (Number of Non-Media/Contra Party Reports During the Month)
  • Discount Tier 2: ($0.0095) x (Number of Non-Media/Contra Party Reports During the Month)
  • Discount Tier 3: ($0.012) x (Number of Non-Media/Contra Party Reports During the Month)
 ($0.013) x (10,000 for Tape
A, B, or C) x (Number of Trading Days During the Month)

The daily average number of Media/Executing party trade executions per month to qualify for the Non-Comparison/Accept fee cap by tape:


Tape TRF Participants
A 10,000
B 10,000
C 10,000

The daily average number of Media/Contra Party trade executions per month to qualify for the Non-Comparison/Accept fee discount across all tapes:


Discount Qualification Discount Tier Minimum Number of Media/Contra Trade Reports During the Month
At least 35% of the participant’s total number of trades reported to the FINRA/Nasdaq TRFs during the month represent Media/Contra Party trades and the Participant meets the minimum number of Media/Contra Trade Reports for a given tier 1 12 million
2 7 million
3 2 million


ATS Market Maker Fees


ATS Market Maker 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 $10,000 per Tape (A,B or C)


ATS Market Maker Combined Media Activity Cap

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

  • Participant averages at least 2,500 Media/Executing Party trade reports per Tape (A, B or C) per day during a month.
  • Participant must complete an attestation form and re-certify every six months 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.

A participant that qualifies for the ATS Market Maker Combined Media Activity fee cap shall pay for that month, on a per Tape basis, the lesser of $7,500 or the sum of all the participant's combined regular monthly Executing Party and Contra Party fees for that Tape during the month.

If the participant's average daily Media/Executing Party trade reporting levels reach at least 5,000 per Tape, then the participant shall be subject during that month, on a per Tape basis, to the regular Executing Party and Contra Party fees and/or any other fee caps that may be applicable to it.

Maximum Monthly Charge if Capped $7,500 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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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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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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WorkX

Connectivity (per user, per month)

Trade report and trade scan $625
Trade Reporting Query (each)* Free
Trade Reporting File Upload Capability Free
Reject Scan (per logon, per month) Free
Additional WorkX Trade History (>1 Year) Free

*Does not apply to approved Retail Participants.


Notes

 

  • The above WorkX 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 are charged for their WorkX subscription fee based on the number of trading days subscribed in a month. Any logon request or cancellation request will be effective on the date requested by the firm and fees will be prorated accordingly.

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Real-Time Stats

  • $400 per login, per month
  • Cap of $2,400 per firm, per month
  • Please note: Firms will be charged for Real-Time Stats 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

Trade-Through Alert

  • $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 WorkX.
  • To access the Compliance Dashboard, a user must have at least one subscription above.

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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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Connectivity

Please note that this price list is abbreviated. For the most comprehensive view of The Nasdaq Stock Market connectivity options and fee schedule please review rules 7015, 7034, and 7051 of the Rule Book.

LOGICAL CONNECTIVITY

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

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NASDAQ DROP Ports

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

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Quoting Ports

QIX Ports FREE
Unsolicited Message (UM) Port FREE
DR Ports FREE

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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 Ports FREE

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Other Ports

FIX (non-trading activity)* $500 per port
CTCI-MFQS Station $600 per port
DR Ports FREE

*This fee that is otherwise applicable to the FINRA/Nasdaq Trade Reporting Facility Chicago shall be waived until November 1, 2018.

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Dedicated OUCH

Dedicated OUCH Server $5000 per month
Installation Fee $5000

  • Standard monthly OUCH port fees still apply.

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PHYSICAL CONNECTIVITY

Exchange Hand-Offs

Description Installation Fee Ongoing Monthly Fee
Fiber Connection to Nasdaq (10Gb) $1,055 $10,550
Fiber Connection to Nasdaq (10Gb Ultra) $1,583 $15,825
Fiber Connection to Nasdaq (40Gb) $1,583 $21,100
Fiber Connection to Nasdaq (1Gb Ultra) $1,583 $2,638
Fiber Connection to Nasdaq (1Gb) $1,055 $2,638
1Gb Copper Connection to Nasdaq $1,055 $2,638
Connectivity to Third Party Services
Third Party Services Fiber Connection (10Gb Ultra) $1,583¹ $5,275¹
Third Party Services Fiber Connection (1Gb Ultra) $1,583¹ $2,110¹
Third Party Services Fiber Connection (1Gb Ultra or 10Gb Ultra for UTP only) $106¹ $106¹
¹ Customers who only receive the UTDF and UQDF feeds (UTP Only) over their co-located hand-off(s) or direct connect(s) to Third Party Services may receive two free physical connections at no cost. Additional UTP Only connections may be purchased with an installation fee of $106 per connection and an on-going monthly fee of $100 per connection.

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Direct Circuit Connectivity

Description Installation Fee Ongoing Monthly Fee
Direct Circuit Connection to Nasdaq (10Gb) $1,583 $7,913
Direct Circuit Connection to Nasdaq (supports up to 1Gb) $1,583 $2,638
Direct Circuit Connection to Nasdaq (1Gb Ultra) $1,583 $2,638
Optional Cable Router $976  
Per U of Cabinet Space*   $150¹
Direct Circuit Connectivity to Third Party Services
Third Party Services Direct Connection (10Gb Ultra) $1,583² $5,275²
Third Party Services Direct Connection (1Gb Ultra) $1,583² $2,110²
Third Party Services Direct Connection (1Gb Ultra or 10Gb Ultra for UTP only) $106² $106²
Optional Cable Router $976  
Per U of Cabinet Space**   $150¹

¹ Fees are based on a height unit of approximately 1.75 inches high, commonly called a "U" space and a maximum power of 125 Watts per U space.

² Customers who only receive the UTDF and UQDF feeds (UTP Only) over their co-located hand-off(s) or direct connect(s) to Third Party Services may receive two free physical connections at no cost. Additional UTP Only connections may be purchased with an installation fee of $106 per connection and an on-going monthly fee of $100 per connection.

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POP Connectivity

Description Installation Fee Ongoing Monthly Fee
Fiber Connection to Nasdaq (1 Gb Ultra) $1,583 $2,638
Fiber Connection to Nasdaq (10Gb Ultra) $1,583 $7,913

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CO-LOCATION

Cabinets

Description Installation Fee Ongoing Monthly Fee
Super High Density Cabinet (>10kW - <=17.3kW) $4,748¹ $8,440²
High Density Cabinet (>7kW - <10kW) $3,693 $4,748²
Medium-High Density Cabinet (>5kW - <=7kW) $3,693 $3,693²
Medium Density Cabinet (>2.88kW - <=5kW) $3,693 $2,638²
Low Density Cabinet (<=2.88kW) $3,693 $2,110²
Half Cabinet   $2,110³

¹ Includes larger cabinet (30" W x 48" D x 96" H). Standard installation fee of $3,693 would apply if smaller cabinet (24"W x 42"D x 84"H) is requested.

Note: Cabinet power cap is based on the available power at 80% of the breakered capacity of all circuit pairs within a cabinet (where a primary/redundant circuit pair is considered a single circuit).

² Discount of 15% of fee available to users of 25 or more full cabinets who commit to a 3 year term; Discount of 10% of fee available to users of 25 or more full cabinets who commit to a 2 year term.

³ Not available to new subscribers.

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Shared Cabinet Space

Description Installation Fee Ongoing Monthly Fee
4U Block of Cabinet Space including up to 500W of power* $158 PER HOUR $633

* No more than 2 4U Blocks. Access restricted to Nasdaq personnel.

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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/TS), Nasdaq Fund Network (NFN) 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
For Inactive Connection testing during the normal operating hours of the NTF $285
For Inactive Connection testing all times other than the normal operating hours of the NTF $333

For assistance with connectivity, please contact Trading services via e-mail or at 212-231-5100.

  • New customers testing services not previously accessed are able to test for up to 60 days free of charge. New customers must notify NTF Billing 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.

  • NTF metered testing 30-day fee waivers are available to customers pursuant to Nasdaq rules (see Equity Rule 7, Section 130(d)(3) for eligibility). Customers seeking a waiver must register their waiver request with ntfbilling@nasdaq.com prior to the commencement of testing. Customers must provide MPID, functionality being tested, and the desired start date.
  • 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

  • $1,000 per month for either 1G or 10G handoff.
  • $1,000 installation fee

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 HQ

Report HQ 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


Daily Market Participant Position Report Plus

Monthly user fee $150


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