BX Options Participants may be subject to the Charges for Membership, Services and Equipment in the Equity 7 Rules, General 8, Sections 1–2, as well as the fees in this Options 7.
(a) Definitions. For purposes of assessing fees and paying rebates, the following references should serve as guidance.
The term "Broker-Dealer" or ("B") applies to any transaction which is not subject to any of the other transaction fees applicable within a particular category.
The term "BX Options Market Maker" or ("M") is a Participant that has registered as a Market Maker on BX Options pursuant to Options 2, Section 1, and must also remain in good standing pursuant to Options 2, Section 9. In order to receive Market Maker
pricing in all securities, the Participant must be registered as a BX Options Market Maker in at least one security.
The term "Common Ownership" shall mean Participants under 75% common ownership or control. Common Ownership shall apply to all pricing in Options 7, Section 2 for which a volume threshold or volume percentage is required to obtain the pricing.
The term "Customer" or ("C") applies to any transaction that is identified by a Participant for clearing in the Customer range at The Options Clearing Corporation ("OCC") which is not for the account of broker or dealer or for the account of a "Professional"
(as that term is defined in Options 1, Section 1(a)(48)).
"Customer Total Consolidated Volume" means the total national volume cleared at The Options Clearing Corporation in the Customer range in equity and ETF options in that month.
The term "Firm" or ("F") applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC.
The term "Joint Back Office" or "JBO" applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC and is identified with an origin code as a JBO. A JBO will be priced the same as a Broker-Dealer as of September
1, 2014. A JBO participant is a Participant that maintains a JBO arrangement with a clearing broker-dealer ("JBO Broker") subject to the requirements of Regulation T Section 220.7 of the Federal Reserve System as further discussed in Options 6D, Section 4.
The term "Lead Market Maker" or ("LMM") applies to a registered BX Options Market Maker that is approved pursuant to Options 2, Section 3 to be the LMM in an options class (options classes).
The term "Non-BX Options Market Maker" or ("O") is a registered market maker on another options exchange that is not a BX Options Market Maker. A Non-BX Options Market Maker must append the proper Non-BX Options Market Maker designation to orders
routed to BX Options.
The term “Non-Customer” shall include a Professional, Broker-Dealer and Non-BX Options Market Maker.
The term "Professional" or ("P") means any person or entity that (i) is not a broker or dealer in securities, and (ii) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s) pursuant
to Options 1, Section 1(a)(48). All Professional orders shall be appropriately marked by Participants.
(b) For Purposes of Common Ownership Aggregation of Activity of Affiliated Members and Member Organizations
(1) For purposes of applying any options transaction fee or rebate where the fee assessed, or rebate provided by BX depends upon the volume of an Options Participant's activity, an Options Participant
may request that BX aggregate its activity with the activity of its affiliates.
(A) An Options Participant requesting aggregation of affiliate activity shall be required to certify to BX the affiliate status of entities whose activity it seeks to aggregate
prior to receiving approval for aggregation, and shall be required to inform BX immediately of any event that causes an entity to cease to be an affiliate. BX shall review available information regarding the entities, and reserves the right to request additional
information to verify the affiliate status of an entity. BX shall approve a request unless it determines that the certification is not accurate.
(B) If two or more Options Participants 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 BX shall be deemed to be effective as of the first day of that month. If two or more Options Participants 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 BX shall be deemed to be effective as of the first day of the next calendar month.
(2) For purposes of applying any options transaction fee or rebate where the fee assessed, or rebate provided, by BX depends upon the volume of an Options Participant's activity, references to an
entity (including references to a "Options Participant") shall be deemed to include the entity and its affiliates that have been approved for aggregation.
(3) For purposes of options pricing, the term "affiliate" of an Options Participant shall mean any Options Participant under 75% common ownership or control of that Options Participant.
The term "Appointed MM" is a BX Options Market Maker who has been appointed by an Order Flow Provider ("OFP") for purposes of qualifying as an Affiliated Entity. An OFP is a Participant that
submits orders, as agent or principal, to the Exchange.
The term "Appointed OFP" is an OFP who has been appointed by a BX Options Market Maker for purposes of qualifying as an Affiliated Entity.
The term "Affiliated Entity" is a relationship between an Appointed MM and an Appointed OFP for purposes of aggregating eligible volume for pricing in Options 7, Section 2(1) for which a volume
threshold or volume percentage is required to qualify for higher rebates or lower fees. BX Options Market Makers and OFPs are required to send an email to the Exchange to appoint their counterpart, at least 3 business days prior to the last day of the month
to qualify for the next month. The Exchange will acknowledge receipt of the emails and specify the date the Affiliated Entity is eligible for applicable pricing in Options 7, Section 2(1). Each Affiliated Entity relationship will commence on the 1st of a month
and may not be terminated prior to the end of any month. An Affiliated Entity relationship will automatically renew each month until or unless either party terminates earlier in writing by sending an email to the Exchange at least 3 business days prior to
the last day of the month to terminate for the next month. Participants under Common Ownership may not qualify as a counterparty comprising an Affiliated Entity. Each Participant may qualify for only one (1) Affiliated Entity relationship at any given time.
(c) With respect to Options 7, Sections 2(1) and (2) the order that is received by the trading system first in time shall be considered an order adding liquidity and an order that trades against
that order shall be considered an order removing liquidity.
(d) For purposes of determining equity tier calculations under this section, any day that the market is not open for the entire trading day will be excluded from such calculation.
(a) Removal of Days for Purposes of Pricing Tiers:
(i) (A) Any day that the Exchange announces in advance that it will not be open for trading will be excluded from the options tier calculations set forth in its Pricing Schedule; and
(B) any day with a scheduled early market close ("Scheduled Early Close") may be excluded from the options tier calculations only pursuant to paragraph (iii) below.
(ii) The Exchange may exclude the following days ("Unanticipated Events") from the options tier calculations only pursuant to paragraph (iii) below, specifically any day that:
(A) the market is not open for the entire trading day, (B) the Exchange instructs Participants in writing to route their orders to other markets,
(C) the Exchange is inaccessible to Participants during the 30-minute period before the opening of trade due to an Exchange system disruption, or
(D) the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours.
(iii) If a day is to be excluded as a result of paragraph (i)(B) or (ii) above, the Exchange will exclude the day from any Participant's monthly options tier calculations as follows:
(A) the Exchange may exclude from the ADV calculation any Scheduled Early Close or Unanticipated Event; and
(B) the Exchange may exclude from any other applicable options tier calculation provided for in its Pricing Schedule (together with (ii)(A), "Tier Calculations") any Scheduled Early Close or Unanticipated Event.
provided, in each case, that the Exchange will only remove the day for Participants that would have a lower Tier Calculation with the day included.
(e) Collection of Exchange Fees and Other Claims-BX Options
Each BX Options Participant, and all applicants for registration, 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 General 2, Section 2. If a 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.
Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Sept. 17, 2018 (SR-BX-2018-046); amended January 4, 2021 (SR-BX-2021-001); amended Mar. 11, 2021 (SR-BX-2021-007); amended Mar. 22, 2021 (SR-BX-2021-009); amended May 24, 2021 (SR-BX-2021-025); amended
Dec. 1, 2021 (SR-BX-2021-053); amended January 12, 2022 (SR-BX-2022-002), operative January 31, 2022; amended Jan. 3, 2023 (SR-BX-2023-001); amended Apr. 1, 2024 (SR-BX-2024-012).
Section 2 BX Options Market-Fees and Rebates
The following pricing shall apply to the use of the order execution and routing services of the BX Options market for all securities.
(1) Fees and rebates for Execution of Contracts on the BX Options Market:*
Penny Symbols
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Market Participant
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Maker Rebate
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Taker Fee
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Lead Market Maker
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($0.24)(2)
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$0.50
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Market Maker
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($0.20)(2)
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$0.50
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Non-Customer
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($0.12)
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$0.50
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Firm
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($0.12)
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$0.50
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Customer
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($0.30)
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$0.40(1)(4)
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Non-Penny Symbols
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Market Participant
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Maker Rebate / Fee
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Taker Fee
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Lead Market Maker
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($0.45)(2)
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$1.25
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|
Market Maker
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($0.40)(2)
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$1.25
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Non-Customer
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$0.45
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$1.25
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Firm
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$0.45
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$1.25
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|
Customer
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($1.10)(3)
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$0.79
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*. Orders executed in the Opening Process per Options 3, Section 8, orders that generate an order exposure alert per Options 5, Section 4, and orders transacted in the Price Improvement Auction (“PRISM”) per Options 3, Section 13 are not subject to Options
7, Section 2(1) pricing, instead, these orders are subject to the pricing within Options 7, Sections 2(2), (4) and (5), respectively. Orders executed in the Block Order Mechanism and Customer Cross Orders are not subject to the pricing in Options 7, Section
2(1), instead, these orders are subject to the pricing within Options 7, Section 2(6).
1. Customer Taker Fee will be $0.33 per contract for trades which remove liquidity in AAPL, SPY, QQQ, and IWM.
2. Lead Market Makers and Market Makers that
either (1) execute more than 0.45% Customer Total Consolidated Volume (“TCV”) per day which adds liquidity in a given month (excluding Lead Market Maker and Market Maker volume which adds liquidity in SPY),
or (2) increase their combined Lead Market Maker and Market Maker volume which adds liquidity in a given month by at least 70% above their September 2024 volume as measured by a percentage of TCV (excluding Lead Market Maker and Market Maker volume which
adds liquidity in SPY), will receive the following incentives: (i) an additional $0.05 per contract Maker Rebate in Penny Symbols excluding SPY, (ii) an additional $0.01 per contract Maker Rebate in SPY, and (iii) an additional $0.24 per contract Maker Rebate
in Non-Penny Symbols. Lead Market Makers and Market Makers with no volume in the add liquidity segment for the month of September 2024 may qualify for the additional Maker Rebates by having any new volume (excluding SPY volume) considered as added volume.
This note 2 incentive will be available through April 30, 2025.
3. Customer orders will receive a $0.45 per contract Non-Penny Symbol Maker Rebate if the quantity of transactions where the contra-side is also a Customer is greater than
50% of Participant’s total Customer Non-Penny Symbol volume which adds liquidity in that month. The aforementioned calculation of 50% will not consider orders within the Opening Process per Options 3, Section 8, orders that generate an order exposure alert
per BX Options 5, Section 4, or orders transacted in the Price Improvement Auction (“PRISM”) per Options 3, Section 13.
4. Participants that increase their executed Customer volume which removes liquidity in a given month by at least 70% above their September 2024 volume as measured by a percentage
of TCV will receive a Taker Fee discount of $0.05 per contract in Penny Symbols excluding AAPL, SPY, QQQ, and IWM. Participants with no Customer volume in the remove liquidity segment for the month of September 2024 may qualify for the Taker Fee discount by
having any new volume considered as added volume. This note 4 incentive will be available through April 30, 2025.
(2) Opening Process per Options 3, Section 8
All orders executed in the Opening Process:
Customer orders will receive the Maker Rebate during the Exchange’s Opening Process, unless the contra-side is also a Customer, in which case a Maker Rebate will not be paid and a Taker Fee will not be assessed. Lead Market Makers,
Market Makers, Non-Customers, and Firms will be assessed the Taker Fee during the Exchange’s Opening Process and will not receive Maker Rebates.
(3) Fees for routing contracts to markets other than the BX Options Market shall be assessed as follows:
|
|
|
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Non-Customer
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• $1.20 per contract to any options exchange.
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Customer
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• $0.23 per contract fee (“Fixed Fee”) to any options exchange in addition to the actual transaction fee assessed. If the away market pays a rebate, the Routing Fee will be $0.13.
|
(4) Fees for execution of contracts on the BX Options Market that generate an order exposure alert per BX Options 5, Section 4:
Fees and Rebates (per executed contract)
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|
Customer
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Lead Market Maker
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BX Options Market Maker
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Non-Customer
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|
Penny Symbols:
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|
|
|
|
|
Rebate for Order triggering order exposure alert:
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$0.47
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$0.10
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$0.10
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$0.10
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Fee for Order responding to order exposure alert:
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$0.47
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$0.50
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$0.50
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$0.50
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|
Non-Penny Symbols:
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|
|
|
|
|
Rebate for Order triggering order exposure alert:
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$1.10
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$0.25
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$0.25
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$0.25
|
|
Fee for Order responding to order exposure alert:
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$1.25
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$1.25
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$1.25
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$1.25
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(5) Fees and rebates for BX Price Improvement Auction ("PRISM") per Options 3, Section 13.
Fees and rebates (per contact)
|
|
Submitted PRISM Auction Order In Penny Classes
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Submitted PRISM Auction Order In Non-Penny Classes
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PRISM Response to PRISM Auction
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PRISM Order Traded With PRISM Response
|
|
|
fee
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rebate
|
fee
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rebate
|
|
Type of Market Participants
|
PRISM Order
|
Initiating Order
|
PRISM Order
|
Initiating Order
|
Penny Classes
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Non-Penny Classes
|
Penny Classes
|
Non-Penny Classes
|
|
Customer
|
$0.00
|
$0.00
|
$0.12
|
$0.00
|
$0.40
|
$0.79
|
$0.35
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$0.70
|
|
Lead Market Maker
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$0.00
|
$0.05
|
$0.00
|
$0.05
|
$0.50
|
$1.10
|
$0.00
|
$0.00
|
|
BX Options Market Maker
|
$0.00
|
$0.05
|
$0.00
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$0.05
|
$0.50
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$1.10
|
$0.00
|
$0.00
|
|
Non-Customer
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$0.00
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$0.05
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$0.00
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$0.05
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$0.50
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$1.10
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$0.00
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$0.00
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For purposes of Options 7, Section 2(5) PRISM pricing, the following terms shall apply:
§ PRISM Order is one-side of a PRISM Auction Order that represents an agency order on behalf a Public Customer, broker-dealer
or other entity which is paired with an Initiating Order.
§ Initiating Order is one-side of a PRISM Auction Order that represents principal or other interest which is paired
with a PRISM Order.
§ PRISM Auction Order is a two-sided, paired order comprised of a PRISM Order and an Initiating Order.
§ PRISM Response is interest that executed against the PRISM Order pursuant to Options 3, Section 13.
Unrelated Market or Marketable Interest
Ø When the PRISM Order is a Customer order and
executes against unrelated market or marketable interest received during a PRISM Auction, the Customer order will receive a rebate of $0.35 per contract for Penny Classes and $0.70 per contract for Non-Penny Classes. The unrelated market or marketable
interest received during a PRISM Auction would be assessed a $0.50 per contract fee for Penny Classes or a $1.25 per contract fee for Non-Penny Classes.
Ø When the PRISM Order is a Lead Market Maker,
BX Options Market Maker or Non-Customer order and executes against unrelated market or marketable interest received
during a PRISM Auction, the Lead Market Maker, BX Options Market Maker or Non-Customer order will pay no fee. The unrelated market or marketable interest received during a PRISM Auction would be assessed a $0.50 per contract fee for Penny Classes or
a $1.25 per contract fee for Non-Penny Classes.
Ø When the PRISM Order is a Customer, Lead Market
Maker, BX Options Market Maker or Non-Customer order and executes against unrelated market or marketable interest received
prior to the commencement of a PRISM Auction, the Customer, Lead Market Maker, BX Options Market Maker or Non-Customer order would be subject to the Taker Fee within Options 7, Section 2(1). The unrelated market or marketable interest received prior
to the commencement of a PRISM Auction would be paid the Maker Rebate within Options 7, Section 2(1).
§ Request for PRISM Pricing:
§ A Request for PRISM is a mechanism to submit orders into a PRISM Auction as described within Options 3, Section 7(e)(1)(A)(1)(b).
The below pricing shall apply, in lieu of Options 7, Section 2(5) pricing, to PRISM Auction Orders which commenced as a Request for PRISM pursuant to Options 3, Section 7(e)(1)(A)(1)(b) and executed in the PRISM Auction. The below
pricing applies regardless of capacity.
PRISM Order
§ A rebate of $0.35 per contract for Penny Classes and $0.70 per contract for Non-Penny Classes will be paid to a PRISM Order when a
BX Participant responds to a Request for PRISM with an Initiating Order, provided the PRISM Order trades with an Initiating Order.
§ A rebate of $0.35 per contract for Penny Classes and $0.70 per contract for Non-Penny Classes will be paid to the PRISM Order when
the PRISM Order trades with a PRISM Response.
Initiating Order
§ A fee of $0.50 per contract for Penny Classes and $1.25 per contract fee for Non-Penny Classes will be assessed to the Initiating Order
when a BX Participant responds to a Request for PRISM with an Initiating Order, provided the PRISM Order trades with an Initiating Order.
Responses to a PRISM Auction
§ Responses to a PRISM Auction will be assessed $0.50 per contract fee for Penny Classes and a $1.25 per contract fee for Non-Penny Classes.
(6) Block Order Mechanism per Options 3, Section 11 and Customer Cross Orders per Options 3, Section 12
Orders executed in the Block Order Mechanism and Customer Cross Orders are not subject to fees or rebates.
Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 26, 2012 (SR-BX-2012-043), operative July 2, 2012; amended July 10, 2012 (SR-BX-2012-051); amended August 30, 2012 (SR-BX-2012-060); amended October 31, 2012 (SR-BX-2012-071), operative November
1, 2012; amended Dec. 18, 2012 (SR-BX-2012-074), operative Jan. 2, 2013; amended Jan. 2, 2013 (SR-BX-2013-002); amended Jan. 15, 2013 (SR-BX-2013-005), operative Feb. 1, 2013; amended Feb. 7, 2013 (SR-BX-2013-014); amended Feb. 21, 2013 (SR-BX-2013-017); amended
Mar. 8, 2013 (SR-BX-2013-023), operative Apr. 1, 2013; amended Apr. 9, 2013 (SR-BX-2013-030), operative May 1, 2013; amended May 24, 2013 (SR-BX-2013-037), operative June 3, 2013; amended July 26, 2013 (SR-BX-2013-046), operative Aug. 1, 2013; amended Sep.
23, 2013 (SR-BX-2013-052), operative Oct. 1, 2013; amended Dec. 2, 2013 (SR-BX-2013-060); amended Mar. 3, 2014 (SR-BX-2014-012); amended May 16, 2014 (SR-BX-2014-026), operative June 2, 2014; amended July 1, 2014 (SR-BX-2014-036); amended Oct. 23, 2014 (SR-BX-2014-052),
operative Nov. 3, 2014; amended Jan. 9, 2015 (SR-BX-2015-004); amended May 11, 2015 (SR-BX-2015-029), operative May 1, 2015; amended Nov. 20, 2015 (SR-BX-2015-075), operative Nov. 12, 2015; amended Dec. 11, 2015 (SR-BX-2015-081); amended Dec. 11, 2015 (SR-BX-2015-079),
operative Nov. 16, 2015; amended Feb. 1, 2016 (SR-BX-2016-010); amended Feb. 29, 2016 (SR-BX-2016-016), operative Mar. 1, 2016; amended May 19, 2016 (SR-BX-2016-027), operative May 2, 2016; amended July 14, 2016 (SR-BX-2016-045), operative July 1, 2016; amended
Aug. 31, 2016 (SR-BX-2016-049), operative Sept. 1, 2016; amended Nov. 1, 2017 (SR-BX-2017-051); amended Sept. 17, 2018 (SR-BX-2018-046); amended Dec. 21, 2018 (SR-BX-2018-068); amended Jan. 31, 2019 (SR-BX-2019-001); amended October 23, 2019 (SR-BX-2019-039);
amended Aug. 6, 2020 (SR-BX-2020-021); amended Aug. 12, 2020 (SR-BX-2020-022); amended Dec. 1, 2020 (SR-BX-2020-037); amended January 4, 2021 (SR-BX-2021-001); amended Mar. 1, 2021 (SR-BX-2021-004); amended Mar. 11, 2021 (SR-BX-2021-007); amended Mar. 22,
2021 (SR-BX-2021-009); amended March 29, 2021 (SR-BX-2021-010), operative April 1, 2021; amended Apr. 13, 2021 (SR-BX-2021-015); amended May 24, 2021 (SR-BX-2021-025); amended Aug. 27, 2021 (SR-BX-2021-036), operative Sep. 1, 2021; amended Sep. 10, 2021 (SR-BX-2021-040);
amended Jan. 3, 2022 (SR-BX-2022-001); amended Jan. 12, 2023 (SR-BX-2023-002); amended Jan. 24, 2023 (SR-BX-2023-003); amended Jan. 30, 2023 (SR-BX-2023-004); amended Feb. 10, 2023 (SR-BX-2023-005); amended Mar. 1, 2023 (SR-BX-2023-006); amended May 1, 2023
(SR-BX-2023-009); amended Nov. 1, 2023 (SR-BX-2023-027); amended Nov. 14, 2023 (SR-BX-2023-029); amended Nov. 17, 2023 (SR-BX-2023-031); amended Jan. 12, 2024 (SR-BX-2024-003); amended Apr. 1, 2024 (SR-BX-2024-012); amended May 1, 2024 (SR-BX-2024-015); amended
Sep. 27, 2024 (SR-BX-2024-038), operative Oct. 1, 2024.
The below charges are assessed by BX for connectivity to the BX Options Market.
A port is a logical connection or session that enables a market participant to send inbound messages and/or receive outbound messages from the Exchange using various communication protocols. Fees are prorated for the first month of service under this section.
Upon cancellation, participants are required to pay for service for the remainder of the month, regardless of whether it is the first month of service.
An account number shall mean a number assigned to a Participant. Participants may have more than one account number.
(i) The following order and quote protocols are available on BX:
|
|
|
|
(1) FIX Port Fee1
|
$650 per port, per month, per account number
|
|
(2) SQF Port Fee
|
$500 per port, per month
|
|
(3) SQF Purge Port Fee
|
$500 per port, per month
|
(ii) The following order and execution information is available to Participants.
|
|
|
|
(1) CTI Port Fee1
|
$650 per port, per month
|
|
(2) FIX DROP Port Fee1
|
$650 per port, per month
|
(iii) The following data ports fees apply in connection with data subscriptions pursuant to BX Rules at Options 7, Section 4. The below port fees do not apply if the subscription is delivered via multicast. These ports are available
to non-BX Participants and BX Participants.
|
|
|
|
(1) BX Depth Port Fee1
|
$650 per port, per month
|
|
(2) BX TOP Port Fee1
|
$650 per port, per month
|
1The maximum monthly fees in the aggregate for FIX Port, CTI Port, FIX DROP Port, BX Depth Port and BX TOP Port Fees will be $7,500.
(iv) Other ports:
|
|
|
|
Disaster Recovery Port Fee for ports in subsections (i) - (iii)
|
$0 per port, per month
|
|
Nasdaq Testing Facility Port Fee1
|
$0 per port, per month
|
1The Nasdaq Testing Facility Port Fee is applicable to all ports within this Section 3.
(v) Access and Redistribution Fee
(1) Definitions: For purposes of this Section:
(A) 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.
(B) 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.
(C) The term "Distributor" shall have the meaning set forth in Equity 7, Section 119(b).
(2) 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.
(3) Distributors (other than Extranet Providers) that utilize a Direct Circuit Connection to the Exchange pursuant to General 8, Section 2 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 Exchange 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.
(4) 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 Options Price Regulatory Authority.
Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 29, 2012 (SR-BX-2012-049), operative July 2, 2012; amended Dec. 15, 2014 (SR-BX-2014-060), operative Jan. 2, 2015; amended Jan. 2, 2015 (SR-BX-2015-002); amended Jan. 12, 2016 (SR-BX-2016-003), operative
Jan. 4, 2016; amended Nov. 30, 2016 (SR-BX-2016-066); amended Feb. 1, 2017 (SR-BX-2017-005); amended Feb. 8, 2017 (SR-BX-2017-009); amended Feb. 21, 2017 (SR-BX-2017-015); 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 Apr. 27, 2018 (SR-BX-2018-017); amended June 13, 2018 (SR-BX-2018-024); amended Sept. 17, 2018 (SR-BX-2018-046); amended Nov. 27, 2018 (SR-BX-2018-060); July 15, 2019 (SR-BX-2019-027);
amended Aug. 6, 2020 (SR-BX-2020-021); amended Aug. 12, 2020 (SR-BX-2020-022); amended Sep. 30, 2020 (SR-BX-2020-028), operative Oct. 1, 2020; amended Dec. 1, 2020 (SR-BX-2020-037); amended Sep. 1, 2022 (SR-BX-2022-016); amended Feb. 15, 2024 (SR-BX-2024-006),
operative Mar. 16, 2024.
(a) The charges to be paid by recipients of BX Top and BX Depth options data feeds shall be:
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Monthly Internal Distributor Fee
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Monthly External Distributor Fee
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Monthly Non-Display Enterprise License Fee
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BX Top and BX Depth *
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$1,500/firm
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$2,000/firm
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$2,500/firm
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* One Distributor fee allows access to both the BX Top and BX Depth data feeds.
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Monthly Per Subscriber Fee
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BX Top
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$5/professional Subscriber $1/non-professional Subscriber
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BX Depth
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$10 professional Subscriber $1/non-professional Subscriber
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(b) A "Distributor" of BX options market data is any entity that receives a feed or data file of BX data directly from the Exchange or indirectly through another entity and then distributes the data either internally (within that
entity) or externally (outside that entity). All Distributors shall execute a Distributor agreement with the Exchange. BX itself is a vendor of its data feed(s) and has executed a Distributor agreement and pays the associated charges.
(c) An "Non-Display Enterprise License" entitles a Distributor to provide BX Top or BX Depth market data pursuant to this Section to an unlimited number of non-display devices within the firm without any per Subscriber charge associated
with those devices.
(d) BX Top of Market (BX Top) is data that includes the BX Options Market ("BX") Best Bid and Offer and last sale information for trades executed on BX.
(e) BX Depth of Market (BX Depth) is data feed that includes quotation information for individual orders on the BX book, last sale information for trades executed on BX, and Order Imbalance Information as set forth in BX Rules Options
3, Section 8.
(f) The term "Non-Professional" shall have the same meaning as in BX Equity 7, Section 123(b)(2).
(g) 30-Day Free Trial Offer. BX may offer all new individual (non-firm) Subscribers and potential new individual Subscribers a 30-day waiver of the Subscriber fees for Nasdaq options market data pursuant to this Section. This fee
waiver period shall be applied on a rolling basis, determined by the date on which a new individual Subscriber is first entitled by a Distributor to receive access to BX options market data. A Distributor may only provide this waiver to a specific individual
Subscriber once.
(h) The charges to be paid by Distributors of BX Options Trade Outline shall be:
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Account Type
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Monthly Charge
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End of Day Product Distributor:
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$750
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Intra-Day Product Distributor:
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$1,500
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BX Options Trade Outline Historical Data
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Account Type
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Fee
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End of Day Product Distributor:
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$500 per month
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Historical Data for Current End of Day Product Distributors:
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$6,000 for the most recent 36 months
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Intra-Day Product Distributor:
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$750 per month
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Historical Data for Current Intra-Day Product Distributors:
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$9,000 for the most recent 36 months
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A “Current Distributor” is any firm that purchases either the End of Day Product for the current month, or the Intra-Day Product for the current month, in the same month that the 36 months of historical End of Day or Intra-Day data is ordered.
The most recent 36 months is measured based on the date of purchase of the 36 months of data by a Current Distributor.
Ad hoc requests for historical data are $500 per month for End of Day data and $750 per month for Intra-Day data. Historical information is available starting in December 2014.
BX Options Trade Outline External Distribution of Derived Data
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Account Type
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Monthly Charge
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Unlimited External Distribution of Derived Data:
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$3,000
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Fees for external distribution of Derived Data from BX Options Trade Outline are in addition to fees for the End of Day product or the Intraday product, or both, as applicable.
''Derived Data'' is any information generated in whole or in part from Exchange Information such that the information generated cannot be reverse engineered to recreate Exchange Information, or be used to create other data that is recognizable as a reasonable
substitute for such Exchange Information.
“Exchange Information” is any data or information that has been collected, validated, processed and/or recorded by the Exchange and made available for transmission relating to: (i) eligible securities or other financial instruments, markets, products, vehicles,
indicators or devices; (ii) activities of the Exchange; or (iii) other information or data from the Exchange. Information includes, but is not limited to, any element of information used or processed in such a way that Exchange Information or a substitute
for such Information can be identified, recalculated or re-engineered from the processed information.
Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 11, 2013 (SR-BX-2013-040); amended Sept. 17, 2018 (SR-BX-2018-046); amended October 23, 2019 (SR-BX-2019-039); amended Sep. 3, 2024 (SR-BX-2024-034); amended Sep. 13, 2024 (SR-BX-2024-036); amended
Sep. 27, 2024 (SR-BX-2024-039); amended Oct. 9, 2024 (SR-BX-2024-041).