Effective Thursday, June 1, 2023, pending filing with the SEC, Nasdaq PHLX (PHLX), Nasdaq ISE (ISE) and Nasdaq MRX will amend their pricing as described below:

Nasdaq PHLX (PHLX)

Section 4. Multiply Listed Options Fees (Includes options overlying equities, ETFs, ETNs and indexes which are Multiply Listed) (Excludes SPY and broad-based index options symbols listed within Options 7, Section 5.A)

Floor Transaction (Open Outcry) Floor Broker Incentive Program

Qualifying Contracts	Per Contract Rebate
0 -5,000,000	$0.03 $0.05
5,000,001-10,000,000	$0.06 $0.08
Greater than 10,000,000	$0.09 $0.11

 

Nasdaq ISE (ISE)

Section 3. Regular Order Fees and Rebates

19. Electronic Access Members that utilize PIM to execute more than 0.75% of Priority Customer volume of Regular Orders, calculated as a percentage of Customer Total Consolidated Volume (“TCV”) per day in a given month, will receive a PIM Break-Up Rebate of $0.26 per contract in Select Symbols and $0.60 per contract in Non-Select Symbols for Priority Customer Regular Orders under 100 250 contracts that are submitted to PIM and do not trade with their contra order except when those contracts trade against unrelated quotes or orders.

Section 6. Other Options Fees and Rebates 

Electronic Access Members that utilize PIM to execute more than 0.75% of Priority Customer volume in Regular Orders, calculated as a percentage of Customer Total Consolidated Volume (“TCV”) per day in a given month, will receive an $0.11 per contract rebate for Priority Customer Regular Orders under 100 250 contracts that are submitted to PIM. The rebate would be paid to the Agency Order as that term is defined within Options 3, Section 13. Eligible volume from Affiliated Members will be aggregated in calculating the percentage. Provided this rebate is higher than other rebates within Options 7, Section 6B, this rebate will be paid in lieu of other rebates within this Section B. In the event a Crossing Transaction consists of two Priority Customer Orders, the Exchange would not pay this rebate.

 

Nasdaq MRX ( MRX)

Section 3. Regular Order Fees and Rebates

Penny Symbols

Market Participant	Maker Fee Tier 1	Maker Fee Tier 2	Maker Fee/Rebate Tier 3	Maker Fee/Rebate Tier 4	Taker Fee Tier 1	Taker Fee Tier 2	Taker Fee Tier 3	Taker Fee Tier 4
Market Maker(1)(5)	$0.20 $0.10 (6)	$0.10 $0.00 (6)	($0.05)	($0.10)	$0.50(2)(4)	$0.50(2)(4)	$0.50(2)(4)	$0.50(2)(4)
Non-Nasdaq MRX Market Maker (FarMM)	$0.47	$0.47	$0.47	$0.47	$0.50	$0.50	$0.50	$0.50
Firm Proprietary / Broker-Dealer	$0.47	$0.47	$0.47	$0.47	$0.50	$0.50	$0.50	$0.50
Professional Customer	$0.47	$0.47	$0.47	$0.47	$0.50	$0.50	$0.50	$0.50
Priority Customer	$0.00	$0.00	$0.00	$0.00	$0.00 $0.15	$0.00 $0.15	$0.15	$0.10

 

Non-Penny Symbols

Market Participant	Maker Fee Tier 1	Maker Fee Tier 2	Maker Fee Tier 3	Maker Fee Tier 4	Taker Fee Tier 1	Taker Fee Tier 2	Taker Fee Tier 3	Taker Fee Tier 4
Market Maker(1)(5)	$0.35	$0.20	$0.15	$0.10	$1.10(3)(4)	$1.10(3)(4)	$1.10(3)(4)	$1.10(3)(4)
Non-Nasdaq MRX Market Maker (FarMM)	$0.90	$0.90	$0.90	$0.90	$1.10	$1.10	$1.10	$1.10
Firm Proprietary / Broker-Dealer	$0.90	$0.90	$0.90	$0.90	$1.10	$1.10	$1.10	$1.10
Professional Customer	$0.90	$0.90	$0.90	$0.90	$1.10	$1.10	$1.10	$1.10
Priority Customer	$0.00	$0.00	$0.00	$0.00	$0.00 $0.35	$0.00 $0.25	$0.15	$0.10

 

6. Reserved.[Market Makers may qualify for a reduction in the Tier 1 and Tier 2 Maker Fees described above if the Market Maker has increased its volume which adds liquidity in Penny Symbols as a percentage of Customer Total Consolidated Volume by at least 100% over the Member’s December 2022 Market Maker volume which adds liquidity in Penny Symbols as a percentage of Customer Total Consolidated Volume.  Market Makers that qualify will have their Tier 1 Maker Fee reduced to $0.08 and their Tier 2 Maker Fee reduced to $0.04. Market Makers with no volume in the Penny Symbol add liquidity segment for the month of December 2022 may qualify for the reduced Tier 1 and Tier 2 Maker Fees by having any new volume considered as added volume. This note 6 incentive will be available to Market Makers until June 30, 2023.]  

 

Qualifying Tier Thresholds

Tiers	Total Affiliated Member or Affiliated Entity ADV	OR	Total Market Maker ADV
Tier 1	executes 0.00% to less than 0.75% of Customer Total Consolidated Volume		executes up to 0.10% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
Tier 2	executes 0.75% to less than 1.5%[or more] of Customer Total Consolidated Volume		executes up to [more than] 0.[10]25% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
Tier 3	executes 1.5% to less than 2.25% of Customer Total Consolidated Volume		executes up to 0.45% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
Tier 4	executes 2.25% or more of Customer Total Consolidated Volume		executes more than 0.45% of Customer Total Consolidated Volume which adds liquidity in Regular Orders

 

• The highest tier threshold attained applies retroactively in a given month to all eligible traded contracts and applies to all eligible market participants.

• Total Affiliated Member or Affiliated Entity ADV means all ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities. All eligible volume from Affiliated Members or an Affiliated Entity will be aggregated in determining applicable tiers.

• Total Market Maker ADV means all Market Maker ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities. All eligible volume from Affiliated Members or an Affiliated Entity will be aggregated in determining applicable tiers.