Price List - Trading & Connectivity

• NASDAQ Pricing
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• NASDAQ Options Pricing
• PHLX Pricing
• NFX Pricing

 

Add and Remove Rates

• Price-to-Comply executions are eligible for the full liquidity provider credit as displayed orders.
• Activity on days when the market closes early does not count toward volume tiers.

Route Rates

• Charges for orders routed and executed in the NYSE Opening Auction will be capped at $10,000 per month.
• 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 Message Fee

NASDAQ assesses an excessive message fee for MPIDs 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 MPIDs that send an average of more than 10,000 DOTI/DOTZ orders per day
• Only to the number of orders that cause the MPID 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.

NASDAQ Membership Fees

Supplemental MPID Fees

Please note: The first MPID requested by a NASDAQ member and supplemental MPIDs used exclusively for FINRA reporting will be excluded from the supplemental 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.

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.

NASDAQ Crossing Network

Execution Fees for the NASDAQ Opening Cross

NASDAQ charges firms for their net buy/sell market-on-open (MOO) order shares, limit-on-open (LOO) order shares and regular hours order shares that execute in each security as part of the Opening Cross. Each firm's total Opening Cross charges will be capped at $10,000 per month. Imbalance-only orders and continuous book orders executed as part of the Opening Cross are free of charge.

* 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.

Intraday and Post-Close Crosses

Intraday and Post-Close Crosses: FREE

Execution Fees for the NASDAQ Closing Cross

Imbalance-only orders and continuous book orders executed as part of the Closing Cross are free of charge.

• Billable orders executed with a share price below $1.00 will still be charged 0.2% (i.e., 20 basis points) of total dollar volume of the transaction.

NASDAQ IPO/Halt Cross

• $0.0005 per share.

Data Revenue Sharing

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

There are four tiers of payout for each Tape. The payout percentages is 100%, 80%, 50% and 0% of revenue the FINRA/NASDAQ TRF receives from the Securities Information Processor (SIP) plans in each Tape.

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 A Tier Schedule

Tape B Tier Schedule

Tape C Tier Schedule

ACES

Market Maker Side Only

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.

FINRA/NASDAQ Trade Reporting Facility (ACT Technology)

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

Standard Fees

Non-Comparison/Accept Trade Reports

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

Trade Facilitation

Trade Recording Fee

For each execution in NASDAQ and other exchange-listed securities, NASDAQ will charge members a Trade Recording Charge of $0.029 per execution. NASDAQ will waive the Trade Recording Charge assessed to executions for firms that execute over 15,000 trades in NASDAQ and other exchange-listed securities per day on average over the course of the trading month.

Sales Fee Transfer Charge

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

Step-Outs on the NASDAQ Exchange

• $0.029 per side

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 10^th 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.

Pre-Trade Risk Management

Risk Management

Standard Fees

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

WeblinkACT 2.0

Connectivity (per user, per month)

• At firms that report 20 or fewer trades per day, different users may subscribe for different levels of functionality (i.e., one user can subscribe for trade report and trade scan only, while another can subscribe to trade report, trade scan and risk management scan).

Notes

• The above WeblinkACT 2.0 fees do not include transaction charges. Please see the FINRA/NASDAQ TRF section on this Fee Schedule for more information on transaction fees.
• Firm-wide means all trades reported for the firm each day, not only trades reported via the WeblinkACT 2.0 browser application.
• NASDAQ will review your usage periodically to verify that the number of trades reported is within your subscription level. If, after three consecutive months, your firm consistently reports more than 20 trades a day and you have the lower subscription level, NASDAQ will increase your subscription to the higher level. Conversely, if your firm reports less than 20 trades per day for three consecutive months and you have the higher subscription level, NASDAQ will reduce your subscription to the lower level. You will be notified when your subscription level is changed.
• Please note: Firms will be charged for WeblinkACT 2.0 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.

NASDAQ Workstation

NASDAQ Workstation Logon

ACT Workstation for Clearing Firms Logon

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

NASDAQ InterACT

• $300 per user, per month for the first three log-ons
• $100 per user, per month for any additional log-ons
• Cap of $1,500 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.

Reg Recon

Subscription

• Reg Recon is $1,000 per month, per MPID. Subscribers can access Reg Recon through as many NASDAQ Workstation, WeblinkACT 2.0 and Clearly Erroneous terminals as they choose for this monthly fee.

Clearly Erroneous Viewer

• The CE Viewer is $100 per user, per month.

Notes

• Please note: Firms will be charged for Reg Recon 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.
• Please note: Customers who elect to connect to via a CE Viewer will only be able to access the CE portion of Reg Recon. To get access to the Reg NMS portion, customers need to choose to connect via a NASDAQ Workstation or Weblink ACT 2.0.

NASDAQ TradeInfo

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

FIX/OUCH/RASHPort/DROP Connectivity

• Connectivity via FIX for non-trading activity is $500 per port/month
• Connectivity to NY-Metro and Mid-Atlantic Datacenters is $500 per port pair/month.
• For Order Entry internet ports, an additional charge of $200 per month for each internet port will be applied to support bandwidth costs.
• For Market Data internet ports, an additional charge of $600 per month for each internet port will be applied to support bandwidth costs.

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

NASDAQ QIX

QIX Connectivity

• Please note that firms will be charged for their QIX ports in full month increments. Any 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 port through the rest of the month.

NASDAQ ITCH

Connectivity to NY-Metro and Mid-Atlantic Datacenters

• For Order Entry internet ports, an additional charge of $200 per month for each internet port will be applied to support bandwidth costs.
• For Market Data internet ports, an additional charge of $600 per month for each internet port will be applied to support bandwidth costs.
• Please note that firms will be charged for their ports in full month increments. Any 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 port through the rest of the month.

NASDAQ VTE

• 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.

Computer-To-Computer Interface (CTCI) Connectivity

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

CTCI - MQ (IBM WebSphere MQ)

Prices for current CTCI TCP/IP service options including CTCI – MQ software.

Disaster Recovery Option

Installation Fee

Relocation Fee (for the movement of TCP/IP - capable lines within a single location)

CTCI Circuit Installation Pass-Thru Fees

The following pass-thru charges are applicable to CTCI Circuit orders only.

Notes

• The Change Order Charge will apply to any change that is made to an existing order that has already been accepted by the vendor.
• The Expedite Charge will apply once the vendor has accepted the expedite request from NASDAQ. The fee will be assessed even if the customer changes the installation date or cancels the circuit order. The vendor will attempt to complete the circuit installation in advance of the standard 35-business day Normal Lead-Time (NLT), however, installation prior to 35-business days is not guaranteed.
• The customer is subject to this Cancellation Charge if the order is canceled after the vendor has accepted the order but before the vendor is dispatched to the site.
• The customer is subject to this Cancellation Charge if the order is canceled after the vendor has been dispatched to the site to install Customer Premise Equipment. This charge will be assessed the same fees as an installation and disconnection of the circuit.
• 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.

NASDAQ Testing Facility

Dial-Up and Dedicated Testing Services

• 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 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 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.

Secure Data on NASDAQ Trader

NASDAQ Broker/Dealer Data

Regulatory Transaction Fee Reports

ACT Recap Messages

Daily Market Participant Position Report Plus

 

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