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Options 7 Pricing Schedule
Section 1 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 Rule 1002(c)(1). 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).

Section 2 BX Options Market—Fees and Rebates

The following charges shall apply to the use of the order execution and routing services of the BX Options market for all securities.

(1) Fees for Execution of Contracts on the BX Options Market:

 

 

 

 

 

Fees and Rebates (per executed contract)

 

Customer

BX Options Market Maker

Non-Customer 1

Firm

Penny Pilot Options (Excluding Options in Select Symbols):

 

 

 

 

Rebate to Add Liquidity

#

$0.10 2

N/A

N/A

Fee to Add Liquidity

#

$0.39 3

$0.45

$0.45

Rebate to Remove Liquidity

#

N/A

N/A

N/A

Fee to Remove Liquidity

N/A

#

$0.46

$0.46

Non-Penny Pilot Options:

 

 

 

 

Rebate to Add Liquidity

*

N/A

N/A

N/A

Fee to Add Liquidity

*

$0.50/$0.95 5

$0.98

$0.98

Rebate to Remove Liquidity

*

N/A

N/A

N/A

Fee to Remove Liquidity

N/A

*

$0.89

$0.89

 

 

 

4 Reserved

1 A Non-Customer includes a Professional, Broker-Dealer and Non-BX Options Market Maker.

2 The Rebate to Add Liquidity will be paid to a BX Options Market Maker only when the BX Options Market Maker is contra to a Non-Customer, Firm, or BX Options Market Maker.

3 The Fee to Add Liquidity will be assessed to a BX Options Market Maker only when the BX Options Market Maker is contra to a Customer.

5 The higher Fee to Add Liquidity will be assessed to a BX Options Market Maker only when the BX Options Market Maker is contra to a Customer.

# Penny Pilot Options Tier Schedule (excluding Select Symbols Options)

 

 

 

 

 

 

 

 

 

Rebate to Add Liquidity

Fee to Add Liquidity

Rebate to Remove Liquidity

Fee to Remove Liquidity

Fee To Remove Liquidity

 

When:

Customer

Customer

Customer

BX Options Market Maker

BX Options Market Maker

 

Trading with:

Non-Customer, BX Options Market Maker, or Firm

Customer

Non-Customer, BX Options Market Maker, Customer, or Firm

Customer

Non-Customer, BX Options Market Maker, or Firm

Tier 1

Participant executes less than 0.05% of total industry customer equity and ETF option ADV contracts per month.

$0.00

$0.39

$0.00

$0.39

$0.46

Tier 2

Participant executes 0.05% to less than 0.15% of total industry customer equity and ETF option ADV contracts per month.

$0.10

$0.39

$0.25

$0.39

$0.46

Tier 3

Participant executes 0.15% or more of total industry customer equity and ETF option ADV
contracts per month

$0.20

$0.39

$0.35

$0.30

$0.46

Select Symbols Options Tier Schedule

 

 

 

 

 

 

 

 

 

Rebate to Add Liquidity

Fee to Add Liquidity

Rebate to Remove Liquidity

Fee to Remove Liquidity

Fee to Add Liquidity

 

When:

Customer

BX Options Market Maker

Customer

BX Options Market Maker

BX Options Market Maker

 

Trading with:

Non-Customer or BX Options Market Maker, or Firm

Customer

Non-Customer, BX Options Market Maker, Customer, or Firm

Customer

Non-Customer or BX Options Market Maker, or Firm

Tier 1

Participant executes less than 0.05% of total industry customer equity and ETF option ADV contracts per month.

$0.00

$0.44

$0.00

$0.42

$0.14

Tier 2

Participant executes 0.05% to less than 0.15% of total industry customer equity and ETF option ADV contracts per month.

$0.10

$0.44

$0.25

$0.42

$0.10

Tier 3

Participant executes 0.15% or more of total industry customer equity and ETF option ADV contracts per month

$0.20

$0.40

$0.37

$0.39

$0.04

Tier 4

Participant executes greater than 10,000 PRISM Agency Contracts per month; or Participant executes BX Options Market Maker volume of 0.30% or more of total industry customer equity and ETF options ADV per month

$0.25

$0.29

$0.37

$0.25

$0.00

BX Options Select Symbol List

The following are Select Symbols: ASHR, DIA, DXJ, EEM, EFA, EWJ, EWT, EWW, EWY, EWZ, FAS, FAZ, FXE, FXI, FXP, GDX, GLD, HYG, IWM, IYR, KRE, OIH, QID, QLD, QQQ, RSX, SDS, SKF, SLV, SRS, SSO, TBT, TLT, TNA, TZA, UNG, URE, USO, UUP, UVXY, UYG, VXX, XHB, XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV, XLY, XME, XOP, XRT

• Firm fee to add liquidity and fee to remove liquidity in Select Symbols Options will be $0.37 per contract, regardless of counterparty.

• Non-Customer fee to add liquidity and fee to remove liquidity in Select Symbols Options will be $0.46 per contract, regardless of counterparty.

• BX Options Market Maker fee to remove liquidity in Select Symbols Options will be $0.46 per contract when trading with Firm, Non-Customer, or BX Options Market Maker.

• Customer fee to add liquidity in Select Symbols Options when contra to another Customer is $0.33 per contract.

• Volume from all products listed on BX Options will apply to the Select Symbols Options Tiers.

SPY Options Tier Schedule

 

 

 

 

 

Rebate to Remove Liquidity (per contract)

 

Applied to:

Customer

 

Trading with:

Non-Customer, BX Options Market Maker, Customer, or Firm

Tier 1

Participant removes less than 500 SPY Options contracts per day in the customer range

$0.01

Tier 2

Participant removes 500 to not more than 999 SPY Options contracts per day in the customer range

$0.10

Tier 3

Participant removes 1000 to not more than 1999 SPY Options contracts per day in the customer range

$0.35

Tier 4

Participant removes 2000 to not more than 3999 SPY Options contracts per day in the customer range

$0.43

Tier 5

Participant removes more than 3999 SPY Options contracts per day in the customer range

$0.52

• Note 1: Firm fee to add liquidity and fee to remove liquidity in SPY Options will be $0.41 per contract, regardless of counterparty.

• Note 2: Non-Customer fee to add liquidity and fee to remove liquidity in SPY Options will be $0.44 per contract, regardless of counterparty.

• Note 3: BX Options Market Maker fee to remove liquidity in SPY Options will be $0.44 per contract when trading with Firm, Non-Customer, or BX Options Market Maker.

• Note 4: Customer fee to add liquidity in SPY Options when contra to another Customer will be $0.38 per contract. There will be no fee or rebate for Customer SPY Options that add liquidity when contra to Firm, BX Options Market Maker or Non Customer.

• Note 5: BX Options Market Maker fee to add liquidity and BX Options Market Maker fee to remove liquidity in SPY Options will each be $0.39 per contract when trading with Customer.

• Note 6: BX Options Market Maker fee to add liquidity in SPY Options will be $0.14 per contract when trading with Firm, BX Options Market Maker or Non Customer.

* Non-Penny Pilot Options Tier Schedule

 

 

 

 

 

 

 

 

 

Rebate to Add Liquidity

Fee to Add Liquidity

Rebate to Remove Liquidity

Fee to Remove Liquidity

Fee To Remove Liquidity

 

When:

Customer

Customer

Customer

BX Options Market Maker

BX Options Market Maker

 

Trading

Non-Customer, with:

Customer BX Options Market Maker, or Firm

Non-Customer,

Customer BX Options Market Maker, Customer, or Firm

Non-Customer, BX Options Market Maker, or Firm

Tier 1

Participant executes less than 0.05% of total industry customer equity and ETF option ADV contracts per month.

$0.00

$0.85

$0.80

$0.89

$0.89

Tier 2

Participant executes 0.05% to less than 0.15% of total industry customer equity and ETF option ADV
contracts per month.

$0.10

$0.85

$0.80

$0.89

$0.89

Tier 3

Participant executes 0.15% or more of total industry customer equity and ETF option ADV contracts per month

$0.20

$0.85

$0.80

$0.60

$0.89

(2) Opening Cross

All orders executed in the Opening Cross:

Customer orders will receive the Rebate to Remove Liquidity during the Exchange's Opening Cross, unless the contra-side is also a Customer (in which case no Fee to Remove Liquidity is assessed and no Rebate to Remove Liquidity is received). Professionals, Firms Broker-Dealers and Non-BX Options Market Makers will be assessed the Fee to Remove Liquidity during the Exchange's Opening Cross.

(3) Fees for routing contracts to markets other than the BX Options Market shall be assessed as follows:

 

 

Non-Customer

• $0.99 per contract to any options exchange.

Customer

• Routing Fees to NOM and PHLX: $0.13 per contract fee ("Fixed Fee") in addition to the actual transaction fee assessed.

 

• Routing Fees to all other options exchanges: $0.23 per contract fee ("Fixed Fee") 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)

 

Customer

BX Options Market Maker

Non-Customer 1

Penny Pilot Options:

 

 

 

Rebate for Order triggering order exposure alert:

$0.34

$0.00

$0.00

Fee for Order responding to order exposure alert:

$0.39

$0.39

$0.45

Non-Penny Pilot Options:

 

 

 

Rebate for Order triggering order exposure alert:

$0.70

$0.00

$0.00

Fee for Order responding to order exposure alert:

$0.85

$0.85

$0.89

(5) Fees and rebates for BX Price Improvement Auction ("PRISM")

 

 

 

 

 

 

 

 

Fees and rebates (per contact)

 

 

 

Submitted PRISM Order

Responded to PRISM Auction

PRISM Order Traded With PRISM Response

 

 

fee

fee

rebate

Type of Market Participants

Agency Order

Contra-Side Order

Penny Classes

Non-Penny Classes

Penny Classes

Non-Penny Classes

Customer

$0.00

$0.00

$0.49

$0.94

$0.35

$0.70

BX Options Market Maker

$0.30

$0.05

$0.49

$0.94

$0.00

$0.00

Non-Customer

$0.30

$0.05

$0.49

$0.94

$0.00

$0.00

BX will apply the rebate to market participants that submitted a PRISM Order pursuant to a PRISM Auction and the PRISM Order traded with PRISM Response. The Agency Order fee for Submitted PRISM Order will be applicable to any contract(s) for which a rebate is provided for PRISM Order Traded with PRISM Response.

(6) 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.

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).

Section 3 BX Options Market - Ports and other Services

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 assessed in full month increments and are not prorated.

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:

During the month of August 2019, BX Participants will be required to transition from current FIX Ports to new FIX Ports in conjunction with a technology infrastructure migration. BX will not assess a FIX Port Fee for any new duplicative FIX Ports acquired as part of the transition during the month of August 2019. BX will assess the FIX Port Fee to legacy FIX Ports during August 2019. BX will sunset legacy FIX Ports by August 31, 2019. In September 2019, BX will assess Participants the FIX Port Fee to new FIX Ports.

 

 

(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.

During the month of August 2019, BX Participants will be required to transition from current CTI Ports and FIX DROP Ports to new CTI Ports and FIX DROP Ports in conjunction with a technology infrastructure migration. BX will not assess CTI Port and FIX DROP Port Fees for any new duplicative CTI Port or FIX DROP Ports acquired as part of the transition during the month of August 2019. BX will assess the CTI Port and FIX DROP Port Fees to legacy CTI Ports and FIX DROP Ports during August 2019. BX will sunset legacy CTI Ports and FIX DROP Ports by August 31, 2019. In September 2019, BX will assess Participants CTI Port and FIX DROP Port Fees to new CTI Ports and FIX DROP Ports.

 

 

(1) CTI Port Fee1

$650 per port, per month

(2) FIX DROP Port Fee1

$650 per port, per month

(3) TradeInfo BX Interface

$95 per user, 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 Fee 1

$650 per port, per month

(2) BX TOP Port Fee 1

$650 per port, per month

1 The 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

(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).

Section 4 BX Options Market Data Distributor Fees

(a) The charges to be paid by recipients of BX Top and BX Depth options data feeds shall be:

 

 

 

 

 

Monthly Internal Distributor Fee

Monthly External Distributor Fee

Monthly Non-Display Enterprise License Fee

BX Top and BX Depth *

$1,500/firm

$2,000/firm

$2,500/firm

* One Distributor fee allows access to both the BX Top and BX Depth data feeds.

 

 

 

Monthly Per Subscriber Fee

BX Top

$5/professional Subscriber $1/non-professional Subscriber

BX Depth

$10 professional Subscriber $1/non-professional Subscriber

(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.

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).

Section 5 BX Options Regulatory Fee

BX Participants will be assessed an Options Regulatory Fee of $0.0005 per contract side.

The Options Regulatory Fee ("ORF") is assessed by BX to each BX Participant for options transactions cleared by OCC in the Customer range where: (1) the execution occurs on BX or (2) the execution occurs on another exchange and is cleared by a BX Participant. The ORF is collected by OCC on behalf of BX from (1) BX clearing members for all Customer transactions they clear or (2) non-members for all Customer transactions they clear that were executed on BX. BX uses reports from OCC when assessing and collecting ORF. The Exchange will notify Participants via an Options Trader Alert of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Jan. 21, 2016 (SR-BX-2016-007), operative Feb. 1, 2016; amended July 6, 2016 (SR-BX-2016-043), operative Aug. 1, 2016; amended July 26, 2017 (SR-BX-2017-032), operative Aug. 1, 2017; amended Oct. 2, 2017 (SR-BX-2017-040); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 6 BX Options Maintenance Tool

The BX Options Maintenance Tool will be available to each subscriber for a subscription fee of $200 per month, per user.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 29, 2012 (SR-BX-2012-049), operative July 2, 2012; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 7 BX Options Fee Disputes

(a) All fee disputes concerning fees which are billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation.

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

(c) This Section applies to the following BX Options market fees:

(1) Section 2 "BX Options Market - Fees";

(2) Section 3 "BX Options Market - Ports and other Services", with the exception of the TradeInfo Fee; and

(3) Section 5 "BX Options Regulatory Fee."

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Nov. 30, 2016 (SR-BX-2016-066); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 8 Sales Fee - Options

A Sales Fee is assessed by BX to each member for sales of securities through BX transaction execution systems in the following circumstances:

(a) When a sale in option securities occurs with respect to which BX is obligated to pay a fee to the SEC under Section 31 of the Act;

(b) When a sell order in option securities is routed for execution at a market other than the BX Options market, resulting in a covered sale on that market and an obligation of the routing facility of BX to pay the related sales fee of that market;

The Sales Fee is collected indirectly from members through their clearing firms by a designated clearing agency, as defined by the Act, on behalf of BX. 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 BX transaction execution systems during any computational period.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 9 Testing Facilities

The Exchange operates a test environment in Carteret, New Jersey. References to the "Testing Facility" refers to this test environment.

Subscribers to the Testing Facility shall pay a fee of $1,000 per hand-off, per month for connection to the Testing Facility. The hand-off 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 test environments of The Nasdaq Stock Market LLC and Nasdaq PHLX LLC. Additionally, the connectivity may be utilized for either equities or options testing.

Adopted Oct. 16, 2015 (SR-BX-2015-059), operative Oct. 26, 2015; amended Oct. 18, 2017 (SR-BX-2017-045); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 10 Participant Fee - Options

BX Options Participants will be subject to a Participant Fee of $500 per month.

Adopted Dec. 17, 2015 (SR-BX-2015-083), operative Jan. 4, 2016; amended Sept. 17, 2018 (SR-BX-2018-046).

 
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