All U.S. Equities**
**Please note that this price list is abbreviated. For the most comprehensive view of Nasdaq BX connectivity options and fee schedule please review rules BX Equity 7 of the Rule Book.
For all pricing tier/incentives on this fee schedule and the QMM program, Nasdaq BX 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 BX will determine under which consolidated volume calculation a member receives the best rebate/fee and apply it automatically.
QMM Program
Shares Executed At or Above $1.00 | Per Share Executed | Liquidity Code |
---|---|---|
Firms quoting at the NBBO in an average of 325 symbols for at least 10% of market hours; and Adding at least 0.07% TCV | $0.0001 discount (to otherwise applicable Display add fees) | A or 7 or 8 |
Enhanced Market Quality Program
Members who actively quote at the National Best Bid or Offer (NBBO) in a broad set of securities and meet the quoting requirements of the Enhanced Market Quality Program each month will qualify for a lump sum payment (Fixed Payment) at the end of each month. Members will be paid fixed payments based on the Class securities being quoted belong to. The Securities in each class will be updated prior to the beginning of each month of the program. The list of securities in each Class by month can be found here.
Members must meet the following obligations to qualify for the Enhanced Market Quality Program:
- Maintain a one- or two-sided quote, of at least one round lot at the NBBO for at least 30% of market hours in an average number of securities per day each month through one or more MPIDs in Tape A securities
- Maintain a one- or two-sided quote, of at least one round lot at the NBBO for at least 50% of market hours in an average number of securities per day each month through one or more MPIDs in Tape B securities
Note: Members will qualify for payments based on their quoting performance within a given Tape and Class.
The Fixed Payment incentives for the Enhanced Market Quality Program are as follows:
Class 1 | Class 2 | |||
1 | 0-24 | $0 per qualified security per month | $0 per qualified security per month | $0 per qualified security per month |
2 | 25-49 | $0 per qualified security per month | $0 per qualified security per month | $200 per qualified security over 24 per month |
3 | 50-149 | $50 per qualified security over 49 per month | $200 per qualified security over 49 per month | $5,000 + ($450 per qualified security over 49) per month |
4 | 150-249 | $5,000 + ($100 per qualified security over 149) per month | $20,000 + ($300 per qualified security over 149) per month | $50,000 + ($600 per qualified security over 149) per month |
5 | 250 or greater | $15,000 + ($150 per qualified security over 249) per month | $50,000 + ($350 per qualified security over 249) per month | $50,000 + ($600 per qualified security over 149) per month |
Class 1 | Class 2 | |||
1 | 0-24 | $0 per qualified security per month | $0 per qualified security per month | $0 per qualified security per month |
2 | 25-49 | $0 per qualified security per month | $0 per qualified security per month | $100 per qualified security over 24 per month |
3 | 50-149 | $0 per qualified security per month | $25 per qualified security over 49 per month | $2,500 + ($150 per qualified security over 49) per month |
4 | 150-249 | $50 per qualified security over 149 per month | $2,500 + ($50 per qualified security over 149) per month | $17,500 + ($300 per qualified security over 149) per month |
5 | 250 or greater | $5,000 + ($75 per qualified security over 249) per month | $7,500 + ($150 per qualified security over 249) per month | $17,500 + ($300 per qualified security over 149) per month |
Routing Fees *
NASDAQ (Q) | PSX (P) | NYSE (D) | Other (X) | |
---|---|---|---|---|
BSTG/BSKN | $0.0030 | $0.0030 | $0.0030 | $0.0030 |
BSCN/BSKP | $0.0030 | $0.0030 | $0.0030 | $0.0030 |
BTFY | $0.0030 | $0.0030 | $0.0030 | $0.0007 |
BMOP | $0.0035 | $0.0035 | $0.0035 | $0.0035 |
BCRT | $0.0030 | $0.0030 | N/A | N/A |
BCST | N/A | N/A | N/A | $0.0010 |
BDRK | N/A | N/A | N/A | $0.0010 |
SCAR | $0.00295 | $0.0029 | N/A | N/A |
* Liquidity Codes for each destination are displayed in the parentheses
Rate to Route Shares Below $1.00 | ||
All U.S. Equities | Per Share Executed | |
---|---|---|
Fee for orders executed outside of the NASDAQ BX facility | 0.30% (i.e. 30 basis points) of total dollar volume |
Membership Fees
Application fee | $2,000 |
Annual membership fee | $3,000 |
Monthly trading rights fee | $1,000 |
Rule 11890 Fees
Complaints
BX 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 BX 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.
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 Nadsaq official who made the initial determination. The fee will be reflected in the monthly invoice.
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 BX.
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.
NASDAQ BX Order Entry Ports
OUCH | $500 per port |
FIX | $500 per port |
RASH | $500 per port |
Test Mode Ports | $100 per port |
Chicago DR Ports | $25 per port |
NASDAQ BX DROP Ports
DROP | $500 per port |
Chicago DR Ports | $25 per port |
Market Data Ports
TCP ITCH Port | $750 per port |
Multicast ITCH (MTCH) - software | $1000 per port |
DR Ports | FREE |
BX TradeInfo
- Access to TradeInfo for the BX Exchange is $95 per user, per month.
Nasdaq Testing Facility
Dial-Up and Dedicated Testing Services
- INET test ports will be charged $300 per port per month.
- New customers and existing customers testing new services not previously accessed are able to test for up to one month free of charge. This includes testing for firms that are accessing a Nasdaq market through a service bureau for the first time. Firms requesting this waiver must notify Nasdaq Subscriber Services prior to initiating testing.