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Equity 7 Pricing Schedule
Section 1. Charges for Membership, Services, and Equipment

 

Section 10. Membership Fees

(a) Each Exchange member will be assessed a membership fee of $3,000 per year and a trading rights fee of $1,000 per month. The membership fee will be imposed on all persons that are Exchange members as of a date determined by the Exchange in December of each year, and the trading rights fee will be assessed on all persons that are Exchange members as of a date determined by the Exchange in each month. The fees are not refundable in the event that a person ceases to be an Exchange member following the date on which the fees are assessed.

(b) Applicants for membership in the Exchange will be assessed a non-refundable application fee of $2,000. The application fee will be waived for BX Members, approved pursuant to Exchange Rules, who solely conduct an options business.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended May 18, 2012 (SR-BX-2012-037); amended Apr. 10, 2015 (SR-BX-2015-022), operative Apr. 1, 2015; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 20. Sales Fee

A Sales Fee is assessed by the Exchange to each member for sales of securities through Exchange transaction execution systems with respect to which the Exchange is obligated to pay a fee to the SEC under Section 31 of the Act. The Sales Fee is collected indirectly from members through their clearing firms by NSCC on behalf of the Exchange. The amount of the Sales Fee is equal to (i) the Section 31 fee rate multiplied by (ii) the member's aggregate dollar amount of covered sales resulting from transactions through the Exchange's transaction execution systems during any computational period.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 30. Regulatory, Registration and Processing Fees

(a) The following fees will be collected and retained by FINRA via the Web CRD registration system for the registration of associated persons of Exchange members that are not also FINRA members:

(1) $100 for each initial Form U4 filed for the registration of a representative or principal;

(2) $110 for the additional processing of each initial or amended Form U4, Form U5 or Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings;

(3) $45 annually for each of the member's registered representatives and principals for system processing;

(4) $15 for processing and posting to the CRD system each set of fingerprints submitted electronically by the member, plus a pass-through of any other charge imposed by the United States Department of Justice for processing each set of fingerprints;

(5) $30 for processing and posting to the CRD system each set of fingerprint cards submitted in non-electronic format by the member to FINRA, plus any other charge that may be imposed by the United States Department of Justice for processing each set of fingerprints;

(6) $30 for processing and posting to the CRD system each set of fingerprint results and identifying information that has been processed through a self-regulatory organization other than FINRA;

(7) a $100 session fee ($55.00 if the Continuing Education is Web-based) for each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Exchange Rule 1120 (S101 and S201); and

(8) $110 for the additional processing of each initial or amended Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings.

Adopted Jan 14, 2009 (SR-BX-2009-004). Amended Sept. 14, 2009 (SR-BX-2009-043); amended May 16, 2012 (SR-BX-2012-031), operative June 1, 2012; amended Oct. 26, 2012 (SR-BX-2012-070), operative Jan. 2, 2013; amended Aug. 22, 2013 (SR-BX-2013-049); amended Apr. 10, 2015 (SR-BX-2015-022), operative Apr. 1, 2015; amended Jan. 13, 2016 (SR-BX-2016-004), operative Jan. 4, 2016; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 100. System Services

 

Section 111. Collection of Exchange Fees and Other Claims and Billing Policy

(a) Each BX member, and all applicants for registration as such, shall be required to provide a clearing account number for an account at the National Securities Clearing Corporation ("NSCC") for purposes of permitting the Exchange to debit any undisputed or final fees, fines, charges and/or other monetary sanctions or other monies due and owing to the Exchange or other charges related to the rules, as specified below, and 8000 series rules which are due and owing to BX. If a BX member disputes an invoice, the Exchange will not include the disputed amount in the debit if the member has disputed the amount in writing to the Exchange's designated staff by the 15th of the month, or the following business day if the 15th is not a business day, and the amount in dispute is at least $10,000 or greater. The 8000 Series Rules and the following Rules will be subject to this Section: Equity 7, Section 10 (Membership Fees), Equity 7, Section 115 (Ports and other Services), Equity 7, Section 116 (BX Pre-Trade Risk Management), Equity 7, Section 118 (Nasdaq BX Equities System Order Execution and Routing), Equity 7, Section 121 (BX Trading and Compliance Data Package Fee), Equity 7, Section 127 (Aggregation of Activity of Affiliated Members), Equity 7, Section 129 (Installation, Removal or Relocation), Equity 7, Section 130 (Other Services), General 8, Section 1 (Co-Location Services), General 8, Section 2 (Direct Connectivity), Equity 7, Section 155 (Short Sale Monitor), Equity 7, Section 158 (QView).

(b) All pricing disputes concerning fees or rebates which are billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation.

(1) All pricing disputes must be submitted no later than sixty (60) days after receipt of a billing invoice.

(2) The following Rules will be subject to this Section: Equity 7, Section 10 (Membership Fees), Equity 7, Section 115 (Ports and other Services), Equity 7, Section 116 (BX Pre-Trade Risk Management), Equity 7, Section 118 (Nasdaq BX Equities System Order Execution and Routing), Equity 7, Section 121 (BX Trading and Compliance Data Package Fee), Equity 7, Section 127 (Aggregation of Activity of Affiliated Members), Equity 7, Section 129 (Installation, Removal or Relocation), Equity 7, Section 130 (Other Services), General 8, Section 1 (Co-Location Services), General 8, Section 2 (Direct Connectivity to BX), Equity 7, Section 155 (Short Sale Monitor), Equity 7, Section 158 (QView).

Adopted Oct. 16, 2014 (SR-BX-2014-050), operative Jan. 1, 2015; amended Oct. 24, 2014 (SR-BX-2014-054), operative Jan. 1, 2015; amended Nov. 30, 2016 (SR-BX-2016-066); amended Oct. 18, 2017 (SR-BX-2017-045); amended June 13, 2018 (SR-BX-2018-024); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 112. Reserved

 

Section 113. Reserved

 

Section 114. Reserved

 

Section 115. Ports and other Services.

The following charges are assessed by the Exchange for ports to establish connectivity to the Nasdaq BX Equities Market, as well as ports to receive data from the Nasdaq BX Equities Market:

 

 

OUCH

$500/port/month

FIX Trading Port (FIX and FIX Lite (FLITE))

$500/port/month

RASH

$500/port/month

Multicast TotalView-ITCH (software-based)

$1,000/port/month

TCP ITCH data feed

$750/port/month

DROP

$500/port/month

Trading Ports used in Test Mode

$100/port/month

Data Retransmission Port

No charge

Disaster recovery port (OUCH, FIX Trading Port, RASH, and DROP)

$25/port/month

Disaster recovery port (all other ports)

No charge

• Remote Multicast ITCH Wave Ports:

Mahwah, NJ: $5,000 for installation and then $7,500 per month;

All others: $2,500 for installation and then $5,000 per month.

These fees are subject to a 30-day testing period during which otherwise applicable fees are waived, and a one-year minimum purchase period.

• TradeInfo BX is available to Members for a fee of $95 per user per month.

† Fees are assessed in full month increments under this section, and thus are not prorated.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended Mar. 20, 2009 (SR-BX-2009-05); amended May 1, 2009 (SR-BX-2009-023); amended July 1, 2009 (SR-BX-2009-036); amended August 3, 2009 (SR-BX-2009-046); amended Oct. 5, 2009 (SR-BX-2009-62); amended Dec. 28, 2011 (SR-BX-2011-088), operative Jan. 3, 2012; amended Aug. 28, 2013 (SR-BX-2013-051); amended Feb. 14, 2014 (SR-BX-2014-005), operative Mar. 16, 2014; amended Sep. 30, 2014 (SR-BX-2014-047); amended Dec. 29, 2015 (SR-BX-2015-087), operative Jan. 28, 2016; amended Feb. 23, 2016 (SR-BX-2016-013), operative Feb. 1, 2016; amended Nov. 30, 2016 (SR-BX-2016-066); amended Feb. 1, 2017 (SR-BX-2017-003); amended Feb. 9, 2017 (SR-BX-2017-010); amended Sept. 17, 2018 (SR-BX-2018-046); amended Oct. 18, 2017 (SR-BX-2017-045); amended Dec. 20, 2018 (SR-BX-2018-066), operative Jan. 2, 2019.

Section 116. BX Pre-Trade Risk Management

(a) Users of BX Pre-trade Risk Management ("PRM") will be assessed a monthly fee based on the following table, and such fees will not exceed $25,000 per member firm, per month:

 

 

 

Port Tiers

Number of PRM-Enabled Ports

Monthly Fee

Tier 1

50 or more

$400 per port, per month

Tier 2

20 to 49

$500 per port, per month

Tier 3

5 to 19

$550 per port, per month

Tier 4

1 to 4

$600 per port, per month

Fees are assessed in full month increments under this section, and thus are not prorated.

(b) Users of PRM services specified below will be assessed the following charges in addition to the applicable PRM-enabled port charges:

 

 

PRM Modules

No charge

Aggregate Total Checks

No charge

PRM Workstation Addons to an existing Workstation or WeblinkACT 2.0

$100 per each PRM Workstation Add-on per month

Adopted Aug. 16, 2011 (SR-BX-2011-057), operative Sept. 1, 2011; amended Feb. 1, 2017 (SR-BX-2017-003); amended Feb. 9, 2017 (SR-BX-2017-010); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 117. Reserved

 

Section 118. Nasdaq BX Equities System Order Execution and Routing

(a) The following charges and credits shall apply to the use of the order execution and routing services of the Nasdaq BX Equities System by members for all securities priced at $1 or more per share that it trades. As used in this rule, the term "Consolidated Volume" shall mean the total consolidated volume reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month in equity securities, excluding executed orders with a size of less than one round lot. For purposes of calculating Consolidated Volume and the extent of a member's trading activity the date of the annual reconstitution of the Russell Investments Indexes shall be excluded from both total Consolidated Volume and the member's trading activity. As used in this rule, "price improvement" shall mean instances when the accepted price of an order differs from the executed price of an order.

 

 

 

 

Credit for entering order that accesses liquidity in the Nasdaq BX Equities System:

 

 

 

 

Tape A

Tape B

Tape C

Order that receives price improvement and executes against an order with a Non-displayed price:

$0.0000 per share executed

$0.0000 per share executed

$0.0000 per share executed

Order with Midpoint pegging that removes liquidity:

$0.0000 per share executed

$0.0000 per share executed

$0.0000 per share executed

Order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) entered by a member: (i) whose combined liquidity removing and adding activities equal or exceed 0.225% of total Consolidated Volume during a month; and (ii) adds liquidity equal to or exceeding an average daily volume of 50,000 shares in a month:

$0.0029 per share executed

$0.0029 per share executed

$0.0028 per share executed

Order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) entered by a member: (i) whose combined liquidity removing and adding activities equal or exceed 0.185% of total Consolidated Volume during a month; and (ii) adds liquidity equal to or exceeding an average daily volume of 50,000 shares in a month:

$0.0027 per share executed

$0.0027 per share executed

$0.0026 per share executed

Order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) entered by a member that: (i) accesses liquidity equal to or exceeding 0.08% of total Consolidated Volume during a month; and (ii) adds liquidity equal to or exceeding an average daily volume of 50,000 shares in a month:

$0.0026 per share executed

$0.0026 per share executed

$0.0025 per share executed

Order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) entered by a member that: (i) accesses liquidity equal to or exceeding 0.05% of total Consolidated Volume during a month; and (ii) adds liquidity equal to or exceeding an average daily volume of 50,000 shares in a month:

$0.0021 per share executed

$0.0021 per share executed

$0.0020 per share executed

Order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) entered by a member that: (i) accesses at least 35% more liquidity, as a percentage of total Consolidated Volume during a month, than it did during July 2020; (ii) accesses liquidity equal to or exceeding 0.01% of total Consolidated Volume during a month; and (iii) adds liquidity equal to or exceeding an average daily volume of 50,000 shares in a month:

$0.0018 per share executed

$0.0018 per share executed

$0.0017 per share executed

Order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) entered by a member that adds liquidity equal to or exceeding an average daily volume of 50,000 shares in a month:

$0.0015 per share executed

$0.0015 per share executed

$0.0014 per share executed

Charge for entering order that accesses liquidity in the Nasdaq BX Equities System:

 

 

 

 

Tape A

Tape B

Tape C

Charge for order (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with a Non-displayed price) that accesses liquidity entered by a member that does not add at least an average daily volume of 50,000 shares to the Exchange during a month:

$0.0007 per share executed

$0.0007 per share executed

$0.0007 per share executed

Charge for providing liquidity through the Nasdaq BX Equities System:

 

 

 

 

Tape A

Tape B

Tape C

Displayed order entered by a member that adds liquidity equal to or exceeding 0.25% of total Consolidated Volume during a month:

$0.0024 per share executed

$0.0024 per share executed

$0.0024 per share executed

Displayed order entered by a member that adds liquidity equal to or exceeding 0.175% of total Consolidated Volume during a month:

$0.0025 per share executed

$0.0025 per share executed

$0.0025 per share executed

Displayed order entered by a member that adds liquidity equal to or exceeding 0.11% of total Consolidated Volume during a month:

$0.0026 per share executed

$0.0026 per share executed

$0.0026 per share executed

Displayed order entered by a member that adds liquidity equal to or exceeding 0.07% of total Consolidated Volume during a month:

$0.0028 per share executed

$0.0028 per share executed

$0.0028 per share executed

Displayed order that adds liquidity entered by a member that: (i) adds liquidity equal to or exceeding 0.12% of total Consolidated Volume during a month; and (ii) adds at least 35% more liquidity, as a percentage of total Consolidated Volume during a month, than it did during August 2020:

$0.0022 per share executed

$0.0022 per share executed

$0.0022 per share executed

Order with Midpoint pegging entered by a member that adds 0.02% of total Consolidated Volume of non-displayed liquidity excluding a buy (sell) order that receives an execution price that is lower (higher) than the midpoint of the NBBO:

$0.0005 per share executed

$0.0005 per share executed

$0.0005 per share executed

Order with Midpoint pegging entered by other member excluding a buy (sell) order that receives an execution price that is lower (higher) than the midpoint of the NBBO:

$0.0015 per share executed

$0.0015 per share executed

$0.0015 per share executed

Buy (sell) order with Midpoint pegging that receives an execution price that is lower (higher) than the midpoint of the NBBO:

$0.0030 per share executed

$0.0030 per share executed

$0.0030 per share executed

Non-displayed orders (other than orders with Midpoint pegging) entered by a member that adds and removes liquidity equal to or exceeding 0.225% total Consolidated Volume during a month:

$0.0028 per share executed

$0.0028 per share executed

$0.0028 per share executed

All other non-displayed orders:

$0.0030 per share executed

$0.0030 per share executed

$0.0030 per share executed

All other orders:

$0.0030 per share executed

$0.0030 per share executed

$0.0030 per share executed

Other charges for entering orders in the Nasdaq BX Equities System:

 

 

 

 

Tape A

Tape B

Tape C

Charge for BSTG or BSCN order that executes in a venue other than the Nasdaq BX Equities System:

$0.0030 per share executed at NYSE

$0.0030 per share executed at NYSE

$0.0030 per share executed at NYSE

 

$0.0030 per share executed at venues other than NYSE

$0.0030 per share executed at venues other than NYSE

$0.0030 per share executed at venues other than NYSE

Charge for BMOP order that executes in a venue other than the Nasdaq BX Equities System:

$0.0035 per share executed at NYSE

$0.0035 per share executed at NYSE

$0.0035 per share executed at NYSE

 

$0.0035 per share executed at venues other than NYSE

$0.0035 per share executed at venues other than NYSE

$0.0035 per share executed at venues other than NYSE

Charge for BTFY order that executes in a venue other than the Nasdaq BX Equities System:

$0.0030 per share executed at NYSE

$0.0030 per share executed at NYSE

$0.0030 per share executed at NYSE

 

$0.0030 per share executed at Nasdaq

$0.0030 per share executed at Nasdaq

$0.0030 per share executed at Nasdaq

 

$0.0030 per share executed at Nasdaq PSX

$0.0030 per share executed at Nasdaq PSX

$0.0030 per share executed at Nasdaq PSX

 

$0.0007 per share executed at venues other than NYSE, Nasdaq and Nasdaq PSX

$0.0007 per share executed at venues other than NYSE, Nasdaq and Nasdaq PSX

$0.0007 per share executed at venues other than NYSE, Nasdaq and Nasdaq PSX

Charge for BCRT order that executes in a venue other than the Nasdaq BX Equities System:

$0.0030 per share executed at Nasdaq PSX

$0.0030 per share executed at Nasdaq PSX

$0.0030 per share executed at Nasdaq PSX

 

$0.0030 per share executed at Nasdaq

$0.0030 per share executed at Nasdaq

$0.0030 per share executed at Nasdaq

Charge for BDRK and BCST order that executes in a venue other than the Nasdaq BX Equities System:

$0.0010 per share executed

$0.0010 per share executed

$0.0010 per share executed

Charge for SCAR order that executes in a venue other than the Nasdaq BX Equities System:

$0.00295 per share executed at Nasdaq

$0.00295 per share executed at Nasdaq

$0.00295 per share executed at Nasdaq

 

$0.0029 per share executed at Nasdaq PSX

$0.0029 per share executed at Nasdaq PSX

$0.0029 per share executed at Nasdaq PSX

(b) The following charges shall apply to the use of the order execution services of the Nasdaq BX Equities System by members for all securities priced at less than $1 per share that it trades.

 

 

Charge to member entering order that accesses liquidity in the Nasdaq BX Equities System:

0.10% of the total transaction cost

Charge to member providing liquidity through the Nasdaq BX Equities System:

$0

Charge for order that executes in a venue other than the Nasdaq BX Equities System:

0.3% of the total transaction cost

(c) For purposes of determining a member's average daily volume for this Section, any day that the market is not open for the entire trading day will be excluded from such calculation.

(d) Reserved

(e) Retail Price Improvement Program Pricing for Retail Orders and Retail Price Improvement Orders

Notwithstanding the foregoing, the following fees and credits shall apply to execution of Retail Orders and Retail Price Improvement Orders under Rule 4780:

 

 

Charge for Retail Price Improvement Order that provides liquidity:

$0.0025 per share executed

Charge or Credit for Retail Orders that access liquidity:

 

Retail Order that accesses liquidity provided by a Retail Price Improvement Order:

Credit of $0.0021 per share executed

Retail Order that receives price improvement (when the accepted price of an order is different than the executed price of an order) and accesses non-Retail Price Improvement order with Midpoint pegging:

Credit of $0.0000 per share executed

Retail Order that accesses other liquidity on the Exchange book:

Credit of $0.0017 per share executed

Type 2 Retail Order that is routed to another trading venue for execution:

The charge or credit otherwise applicable to routed orders under Equity 7, Section 118(a) or Section 118(b)

(f) Qualified Market Maker ("QMM") Program

(1) General QMM Requirements. A member may be designated as a QMM if the member (i) quotes at the NBBO at least a specified percentage of the time (as set forth in subsection (f)(2)) during Market Hours in an average of at least a specified number of securities (as set forth in subsection (f)(2)) per day during a month, and (ii) provides add volume of at least a specified percentage (as set forth in subsection (f)(2)) of total Consolidated Volume during a month. For purposes of this rule, a member is considered to be quoting at the NBBO if one of its MPIDs has a displayed order at either the national best bid or the national best offer or both the national best bid and offer. On a daily basis, the Exchange will determine the number of securities in which each of a member's MPIDs satisfied the NBBO quoting requirement. The Exchange will aggregate all of a member's MPIDs to determine the number of securities for purposes of the NBBO quoting requirement. To qualify for QMM designation, the member must meet the requirement for an average of the specified number of securities (as set forth in subsection (f)(2)) per day over the course of the month.

(2) Discounts Applicable to QMMs

(i) To the extent that the Exchange designates a member to be a QMM because it quotes at the NBBO at least 25% of the time during Market Hours in an average of at least 400 securities per day during a month and provides add volume of at least 0.07% of total Consolidated Volume during a month, then the Exchange will provide the QMM with a discount of $0.0001 per share executed with respect to the fees that the QMM otherwise incurs, pursuant to Section 118(a) herein, for entering displayed orders in securities priced at $1 or more that provide liquidity to the Exchange.

(ii) To the extent that the Exchange designates a member to be a QMM because it quotes at the NBBO at least 25% of the time during Market Hours in an average of at least 750 securities per day during a month and provides add volume of at least 0.15% of total Consolidated Volume during a month, then the Exchange will provide the QMM with a discount of $0.0002 per share executed with respect to the fees that the QMM otherwise incurs, pursuant to Section 118(a) herein, for entering displayed orders in securities priced at $1 or more that provide liquidity to the Exchange. This discount will be in lieu of the QMM discount described above in subparagraph (f)(2)(i) of this section.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended Mar. 2, 2009 (SR-BX-2009-12); amended Apr. 1, 2009 (SR-BX-2009-18); amended Aug. 17, 2009 (SR-BX-2009-049); amended Aug. 17, 2009 (SR-BX-2009-050), operational Sep. 1, 2009; amended Oct. 22, 2009 (SR-BX-2009-55), operational Apr. 1, 2009; amended Oct. 28, 2009 (SR-BX-2009-070), operational Nov. 2, 2009; amended Jan. 29, 2010 (SR-BX-2010-013), operational Feb. 1, 2010; amended Apr. 13, 2010 (SR-BX-2010-030); operational Apr. 15, 2010; amended May 3, 2010 (SR-BX-2010-035); amended Oct. 27, 2010 (SR-BX-2010-074), operational Nov. 1, 2010; amended Nov. 24, 2010 (SR-BX-2010-082); amended Dec. 22, 2010 (SR-BX-2010-092), operational Jan. 3, 2011; amended May 25, 2011 (SR-BX-2011-030), operational June 1, 2011; amended Nov. 22, 2011 (SR-BX-2011-078); amended Nov. 29, 2011 (SR-BX-2011-082), operational Dec. 1, 2011; amended March 1, 2012 (SR-BX-2012-016); amended March 29, 2012 (SR-BX-2012-021), operative April 2, 2012; amended April 26, 2012 (SR-BX-2012-028), operative May 1, 2012; amended May 14, 2012 (SR-BX-2012-033), operative June 1, 2012; amended May 24, 2012 (SR-BX-2012-038), operative July 2, 2012; amended June 25, 2012 (SR-BX-2012-042), operative July 2, 2012; amended June 28, 2012 (SR-BX-2012-044), operative July 2, 2012; amended July 31, 2012 (SR-BX-2012-058), operative Aug. 1, 2012; amended Oct. 1, 2012 (SR-BX-2012-067); amended Jan. 31, 2013 (SR-BX-2013-011), operative Feb. 1, 2013; amended Feb. 27, 2013 (SR-BX-2013-019); amended Apr. 30, 2013 (SR-BX-2013-034), operative May 1, 2013; amended June 3, 2013 (SR-Phlx-2013-038); amended July 26, 2013 (SR-BX-2013-044), operative Aug. 1, 2013; amended Aug. 28, 2013 (SR-BX-2013-051); amended Sep. 27, 2013 (SR-BX-2013-054), operative Oct. 1, 2013; amended Nov. 29, 2013 (SR-BX-2013-059), operative Dec. 2, 2013; amended Dec. 30, 2013 (SR-BX-2013-065), operative Jan. 2, 2014; amended Jan. 22, 2014 (SR-BX-2014-006); amended Feb. 3, 2014 (SR-BX-2014-009); amended Apr. 8, 2014 (SR-BX-2014-018); amended June 6, 2014 (SR-BX-2014-031); amended Oct. 23, 2014 (SR-BX-2014-053), operative Nov. 3, 2014; amended Nov. 12, 2014 (SR-BX-2014-056); amended Dec. 3, 2014 (SR-BX-2014-059), operative Dec. 1, 2014; amended Jan. 12, 2015 (SR-BX-2015-005); amended Feb. 9, 2015 (SR-BX-2015-011); amended Feb. 11, 2015 (SR-BX-2015-013); amended Apr. 10, 2015 (SR-BX-2015-022), operative Apr. 1, 2015; amended June 1, 2015 (SR-BX-2015-033); amended July 1, 2015 (SR-BX-2015-038); amended Sept. 1, 2015 (SR-BX-2015-056); amended Jan. 4, 2016 (SR-BX-2016-001); amended Feb. 29, 2016 (SR-BX-2016-014), operative Mar. 1, 2016; amended Mar. 30, 2016 (SR-BX-2016-020), operative Apr. 1, 2016; amended May 31, 2016 (SR-BX-2016-029); amended June 30, 2016 (SR-BX-2016-041), operative July 1, 2016; amended Mar. 1, 2017 (SR-BX-2017-017); amended Apr. 3, 2017 (SR-BX-2017-019); amended Apr. 11, 2017 (SR-BX-2017-020); amended June 1, 2017 (SR-BX-2017-028); amended June 30, 2017 (SR-BX-2017-031); amended Oct. 18, 2017 (SR-BX-2017-045); amended Nov. 1, 2017 (SR-BX-2017-050); amended Apr. 2, 2018 (SR-BX-2018-011); amended Apr. 30, 2018 (SR-BX-2018-018), operative May 1, 2018; amended June 29, 2018 (SR-BX-2018-028), operative July 1, 2018; amended July 10, 2018 (SR-BX-2018-032); amended July 31, 2018 (SR-BX-2018-037), operative Aug. 1, 2018; amended Sept. 4, 2018 (SR-BX-2018-043; amended Sept. 17, 2018 (SR-BX-2018-046); amended Nov. 1, 2018 (SR-BX-2018-053); amended Nov. 6, 2018 (SR-BX-2018-054); amended Nov. 16, 2018 (SR-BX-2018-057); amended Dec. 3, 2018 (SR-BX-2018-062); amended Dec. 21, 2018 (SR-BX-2018-069), operative Jan. 2, 2019; amended Mar. 1, 2019 (SR-BX-2019-003); amended Apr. 1, 2019 (SR-BX-2019-006); amended May 1, 2019 (SR-BX-2019-012); amended May 1, 2019 (SR-BX-2019-013); amended May 13, 2019 (SR-BX-2019-014); amended May 22, 2019 (SR-BX-2019-016); amended June 4, 2019 (SR-BX-2019-019); amended July 1, 2019 (SR-BX-2019-024); amended July 11, 2019 (SR-BX-2019-026); amended Aug. 29, 2019 (SR-BX-2019-029); amended Sept. 3, 2019 (SR-BX-2019-030); amended Sept. 12, 2019 (SR-BX-2019-031); amended Sept. 30, 2019 (SR-BX-2019-035), operative Oct. 1, 2019; amended Nov. 30, 2019 (SR-BX-2019-041), operative Dec. 2, 2019; amended Dec. 6, 2019 (SR-BX-2019-043); amended Dec. 9, 2019 (SR-BX-2019-044); amended Dec. 11, 2019 (SR-BX-2019-045); amended May 1, 2020 (SR-BX-2020-008); amended June 1, 2020 (SR-BX-2020-010); amended June 10, 2020 (SR-BX-2020-011); amended Aug. 3, 2020 (SR-BX-2020-018); amended Sep. 1, 2020 (SR-BX-2020-025).

Section 119. Market Data Distributor Fees

(a) The charge to be paid by Distributors of the following real time data feeds of the Exchange shall be:

 

 

 

 

 

Monthly Direct Access Fee

Monthly Internal Distributor Fee

Monthly External Distributor Fee

BX TotalView

$1,000

$750

$1,500

(b) A "distributor" of Exchange data is any entity that receives a feed or data file of Exchange data directly from the Exchange or indirectly through another entity and then distributes it either internally (within that entity) or externally (outside that entity). All distributors shall execute an Exchange distributor agreement. The Exchange itself is a vendor of its data feed(s) and has executed an Exchange distributor agreement and pays the distributor charge.

(c) "Direct Access" means a telecommunications interface with the Exchange for receiving Exchange data, or receiving an Exchange data feed within the Exchange co-location facility, or receiving Exchange data via an Extranet access provider or other such provider that is fee-liable under Equity 7, Section 125.

Adopted Mar. 20, 2009 (SR-BX-2009-005); amended Nov. 24, 2010 (SR-BX-2010-081), operative Dec. 1, 2010; amended Dec. 9, 2010 (SR-BX-2010-089), operative Jan. 1, 2011; amended Dec. 9, 2010 (SR-BX-2010-089), operative Jan. 1, 2011; amended May 20, 2011 (SR-BX-2011-028); amended Dec. 20, 2016 (SR-BX-2016-073); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 120. Reserved

 

Section 121. BX Trading and Compliance Data Package Fee

BX Participants shall be entitled to receive the BX Trading and Compliance Data Package via NasdaqTrader.com. The BX Trading and Compliance Data Package provides historical data reports containing trading reporting information about the Participant's own activity in BX, for delivery on an end-of-day or T+1 basis. The Exchange may modify the contents of the BX Trading and Compliance Data Package from time to time based on subscriber interest. There shall be no fee for the BX Trading and Compliance Data Package.

Adopted Feb. 8, 2012 (SR-BX-2012-009); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 122. Administrative Reports

Administrative Reports — $25 per user, per month.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 123. BX TotalView

(a) BX TotalView Entitlement

The BX TotalView entitlement allows a subscriber to see all individual Nasdaq BX Equities System participant orders and quotes displayed in the system, the aggregate size of such orders and quotes at each price level, and the trade data for executions that occur within the Nasdaq BX Equities System.

(1) Except as provided elsewhere in this Section, for the BX TotalView entitlement there shall be a $20 monthly charge for each Subscriber of BX TotalView for Nasdaq issues and a $20 monthly charge for each Subscriber of BX TotalView for NYSE and regional issues for display usage or non-display usage not based upon Direct Access.

(2) Distributors shall pay a monthly fee of $55 for each Professional Subscriber for non-display usage of BX TotalView for all issues based upon Direct Access.

(3) As an alternative to (a)(2), a market participant may purchase an enterprise license at a rate of $20,000 per month for internal use of non-display data, based upon Direct Access. The enterprise license entitles a distributor to provide BX TotalView to an unlimited number of non-display devices within its firm.

(4) Free-Trial Offers

(A) For a period of one year from the launch of the Nasdaq BX Equities System, the Exchange shall waive the Subscriber fee, Direct Access fees, and Distributor fees for BX TotalView.

(B) After the period of one year from the launch of the Nasdaq BX Equities System, the Exchange shall offer all new individual Subscribers and potential new individual Subscribers a 30-day waiver of the user fees for BX TotalView. This fee waiver period shall be applied on a rolling basis, determined by the date on which a new individual Subscriber or potential individual Subscriber is first entitled by a distributor to receive access to BX TotalView. A distributor may only provide this waiver to a specific individual Subscriber once.

For the period of any waiver, the BX TotalView fees of $20 or $55 per Subscriber per month, as applicable, shall be waived.

(b) Non-Professional Services

(1) The charge to be paid by non-professional subscribers for access to TotalView Service through an authorized vendor shall be $1.00 per interrogation device per month.

(2) A "non-professional" is a natural person who is neither:

(A) registered or qualified in any capacity with the Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association;

(B) engaged as an "investment adviser" as that term is defined in Section 201(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); nor

(C) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt.

(c) A "Subscriber" is any access that a distributor of the data entitlement package(s) provides to: (1) access the information in the data entitlement package(s); or (2) communicate with the distributor so as to cause the distributor to access the information in the data entitlement package(s). If a Subscriber is part of an electronic network between computers used for investment, trading or order routing activities, the burden shall be on the distributor to demonstrate that the particular Subscriber should not have to pay for an entitlement. For example, in some display systems the distributor gives the Subscriber a choice to see the data or not; a Subscriber that chooses not to see the data would not be charged. Similarly, in a non-display system, Subscribers may have a choice of basic or advanced computerized trading or order routing services, where only the advanced version uses the information. Subscribers of the basic service then would be excluded from the entitlement requirement.

Adopted Mar. 20, 2009 (SR-BX-2009-005); amended June 10, 2010 (SR-BX-2010-027); amended Oct. 18, 2017 (SR-BX-2017-045); amended Dec. 26, 2017 (SR-BX-2017-058), operative Jan. 1, 2018; amended Jan. 5, 2018 (SR-BX-2018-002); amended Jan. 18, 2018 (SR-BX-2018-005); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 124. Reserved

 

Section 125. Access and Redistribution Fee

(a) Definitions: For purposes of this Section 125:

(1) The term "Equipment Configuration" shall mean any line, circuit, router package, or other technical configuration used to provide a connection to the Exchange market data feeds.

(2) The term "Extranet Provider" shall mean any entity that has signed the Exchange Extranet Connection Agreement and that establishes a telecommunications connection in the Exchange's co-location facility.

(3) The term "Distributor" shall have the meaning set forth in Equity 7, Section 119(b).

(b) Extranet Providers that establish a connection with the Exchange to offer direct access connectivity to market data feeds shall be assessed a monthly access and redistribution fee of $1,000 per Equipment Configuration. If an Extranet Provider uses multiple Equipment Configurations to provide Exchange market data feeds to recipients, the access and redistribution fee shall apply to each such Equipment Configuration. Extranet Providers that use the same Equipment Configuration for the receipt of equities and options Exchange market data feeds will be assessed a single fee for that Equipment Configuration.

(c) Distributors (other than Extranet Providers) that utilize a Direct Circuit Connection to the Exchange pursuant to General 8, Section 2(a) to receive Exchange market data feeds shall be assessed a monthly access and redistribution fee of $1,000 per Direct Circuit Connection. If a Distributor (other than an Extranet Provider) uses multiple Direct Circuit Connections to receive market data feeds, the monthly fee shall apply to each. Distributors that use the same Direct Circuit Connection for the receipt of equities and options Exchange market data feeds will be assessed a single fee for that Direct Circuit Connection.

(d) The access and redistribution fees set forth above will not be charged for connectivity to market data feeds containing only consolidated data. For purposes of this Section, consolidated data is data disseminated by the Securities Information Processor for the Consolidated Tape Association Plan.

Adopted Mar. 20, 2009 (SR-BX-2009-005); amended Dec. 19, 2013 (SR-BX-2013-063), operative Jan. 2, 2014; amended Jan. 31, 2014 (SR-BX-2014-008); amended Mar. 28, 2014 (SR-BX-2014-015), operative Apr. 1, 2014; amended Jan. 5, 2015 (SR-BX-2015-003); amended Sep. 29, 2017 (SR-BX-2017-041); amended Oct. 2, 2017 (SR-BX-2017-042); amended Oct. 12, 2017 (SR-BX-2017-043); amended Oct. 25, 2017 (SR-BX-2017-048); amended June 13, 2018 (SR-BX-2018-024); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 126. Distribution Models

(a) Managed Data Solutions.

Distributors and Subscribers of Managed Data Solutions products containing BX TotalView data (non-display use only) shall pay the following fees:

 

 

Fee schedule for Managed Data Solutions

Price

Managed Data Solutions Administration Fee (for the right to offer Managed Data Solutions to client organizations)

$1,500/mo Per Distributor

BX Depth Data Professional Managed Data Solutions Subscriber Fee (Internal Use Only and includes BX TotalView)

$150/mo Per Subscriber

BX Depth Data Managed Data Solutions Non-Professional Subscriber Fee (Internal Use Only and includes BX TotalView)

$20/mo Per Subscriber

(b) Definitions.

For purposes of this Section, the terms set forth below shall have the following meanings:

(1) The term "Non-Professional" shall have the same meaning as set forth in Equity 7, Section 123(b).

(2) The term "Distributor" shall have the same meaning as set forth in Equity 7, Section 119(b).

(3) The term "Subscriber" shall have the same meaning as set forth in Equity 7, Section 123(c).

(4) The term "BX TotalView" shall have the same meaning as set forth in Equity 7, Section 123(a).

Adopted Feb. 22, 2013 (SR-BX-2013-018), operative Mar. 1, 2013; amended Dec. 18, 2015 (SR-BX-2015-084), operative Jan. 1, 2016; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 127. Aggregation of Activity of Affiliated Members

(a) For purposes of applying any provision of the Equity 7 Rules where the charge assessed, or credit provided, by the Exchange depends upon the volume of a member's activity, a member may request that the Exchange aggregate its activity with the activity of its affiliates.

(1) A member requesting aggregation of affiliate activity shall be required to certify to the Exchange the affiliate status of entities whose activity it seeks to aggregate prior to receiving approval for aggregation, and shall be required to inform the Exchange immediately of any event that causes an entity to cease to be an affiliate. The Exchange shall review available information regarding the entities, and reserves the right to request additional information to verify the affiliate status of an entity. The Exchange shall approve a request unless it determines that the certification is not accurate.

(2) If two or more members become affiliated on or prior to the sixteenth day of a month, and submit the required request for aggregation on or prior to the twenty-second day of the month, an approval of the request by the Exchange shall be deemed to be effective as of the first day of that month. If two or more members become affiliated after the sixteenth day of a month, or submit a request for aggregation after the twenty-second day of the month, an approval of the request by the Exchange shall be deemed to be effective as of the first day of the next calendar month.

(b) For purposes of applying any provision of the Equity 7 Rules where the charge assessed, or credit provided, by the Exchange depends upon the volume of a member's activity, references to an entity (including references to a "member" or a "participant") shall be deemed to include the entity and its affiliates that have been approved for aggregation.

(c) For purposes of this Section 127, the term "affiliate" of a member shall mean any member under 75% common ownership or control of that member.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended July 1, 2011 (SR-BX-2011-042); amended Aug. 21, 2014 (SR-BX-2014-041), operative Dec. 1, 2014; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 128. Reserved

 

Section 129. Installation, Removal or Relocation

Upon installation, removal, relocation of terminal and related equipment, or combination thereof, the subscriber shall pay charges incurred by the Exchange, on behalf of the subscriber for the work being performed by the maintenance organization retained by the Exchange.

Adopted Jan. 14, 2009 (SR-BX-2009-004); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 130. Other Services

(a) Reserved

(b) Other Requests for Data

The Exchange may impose and collect compensatory charges for data the Exchange supplied upon request, where there is no provision elsewhere in this Equity 7 or General 8, Sections 1-2 for charges for such service or sale.

(c) Reserved

(d) Testing Facilities

The Exchange operates two test environments. One is located in Ashburn, Virginia and the other in Carteret, New Jersey. Unless otherwise noted, reference to the "Testing Facility" applies to both environments.

(1) Subscribers that conduct tests of their Exchange access protocols connection or market data vendor feeds through the Exchange's Testing Facility (Testing Facility) shall pay $300 per port, per month. This fee will be waived for BX Options testing.

(2) Subscribers to the Testing Facility located in Carteret, New Jersey shall pay a fee of $1,000 per hand-off, per month for connection to the Testing Facility. The handoff fee includes either a 1Gb or 10Gb switch port and a cross connect to the Testing Facility. Subscribers shall also pay a one-time installation fee of $1,000 per hand-off.

The connectivity provided under this Section also provides connectivity to the other testing environments of The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq ISE, LLC, Nasdaq MRX LLC, and Nasdaq GEMX, LLC.

Adopted Mar. 20, 2009 (SR-BX-2009-005); amended Oct. 29, 2010 (SR-BX-2010-075), operative Nov. 1, 2010; amended May 18, 2012 (SR-BX-2012-037); amended Nov. 27, 2013 (SR-BX-2013-058); amended Oct. 18, 2017 (SR-BX-2017-045); amended Jan. 22, 2018 (SR-BX-2018-006), operative Feb. 21, 2018; amended June 13, 2018 (SR-BX-2018-024); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 131. Partial Month Charges

Distributors may elect to have the charges for the month of commencement or termination of service be billed on a full month basis or prorated based on the number of trade days in that month.

Adopted Mar. 20, 2009 (SR-BX-2009-005); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 132. Reserved

 

Section 133. Reserved

 

Section 134. Reserved

 

Section 135. Monthly Administrative Fee

The Monthly Administrative Fee shall be assessed to market data distributors that receive any proprietary Exchange data feed product. Each such distributor shall, on a monthly basis, be assessed the higher of the applicable Monthly Administrative Fees:

 

 

Delayed distributor

$50

Real-Time distributor (includes delayed fee, if applicable)

$100

The Exchange may waive the foregoing fee for colleges and universities for devices used by students and professors in performing university or college research or classroom-related activities. The Monthly Administrative Fee will be waived for BX Members, approved pursuant to Exchange Rules, who solely conduct an options business.

Adopted Mar. 20, 2009 (SR-BX-2009-005); amended May 18, 2012 (SR-BX-2012-037); amended Dec. 14, 2016 (SR-BX-2016-071), operative Jan. 1, 2017; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 139. BX Last Sale and Nasdaq Last Sale Plus Data Feeds

(a) BX Last Sale. The Exchange shall offer proprietary data feeds containing real-time last sale information for trades executed on the Exchange. There shall be no fee for BX Last Sale Data Feeds.

(1) "BX Last Sale for Nasdaq" shall contain all transaction reports for Nasdaq-listed securities; and

(2) "BX Last Sale for NYSE/Amex" shall contain all such transaction reports for NYSE- and Amex-listed securities.

(b) Nasdaq Last Sale Plus ("NLS Plus"). NLS Plus is a comprehensive data feed produced by NASDAQ OMX Information LLC. It provides last sale data as well as consolidated volume of Nasdaq U.S. equity markets (BX, The Nasdaq Stock Market ("Nasdaq"), and Nasdaq PSX ("PSX")) and the FINRA/Nasdaq Trade Reporting Facility ("TRF"). NLS Plus also reflects cumulative volume real-time trading activity across all U.S. exchanges for Tape C securities. NLS Plus also contains: Trade Price, Trade Size, Sale Condition Modifiers, Cumulative Consolidated Market Volume, End of Day Trade Summary, Adjusted Closing Price, IPO Information, and Bloomberg ID. Additionally, pertinent regulatory information such as Market Wide Circuit Breaker, Reg SHO Short Sale Price Test Restricted Indicator, Trading Action, and Symbol Directory are included. NLS Plus may be received by itself or in combination with Nasdaq Basic. Additionally, NLS Plus reflects cumulative volume real-time trading activity across all U.S. exchanges for Tape A securities and Tape B securities.

(1) Firms that receive NLS Plus shall pay the monthly administrative fees for NLS, BX Last Sale, and PSX Last Sale. Additionally, Internal Distributors or External Distributors shall pay a data consolidation fee of $350 per month. "Internal Distributors" are Distributors that receive NLS Plus data and then distribute that data to one or more Subscribers within the Distributor's own entity. "External Distributors" are Distributors that receive NLS Plus data and then distribute that data to one or more Subscribers outside the Distributor's own entity.

(2) Firms that receive NLS Plus would either be liable for NLS fees or Nasdaq Basic fees.

(3) In the event that Nasdaq BX and/or Nasdaq PHLX adopt user fees for BX Last Sale and/or PSX Last Sale, firms that receive NLS Plus would also be liable for such fees.

(4) Firms that purchase a market data enterprise license for display usage under Nasdaq Rule 7032 shall not pay monthly administrative fees for NLS, BX Last Sale and PSX Last Sale, a data consolidation fee for Internal or External Distributors, or user fees for BX Last Sale and/or PSX Last Sale, in the event that such fees are adopted.

Adopted Dec. 1, 2009 (SR-BX-2009-077); amended Aug. 5, 2015 (SR-BX-2015-047); amended Aug. 24, 2015 (SR-BX-2015-054); amended Oct. 27, 2015 (SR-BX-2015-063), operative Oct. 16, 2015; amended Dec. 14, 2015 (SR-BX-2015-082); amended Feb. 15, 2017 (SR-BX-2017-012); amended Oct. 18, 2017 (SR-BX-2017-045); amended July 3, 2018 (SR-BX-2018-031); amended July 17, 2018 (SR-BX-2018-034); amended July 27, 2018 (SR-BX-2018-036); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 147. BX BBO Feeds

(a) The Exchange shall offer proprietary data feeds containing real-time market information from the Exchange Market Center. There shall be no fee for BX BBO Feeds.

(1) "BX BBO for Nasdaq" shall contain the Exchange's best bid and offer for Nasdaq-listed securities;

(2) "BX BBO for NYSE" shall contain the Exchange's best bid and offer for NYSE-listed securities; and

(3) "BX BBO for Amex" shall contain the Exchange's best bid and offer for Amex-listed securities.

Adopted Dec. 1, 2009 (SR-BX-2009-077); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 151. Reserved

 

Section 155. Short Sale Monitor

(a) The Short Sale Monitor is a real-time surveillance and alert tool that assists member firms with monitoring and post trade analysis of their short sale and short sale exempt trades reported to the FINRA/Nasdaq Trade Reporting Facility ("TRF"), which includes real-time alerts of covered securities subject to the restrictions of SEC Rule 201, reports of a member firm's trades marked as "short" that are subject to the restrictions of SEC Rule 201, and reports of a member firm's trades marked as "short exempt."

The Short Sale Monitor is available to each member firm at no cost for a trial period ending March 31, 2011, and for a fee of $750 per MPID, per month thereafter.

(b) The BX Data Add-On service provides an MPID subscribed to the Short Sale Monitor subscription with a record of trades in covered securities executed on BX that are marked "short exempt." The BX Data Add-On service is available at no cost for a trial period ending March 31, 2011, and for a fee of $50 per MPID, per month. An MPID subscribed to the Short Sale Monitor of Nasdaq or Nasdaq PSX need not subscribe additionally to the BX Short Sale Monitor to subscribe to the BX Data Add-On service.

Adopted February 4, 2011 (SR-BX-2011-008); amended Oct. 18, 2017 (SR-BX-2017-045); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 158. QView

QView is a web-based tool designed to give a subscribing member the ability to track its order flow on BX, and create both real-time and historical reports of such order flow. Members may subscribe to QView for a fee of $200 per month, per member firm.

Adopted Sep. 21, 2012 (SR-BX-2012-061); amended Oct. 9, 2012 (SR-BX-2012-068), operative Oct.15, 2012; amended Sept. 17, 2018 (SR-BX-2018-046).

 
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