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Options 7 Pricing Schedule
Section 1. General Provisions

(a) Removal of Days for Purposes of Volume Pricing Tiers:

(1) (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 volume tier calculations only pursuant to paragraph (3) below.

(2) The Exchange may exclude the following days ("Unanticipated Events") from the options volume tier calculations only pursuant to paragraph (3) below, specifically any day that: (A) the market is not open for the entire trading day, (B) the Exchange instructs members in writing to route their orders to other markets, (C) the Exchange is inaccessible to members 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.

(3) If a day is to be excluded as a result of paragraph (1)(B) or (2) above, the Exchange will exclude the day from any member's monthly options volume 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 volume tier calculation provided for in its Pricing Schedule (together with (3)(A), "Volume Tier Calculations") any Scheduled Early Close or Unanticipated Event.

provided, in each case, that the Exchange will only remove the day for members that would have a lower Volume Tier Calculation with the day included.

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

For purposes of assessing fees, the following references should serve as guidance. Fees and rebates are listed per contract per leg unless otherwise noted.

An "Affiliated Entity" is a relationship between an Appointed Market Maker and an Appointed OFP for purposes of qualifying for certain pricing specified in the Schedule of Fees. 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, as specified in the Schedule of Fees. 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 terminate after a one (1) year period, 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. Affiliated Entity relationships must be renewed annually by each party sending an email to the Exchange. Affiliated Members may not qualify as a counterparty comprising an Affiliated Entity. Each Member may qualify for only one (1) Affiliated Entity relationship at any given time.

An "Affiliated Member" is a Member that shares at least 75% common ownership with a particular Member as reflected on the Member's Form BD, Schedule A.

An "Appointed Market Maker" is a Market Maker who has been appointed by an OFP for purposes of qualifying as an Affiliated Entity.

An "Appointed OFP" is an OFP who has been appointed by a Market Maker for purposes of qualifying as an Affiliated Entity.

A "Broker-Dealer" order is an order submitted by a member for a broker-dealer account that is not its own proprietary account.

A "Complex Order" is any order involving the simultaneous purchase and/or sale of two or more different options series in the same underlying security, as provided in Nasdaq ISE Options 3, Section 14, as well as Stock-Option Orders.

A "Crossing Order" is an order executed in the Exchange's Facilitation Mechanism, Solicited Order Mechanism, Price Improvement Mechanism (PIM) or submitted as a Qualified Contingent Cross order. For purposes of this Pricing Schedule, orders executed in the Block Order Mechanism are also considered Crossing Orders.

"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.

A "Firm Proprietary" order is an order submitted by a member for its own proprietary account.

A "Flash Order" is an order that is exposed at the National Best Bid or Offer by the Exchange to all members for execution, as provided under Supplementary Material .02 to Options 5, Section 2. Unless otherwise noted in Section 3 pricing, Flash Orders will be assessed the applicable "Taker" Fee for the initiation of a Flash Order and will be paid/assessed the applicable "Maker" Rebate/Fee for responses.

"NDX" means A.M. or P.M. settled options on the full value of the Nasdaq 100® Index.

A "Non-Nasdaq ISE Market Maker" is a market maker as defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, registered in the same options class on another options exchange.

Non-Select Symbols" are options overlying all symbols excluding Select Symbols.

An "Order Flow Provider" ("OFP") is any Member, other than a Market Maker, that submits orders, as agent or principal, to the Exchange.

A "Priority Customer" is a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s), as defined in Nasdaq ISE Options 1, Section 1(a)(37). Unless otherwise noted, when used in this Pricing Schedule the term "Priority Customer" includes "Retail" as defined below.

A "Professional Customer" is a person or entity that is not a broker/dealer and is not a Priority Customer.

A "Regular Order" is an order that consists of only a single option series and is not submitted with a stock leg.

"Responses to Crossing Order" is any contra-side interest submitted after the commencement of an auction in the Exchange's Facilitation Mechanism, Solicited Order Mechanism, Block Order Mechanism or PIM.

A "Retail" order is a Priority Customer order that originates from a natural person, provided that no change is made to the terms of the order with respect to price or side of market and the order does not originate from a trading algorithm or any other computerized methodology.

"Select Symbols" are options overlying all symbols listed on the Nasdaq ISE that are in the Penny Interval Program.

[Adopted October 23, 2018 (SR-ISE-2018-89); amended December 21, 2018 (SR-ISE-2018-102); amended June 6, 2019 (SR-ISE-2019-17); amended Dec. 9, 2019 (SR-ISE-2019-32); amended February 3, 2020 (SR-ISE-2020-03); amended February 12, 2020 (SR-ISE-2020-06); amended June 25, 2020 (SR-ISE-2020-25), operative July 1, 2020.]

Section 2. Collection of Exchange Fees and Other Claims

(a) Each 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 ISE General 2, Section 2, Options 2A, Section 7 and; provided, however, that the fees set forth in Section 10 (Market Data) of the Exchange's Pricing Schedule shall be excluded from this Rule. 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 October 23, 2018 (SR-ISE-2018-89); amended June 6, 2019 (SR-ISE-2019-17).]

Section 3. Regular Order Fees and Rebates

 

 

 

 

 

 

 

 

Select Symbols

Market Participant

Maker Rebate / Fee(17)

Taker Fee(17)

Fee for Crossing Orders Except PIM Orders(1) (2)

Fee for PIM Orders (1) (2) (13)

Fee for Responses to Crossing Orders Except PIM Orders

Fee for Responses to PIM Orders

Facilitation and Solicitation Break-up Rebate(4)

Market Maker(8)

$0.11(5) (10) (11)

$0.45

$0.20

$0.10

$0.50

$0.50

N/A

Non-Nasdaq ISE Market Maker (FarMM)

$0.11(11)

$0.46

$0.20

$0.10

$0.50

$0.50

($0.15)

Firm Proprietary / Broker-Dealer

$0.11(11)

$0.46

$0.20

$0.10

$0.50

$0.50

($0.15)

Professional Customer

$0.11(11)

$0.46

$0.20(16)

$0.10

$0.50

$0.50

($0.15)

Priority Customer

$0.00

$0.41

$0.00

$0.00

$0.50

$0.50

($0.15)

 

 

 

 

 

 

 

 

Non-Select Symbols (Excluding Index Options) (7)

Market Participant

Maker Rebate / Fee(17)

Taker Fee(17)

Fee for Crossing Orders Except PIM Orders(1) (2)

Fee for PIM Orders (1) (2) (13)

Fee for Responses to Crossing Orders Except PIM Orders

Fee for Responses to PIM Orders

Facilitation and Solicitation Break-up Rebate(4) 

Market Maker(8)

$0.70(5)

$0.90

$0.20

$0.10

$1.10

$1.10

N/A

Non-Nasdaq ISE Market Maker (FarMM)

$0.70

$0.90

$0.20

$0.10

$1.10

$1.10

($0.15)

Firm Proprietary / Broker-Dealer

$0.70

$0.90

$0.20

$0.10

$1.10

$1.10

($0.15)

Professional Customer

$0.70

$0.90

$0.20(16)

$0.10

$1.10

$1.10

($0.15)

Priority Customer

($0.86)(15) (18)

$0.00

$0.00

$0.00

$1.10

$1.10

($0.15)

 

 

1. Firm Proprietary contracts traded are subject to the Crossing Fee Cap, as provided in Options 7, Section 6.H.

2. Fees apply to the originating and contra order.

3. Non-Priority Customer orders will be charged a taker fee of $1.10 per contract for trades executed against a Priority Customer. Priority Customer orders will be charged a taker fee of $0.86 per contract for trades executed against a Priority Customer.

4. Rebate provided for contracts that are submitted to the Facilitation and Solicited Order Mechanisms that do not trade with their contra order except when those contracts trade against pre-existing orders and quotes on the Exchange's order books. The fee for Crossing Orders is applied to any contracts for which a rebate is provided.

5. Market Makers that qualify for Market Maker Plus will not pay this fee if they meet the applicable tier thresholds set forth in the table below, and will instead be assessed the below fees or rebates based on the applicable tier for which they qualify.

Market Makers are evaluated each trading day for the percentage of time spent on the National Best Bid or National Best Offer ("NBBO") for qualifying series that expire in two successive thirty calendar day periods beginning on that trading day. A Market Maker Plus is a Market Maker who is on the NBBO a specified percentage of the time on average for the month based on daily performance in the qualifying series for each of the two successive periods described above. Qualifying series are series trading between $0.03 and $3.00 (for options whose underlying stock's previous trading day's last sale price was less than or equal to $100) and between $0.10 and $3.00 (for options whose underlying stock's previous trading day's last sale price was greater than $100) in premium. If a Market Maker would qualify for a different Market Maker Plus tier in each of the two successive periods described above, then the lower of the two Market Maker Plus tier fees or rebates shall apply to all contracts.

Market Makers may enter quotes in a symbol using one or more unique, exchange assigned identifiers - i.e., badge/suffix combinations. Market Maker Plus status is calculated independently based on quotes entered in a symbol for each of the Market Maker's badge/suffix combinations, and the highest tier achieved for any badge/suffix combination quoting that symbol applies to executions across all badge/suffix combinations that the member uses to trade in that symbol. Only badge/suffix combinations quoting a minimum of ten trading days within the month will be used to determine whether the Market Maker Plus status has been met and the specific tier to be applied to the Market Maker's performance for that month.

A Market Maker's worst quoting day each month for each of the two successive periods described above, on a per symbol basis, will be excluded in calculating whether a Market Maker qualifies for this fee or rebate. A Market Maker who qualifies for Market Maker Plus Tiers 2 or higher in at least four of the previous six months will be eligible to receive a reduced Tier 2 incentive in a given month where the Market Maker does not qualify for any Market Maker Plus tiers. For Select Symbols, this rebate will be the applicable Tier 2 rebate reduced by $0.08 per contract. For Non-Select Symbols, this fee will be the Tier 2 fee increased by $0.08 per contract.

The Exchange may exclude from any member's monthly Market Maker Plus tier calculation any Unanticipated Event; provided that the Exchange will only remove the day for members that would have a lower time at the NBBO for the specified series with the day included.

 

 

 


Select Symbols other than SPY, QQQ, IWM, AMZN, FB, and NVDA


Market Maker Plus Tier (Specified Percentage)

Maker Rebate


Tier 1 (80% to less than 85%)

($0.15)


Tier 2 (85% to less than 95%)

($0.18)


Tier 3 (95% or greater)

($0.22)


SPY, QQQ, and IWM


Market Maker Plus Tier (Specified Percentage)

Regular Maker Rebate

Linked Maker Rebate (9) (12)


Tier 1a (50% to less than 65%)

($0.00)

N/A


Tier 1b (65% to less than 80%)

($0.05)

N/A


Tier 2 (80% to less than 85%)

($0.18)

($0.15)


Tier 3 (85% to less than 90%)

($0.22)

($0.19)


Tier 4 (90% or greater)

($0.26)

($0.23)


AMZN, FB, and NVDA


Market Maker Plus Tier (Specified Percentage)

Maker Rebate (14)


Tier 1 (70% to less than 85%)

($0.15)


Tier 2 (85% to less than 95%)

($0.18)


Tier 3 (95% or greater)

($0.22)



Non-Select Symbols (excluding Index Options)(7)


Market Maker Plus Tier (Specified Percentage)

Maker Fee / Rebate


Tier 1 (80% to less than 90%)

$0.50


Tier 2 (90% to less than 98%)

$0.30


Tier 3 (98% or greater)

($0.40)(6)


6. This rebate will be provided if the qualifying Market Maker trades against non-Priority Customer orders. Qualifying Market Makers that trade against Priority Customer orders will be charged a Market Maker Plus Tier 3 fee of $0.10 per contract instead of receiving the Tier 3 rebate.

7. For all executions in regular NDX and NQX orders, the applicable index options fees in Section 5 will apply.

8. This fee applies to Market Maker orders sent to the Exchange by Electronic Access Members.

9. The following symbols are linked for purposes of the linked maker rebate: (1) SPY and QQQ, and (2) SPY and IWM. Market Makers that qualify for Market Maker Plus Tiers 2-4 in note 5 above for executions in SPY, QQQ, or IWM may be eligible for a linked maker rebate in a linked symbol in addition to the regular maker rebate for the applicable tier. Linked maker rebate applies to executions in SPY, QQQ, or IWM if the Market Maker does not achieve the applicable tier in that symbol but achieves the tier (i.e., any of Market Maker Plus Tiers 2-4) for any badge/suffix combination in the other linked symbol, in which case the higher tier achieved applies to both symbols. If a Market Maker would qualify for a linked maker rebate in SPY based on the tier achieved in QQQ and the tier achieved in IWM then the higher of the two linked maker rebates will be applied to SPY. The regular maker rebate will be provided in the symbol that qualifies the Market Maker for the higher tier based on percentage of time at the NBBO.

10. There will be no fee charged or rebate provided when trading against non-Priority Customer complex orders that leg into the regular order book.

11. $0.25 per contract fee applies instead of the applicable fee or rebate when trading against Priority Customer Complex Orders that leg into the regular order book. Notwithstanding the foregoing, Market Makers that qualify for Market Maker Plus in Select Symbols will pay a $0.15 per contract fee in the symbols for which they qualify for Market Maker Plus when trading against Priority Customer Complex Orders of less than 50 contracts in Select Symbols that leg into the regular order book. Further, Market Makers that qualify for Market Maker Plus in Select Symbols will not pay any fee nor receive any rebate in the symbols for which they qualify for Market Maker Plus when trading against Priority Customer Complex Orders of 50 contracts or more in Select Symbols that leg into the regular order book.

12. Market Makers that achieve Priority Customer Complex Tiers 7 - 9 in Section 4 will receive an additional $0.01 per contract rebate on executions in SPY, QQQ, or IWM that qualify for the linked maker rebate program pursuant to note 9 above, in addition to the linked maker rebate tiers 2 - 4.

13. Other than for Priority Customer orders, this fee is $0.05 per contract for orders executed by Members that execute an ADV of 7,500 or more contracts in the PIM in a given month. Members that execute an ADV of 12,500 or more contracts in the PIM will be charged $0.02 per contract. The discounted fees are applied retroactively to all eligible PIM volume in that month once the threshold has been reached.

14. Market Makers that qualify for Market Maker Plus Tiers 1-3 in note 5 above for executions in two out of the three symbols AMZN, FB, or NVDA will be eligible for a maker rebate in the third symbol, in addition to the maker rebate for the applicable tier in the other two symbols. The maker rebate will apply to executions in AMZN, FB, or NVDA if the Market Maker does not achieve the applicable tier in that symbol but achieves the tier (i.e., any of Market Maker Plus Tiers 1-3) for any badge/suffix combination in the other two symbols. If a Market Maker would qualify for different Market Maker Plus Tiers 1-3 in two symbols, then the lower of the two maker rebates will be applied to the third symbol (e.g., Market Maker Plus qualification in Tier 1 and Tier 2 across two symbols would earn Market Maker Plus Tier 1 in the third symbol). If all three symbols separately achieve any of Market Maker Plus Tiers 1-3, the symbol that achieves the tier with the lowest maker rebate will instead receive the same maker rebate as the symbol that achieved the next lowest tier.

15. Members that execute more than 0.06% of Regular Order Non-Select Symbol Priority Customer Volume (excluding Crossing Orders and Responses to Crossing Orders) calculated as a percentage of Customer Total Consolidated Volume per day in a given month will receive an additional rebate of $0.14 per contract.

16. Transaction fees applicable to Professional Customers for an order submitted as a Qualified Contingent Cross order and orders executed in the Exchange's Solicited Order Mechanism will be $0.10 per contract.

17. A market participant's order that initiates a Flash Order will be assessed the appropriate Taker Fee in Section 3. All market participant responses to Flash Orders in Select Symbols will be paid/assessed the appropriate Maker Rebate/Fee in Section 3. Responses to Flash Orders in Non-Select Symbols will be $0.25 per contract for non-Priority Customers and $0.00 for Priority Customers.

18. There will be no fee charged or rebate provided in Non-Select Symbols when trading against Priority Customer Complex Orders that leg into the regular order book

[Adopted October 23, 2018 (SR-ISE-2018-89); amended December 21, 2018 (SR-ISE-2018-102); amended February 27, 2019 (SR-ISE-2019-03), operative March 1, 2019; amended February 28, 2019 (SR-ISE-2019-04), operative March 1, 2019; amended March 11, 2019 (SR-ISE-2019-07); amended May 1, 2019 (SR-ISE-2019-13); amended May 10, 2019 (SR-ISE-2019-15); amended October 1, 2019 (SR-ISE-2019-25); amended October 10, 2019 (SR-ISE-2019-26); amended January 2, 2020 (SR-ISE-2020-01); amended February 3, 2020 (SR-ISE-2020-02); amended February 3, 2020 (SR-ISE-2020-03); amended February 12, 2020 (SR-ISE-2020-06); amended April 30, 2020 (SR-ISE-2020-19), operative May 1, 2020; amended May 11, 2020 (SR-ISE-2020-20); amended June 25, 2020 (SR-ISE-2020-25), operative July 1, 2020; amended July 1, 2020 (SR-ISE-2020-26).]

Section 4. Complex Order Fees and Rebates(5) (12) (15)

 

 

 

 

Priority Customer Rebates

 

 

 

Priority Customer Complex Tier(7) (13) (16)

Total Affiliated Member or Affiliated Entity Complex Order Volume (Excluding Crossing Orders and Responses to Crossing Orders) Calculated as a Percentage of Customer Total Consolidated Volume

Rebate for Select Symbols(1)

Rebate for Non-Select Symbols(1)(4)

Tier 1

0.000% - 0.200%

($0.25)

($0.40)

Tier 2

Above 0.200% - 0.400%

($0.30)

($0.55)

Tier 3

Above 0.400% - 0.450%

($0.35)

($0.70)

Tier 4

Above 0.450% - 0.750%

($0.40)

($0.75)

Tier 5

Above 0.750% - 1.000%

($0.45)

($0.80)

Tier 6

Above 1.000% - 1.350%

($0.47)

($0.80)

Tier 7

Above 1.350% - 2.000%

($0.48)

($0.80)

Tier 8

Above 2.000% - 2.600%

($0.50)

($0.85)

Tier 9

Above 2.600%

($0.52)

($0.85)

 

 

 

 

 

 

 

Maker and Taker Fees

Market Participant

Maker Fee for Select Symbols

Maker Fee for Non-Select Symbols

Maker Fee for Select Symbols when trading against Priority Customer

Maker Fee for non-Select Symbols when trading against Priority Customer

Taker Fee for Select Symbols

Taker Fee for Non- Select Symbols

Market Maker

$0.10

$0.20

$0.47(3)

$0.86

$0.50(3)

$0.86(8)

Non-Nasdaq ISE Market Maker (FarMM)

$0.20

$0.20

$0.48

$0.88

$0.50

$0.88(8)

Firm Proprietary / Broker-Dealer

$0.10

$0.20

$0.48

$0.88

$0.50

$0.88(8)

Professional Customer

$0.10

$0.20

$0.48

$0.88

$0.50

$0.88(8)

Priority Customer

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

 

 

 

 

 

 

 

 

 

Crossing Order Fees and Rebates

 

Market Participant

Fee for Crossing Orders Except PIM Orders(6)(10)(11)

Fee for
PIM Orders(6)(9)(11)

Fee for Responses to Crossing Orders Except PIM Orders for Select Symbols

Fee for Responses to Crossing Orders Except PIM Orders for non-Select Symbols

Fee for Responses to PIM Orders for Select Symbols

Fee for Responses to PIM Orders for Non-Select Symbols 

Facilitation and Solicitation Breakup Rebate for Select Symbols(2)

Facilitation and Solicitation Break-up Rebate for Non-Select Symbols(2) 

Market Maker

$0.20

$0.10

$0.50

$1.10

$0.50

$1.10

N/A

N/A

Non-Nasdaq ISE Market Maker (FarMM)

$0.20

$0.10

$0.50

$1.10

$0.50

$1.10

($0.15)

($0.15)

Firm Proprietary / Broker-Dealer

$0.20

$0.10

$0.50

$1.10

$0.50

$1.10

($0.15)

($0.15)

Professional Customer

$0.20(14)

$0.10

$0.50

$1.10

$0.50

$1.10

($0.15)

($0.15)

Priority Customer

$0.00

$0.00

$0.50

$1.10

$0.50

$1.10

($0.15)

($0.15)

1. Rebate provided per contract per leg if the order trades with non-Priority Customer orders in the Complex Order Book. Rebate provided per contract leg in Select Symbols where the largest leg of the Complex Order is under fifty (50) contracts and trades with quotes and orders on the regular order book. No Priority Customer Complex Order rebates will be provided in Select Symbols if any leg of the order that trades with interest on the regular order book is fifty (50) contracts or more. No Priority Customer Complex Order rebates will be provided in Non-Select Symbols if any leg of the order trades with interest on the regular order book, irrespective of order size.

2. Rebate provided per contract per leg for contracts that are submitted to Facilitation and Solicitation Mechanisms that do not trade with their contra order except when those contracts trade against pre-existing orders and quotes on the Exchange's orderbooks. The applicable fee is applied to any contracts for which a rebate is provided.

3. This fee is $0.47 per contract for Market Makers that achieve Priority Customer Complex Tier 8 and $0.44 per contract for Market Makers that achieve Priority Customer Complex Tier 9.

4. No Priority Customer complex order rebates will be paid for orders in NDX, NQX or MNX.

5. For all executions in complex NQX orders, the NQX index options fees in Section 5 will apply.

6. Firm Proprietary contracts traded are subject to the Crossing Fee Cap, as provided in Section 6.H.

7. The rebate for the highest tier volume achieved is applied retroactively to all eligible Priority Customer Complex volume once the threshold has been reached.

8. A $0.05 per contract surcharge will be assessed to non-Priority Customer Complex Orders that take liquidity from the Complex Order Book, excluding Complex Orders executed in the Facilitation Mechanism, Solicited Order Mechanism, Price Improvement Mechanism and "exposure" auctions pursuant to Options 3, Section 14(c)(3).

9. Other than for Priority Customer orders, this fee is $0.05 per contract for orders executed by Members that execute an ADV of 7,500 or more contracts in the PIM in a given month. Members that execute an ADV of 12,500 or more contracts in the PIM will not be charged a fee. The discounted fees are applied retroactively to all eligible PIM volume in that month once the threshold has been reached.

10. Fee charged for all legs.

11. Fees apply to the originating and contra order.

12. The Exchange will charge a stock handling fee of $0.0010 per share (capped at $50 per trade) for the stock leg of stock-option orders executed against other stock-option orders in the complex order book.

13. Members will not receive rebates for net zero complex orders. For purposes of determining which complex orders qualify as "net zero" the Exchange will count all complex orders that leg in to the regular order book and are executed at a net price per contract that is within a range of $0.01 credit and $0.01 debit.

14. Transaction fees applicable to Professional Customers for an order submitted as a Qualified Contingent Cross order and orders executed in the Exchange's Solicited Order Mechanism will be $0.10 per contract.

15. During an "exposure" auction pursuant to Options 3, Section 14(c)(3), the originating side of the auction order will be assessed the applicable maker fee or rebate, and the contra side will be assessed the applicable taker fee or rebate.

16. Priority Customer Complex Tiers are based on Total Affiliated Member Complex Order Volume (Excluding Crossing Orders and Responses to Crossing Orders) Calculated as a Percentage of Customer Total Consolidated Volume. All Complex Order volume executed on the Exchange, including volume executed by Affiliated Members, is included in the volume calculation, except for volume executed as Crossing Orders and Responses to Crossing Orders. Affiliated Entities may aggregate their Complex Order volume for purposes of calculating Priority Customer Rebates. The Appointed OFP would receive the rebate associated with the qualifying volume tier based on aggregated volume.

17. Reserved.

[Adopted October 23, 2018 (SR-ISE-2018-89); amended April 1, 2019 (SR-ISE-2019-09); amended June 6, 2019 (SR-ISE-2019-17); amended January 2, 2020 (SR-ISE-2020-01); amended February 3, 2020 (SR-ISE-2020-02); amended March 2, 2020 (SR-ISE-2020-09); amended March 10, 2020 (SR-ISE-2020-12); amended July 1, 2020 (SR-ISE-2020-26).]

Section 5. Index Options Fees and Rebates

A. NDX Index Options Fees for Regular Orders(1)

 

 

Market Participant

Fee

Market Maker

$0.75

Market Maker (for orders sent by Electronic Access Members)

$0.75

Non-Nasdaq ISE Market Maker (FarMM)

$0.75

Firm Proprietary / Broker-Dealer

$0.75

Professional Customer

$0.75

Priority Customer

$0.00

1. For all executions in complex NDX orders, the applicable complex order fees for Non-Select Symbols in Section 4 will apply.

B. NQX Index Options Fees and Rebates for Regular and Complex Orders

 

 

 

Market Participant

Maker Fee / Rebate

Taker Fee(1) / Rebate

Market Maker

($0.25)

$0.00

Market Maker (for orders sent by Electronic Access Members)

($0.25)

$0.00

Non-Nasdaq ISE Market Maker (FarMM)

$0.25

$0.25

Firm Proprietary / Broker-Dealer

$0.25

$0.25

Professional Customer

$0.25

$0.25

Priority Customer

$0.00

$0.00

1. Fee will also apply to the originating and contra side of Crossing Orders and to Responses to Crossing Orders.

C. Non-Priority Customer License Surcharge for Index Options

 

 

Symbols

Fee

BKX

$0.10

NDX, NQX

$0.25

» The Non-Priority Customer License Surcharge applies to all executions in BKX and NDX, including executions of BKX and NDX orders that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan.

[Adopted October 23, 2018 (SR-ISE-2018-89).]

Section 6. Other Options Fees and Rebates

A. QCC and Solicitation Rebate

» Members using the Qualified Contingent Cross (QCC) and/or other solicited orders executed in the Solicitation or Facilitation Mechanisms (collectively, "Solicited Orders"), will receive rebates according to the table below for each originating contract side in all symbols traded on the Exchange. Once a Member reaches a certain volume threshold in Solicited Orders during a month, the Exchange will provide rebates to that Member for all of its Solicited Order traded contracts for that month. All eligible volume from affiliated Members will be aggregated in determining QCC and Solicitation volume totals, provided there is at least 75% common ownership between the Members as reflected on each Member's Form BD, Schedule A. The applicable rebates will be applied on Solicited Order traded contracts once the volume threshold is met. Members will receive the rebate for all Solicited Orders except for Solicited Orders between two Priority Customers. Solicited Orders between two Priority Customers will not receive any rebate. The volume threshold and corresponding rebates are as follows:

» Volume resulting from all Solicited Orders will be aggregated in determining the applicable volume tier.

 

 

Originating Contract Sides

Rebate

0 to 99,999

$0.00

100,000 to 199,999

($0.05)

200,000 to 499,999

($0.07)

500,000 to 749,999

($0.09)

750,000 to 999,999

($0.10)

1,000,000+

($0.11)*

* Members will receive an additional rebate of $0.01 per originating contract side on Solicited Orders that qualify for the QCC and Solicitation Rebate program if they achieve in a given month: (i) combined Solicited Order volume of more than 1,750,000 originating contract sides and (ii) Priority Customer Complex Tiers 6 - 9 in Section 4.

B. PIM and Facilitation Rebate

» Members using the Facilitation Mechanism or Price Improvement Mechanism ("PIM") for unsolicited Crossing Orders, whereby the contra-side party of the Crossing Order (1) is either Firm Proprietary or Broker-Dealer and (2) has total affiliated Average Daily Volume ("ADV") of 250,000 or more contracts, are eligible to earn the following rebates during a given month. In determining total affiliated ADV, eligible volume from affiliated Members will be aggregated, provided there is at least 75% common ownership between the Members as reflected on each Member's Form BD, Schedule A.

 

 

Originating Contract Sides

Rebate

0 to 199,999

($0.02)

200,000 or more

($0.03)*

*Once a Member reaches or exceeds the volume threshold to qualify for a $0.03 per originating contract side rebate during a given month, then the Member will receive the $0.03 rebate for all of its originating contract sides that qualify for the PIM and Facilitation Rebate during that month, including for the Member's first qualifying 0-199,999 originating contract sides.

Members that qualify for the PIM and Facilitation rebates on their unsolicited Crossing Orders, as set forth in the above paragraph, may also earn either or both of the following additional rebates:

1. Members that achieve combined Qualified Contingent Cross ("QCC") and Solicitation Originating Contracts Sides of more than 1,000,000 during a given month can earn an additional rebate of ($0.01) per originating contract side on their unsolicited Crossing Orders that qualify for the PIM and Facilitation Rebate program.

2. Members that achieve Priority Customer Complex Order ADV of between 100,000-224,999 contracts can earn an additional rebate of ($0.01) per originating contract side on all of their unsolicited Crossing Orders that qualify for the PIM and Facilitation Rebate program; however, this additional rebate will be ($0.02) per originating contract on all unsolicited Crossing Orders that qualify for the PIM and Facilitation Rebate Program to the extent that Members achieve Priority Customer Complex Order ADV of 225,000 or more contracts. For avoidance of doubt, if a Member has 200,000 originating contract sides in a month that qualify for a $0.03 rebate under the PIM and Facilitation Rebate program and the Member also achieves Priority Customer Complex Order ADV of 225,000 contracts in that same month, then the Member will receive an additional $0.02 rebate on all of its 200,000 originating contract sides that qualify for the PIM and Facilitation Rebate program, for a total rebate on such originating contract sides of $0.05..

C. Reserved.

D. Reserved

E. Marketing Fee

 

 

Symbols

Fee

Non-Select Symbols

$0.00*

* No marketing fees are charged for Select and Non-Select Symbols. If the Exchange determines to charge a marketing fee in the future, it will do so pursuant to a rule filing.

» Marketing fees apply to Nasdaq ISE Market Makers for each Regular Priority Customer contract executed except as noted below.

» Marketing fees do not apply to Nasdaq ISE Market Makers for each Regular Priority Customer contract executed in Select Symbols.

» Marketing fees are waived NDX, NQX, MNX, Flash Orders and for Complex Orders in all symbols.

» The marketing fee will be rebated proportionately to the members that paid the fee such that on a monthly basis the marketing fee fund balance administered by a Primary Market Maker for a Group of options established under Options 2, Section 3(b) does not exceed $100,000 and the marketing fee fund balance administered by a preferenced Competitive Market Maker for such a Group does not exceed $100,000. A preferenced Competitive Market Maker that elects not to administer a fund will not be charged the marketing fee. The Exchange assesses an administrative fee of .45% on the total amount of the funds collected each month.

F. Route-Out Fees1.

 

 

 

Market Participant

Select Symbols

Non-Select Symbols

Market Maker

$0.55

$1.09

Non-Nasdaq ISE Market Maker (FarMM)

$0.55

$1.09

Firm Proprietary / Broker-Dealer

$0.55

$1.09

Professional Customer

$0.55

$1.09

Priority Customer

$0.48

$0.70

1. Fee applies to executions of orders in all symbols that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan.

G. Reserved.

H. Crossing Fee Cap

Fees are capped at $90,000 per month, per Member on all Firm Proprietary transactions that are part of the originating or contra side of a Crossing Order. Crossing Orders are contracts that are submitted as part of a Facilitation, Solicitation, PIM, Block or QCC order. All eligible volume from affiliated Members will be aggregated for purposes of the Crossing Fee Cap, provided there is at least 75% common ownership between the Members as reflected on each Member's Form BD, Schedule A. Fees charged by the Exchange for Responses to Crossing Orders are not included in the calculation of the monthly fee cap. Surcharge fees charged by the Exchange for licensed products and the fees for index options as set forth in Section 5 are not included in the calculation of the monthly fee cap. A service fee of $0.00 per side will apply to all order types that are eligible for the fee cap. The service fee shall apply once a Member reaches the fee cap level and shall apply to every contract side above the fee cap. A Member who does not reach the monthly fee cap will not be charged the service fee. Once the fee cap is reached, the service fee shall apply to eligible Firm Proprietary orders in all Nasdaq ISE products. The service fee is not calculated in reaching the cap. For purposes of the Crossing Fee Cap the Exchange will attribute eligible volume to the ISE Member on whose behalf the Crossing Order was executed.

I. Inactive PMM Fee

» $100,000 per month per Membership. If a group has not been open for trading, the PMM appointed to that group will be subject to an "inactive" fee of $100,000 per month. This fee does not apply to inactive FXPMMs.

J. Cancellation Fee

» $0.00 per order applies to a clearing Electronic Access Member that cancelled at least 500 Priority Customer options orders in a month for itself or for an introducing broker, for each order cancellation in excess of the total number of orders executed for itself or for such introducing broker that month. All Priority Customer options orders from the same clearing Electronic Access Member for itself or for such introducing broker executed in the same underlying symbol at the same price within a 300 second period will be aggregated and counted as one executed order for purposes of this fee. This fee shall not apply to the cancellation of options orders that improve Nasdaq ISE's disseminated quotes at the time the orders were entered.

K. Back-up Trading Arrangements

» If Nasdaq ISE exclusively listed options are traded at Nasdaq ISE's facility on a Backup Exchange pursuant to Nasdaq ISE Options 4, Section 10, the Back-up Exchange has agreed to apply the per contract and per contract side fees in this fee schedule to such transactions. If any other Nasdaq ISE listed options are traded on the Back-up Exchange (such as Nasdaq ISE singly listed options that are listed by the Backup Exchange) pursuant to Nasdaq ISE Options 4, Section 10, the fee schedule of the Back-up Exchange shall apply to such trades.

» If the exclusively listed options of a Disabled Exchange are traded on the Disabled Exchange's facility at Nasdaq ISE pursuant to Options 4, Section 10, Nasdaq ISE will apply the per contract and per contract side fees in the fee schedule of the Disabled Exchange to such transactions. If any other options classes of the Disabled Exchange are traded on Nasdaq ISE (such as singly listed options of the Disabled Exchange) pursuant to Options 4, Section 10, the fees set forth in the Nasdaq ISE fee schedule shall apply to such trades.

[Adopted October 23, 2018 (SR-ISE-2018-89); amended April 1, 2019 (SR-ISE-2019-09); amended June 6, 2019 (SR-ISE-2019-17); amended February 3, 2020 (SR-ISE-2020-03); amended February 12, 2020 (SR-ISE-2020-06); amended April 30, 2020 (SR-ISE-2020-19), operative May 1, 2020; amended June 25, 2020 (SR-ISE-2020-25), operative July 1, 2020.]

Section 7. Connectivity Fees

A. Trading Application

1. Non-Standard Services. $350 per hour (one time).

B. Trading Application

1. PrecISE Trade® Terminal Fee-This fee is waived for the first two months for all new users.

$350 per logged-in user per month, for the first 10 users.*

$100 per logged-in user per month, for each subsequent user.

2. PrecISE Trade® Terminal Sponsored Customer Fee - This fee is waived for the first two months for all new users of a sponsored customer. This fee applies only to sponsored customers of non-affiliated firms.

$350 per logged-in user per month, for the first 10 users.*

$100 per logged-in user per month, for each subsequent user.

3. Intermediate Routing Destination ("IRD"). A $20 fee is charged to an IRD for each PrecISE Trade terminal that is authorized to send such IRD orders. An IRD is a Nasdaq ISE member that receives orders from another Nasdaq ISE member via a PrecISE Trade terminal and routes those orders to other options exchanges.

*PrecISE Trade® fee waived for first five (5) users if the EAM or sponsored customer executes a minimum of 1.5 million crossing contracts during the prior calendar month. Free users will count towards the first ten (10) users otherwise subject to the higher $350 per user fee.

C. Ports and Other Services

The below charges are assessed by ISE for connectivity to ISE.

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.

(i) The following order and quote protocols are available on ISE.

 

 

(1) FIX Port Fee

$300 per port per month, per mnemonic

(2) SQF Port Fee

$1,100 per port per month

(3) SQF Purge Port Fee

$1,100 per port per month

(4) OTTO Port Fee1

$400 per port per month, per mnemonic

1 OTTO Port Fees are subject to a monthly cap of $4,000.

(ii) The following order and execution information is available to Members.

 

 

(1) CTI Port Fee

$500 per port per month, per account number

(2) FIX DROP Port Fee

$500 per port per month, per account number

(3) TradeInfo ISE Interface

$0 per user, per month

(iii) The following data port fees apply in connection with data subscriptions pursuant to ISE Rules at Chapter VIII. These ports are available to non-ISE Members and ISE Members.

 

 

(1) Nasdaq ISE Depth of Market Data Port

$0 per port, per month

(2) Nasdaq ISE Order Feed Port

$0 per port, per month

(3) Nasdaq ISE Top Quote Feed Port

$0 per port, per month

(4) Nasdaq ISE Trades Feed Port

$0 per port, per month

(5) Nasdaq ISE Spread Feed Port

$0 per port, per month

(iv) Other ports:

 

 

Disaster Recovery Port Fee for ports in subsections (i) - (iii)

$50 per port, per month

[Adopted October 23, 2018 (SR-ISE-2018-89).]

Section 8. Access Services

A. Access Fees

Electronic Access Member - $500 per month per membership.

Market Maker

Primary Market Maker - $5,000 per month per membership.

Competitive Market Maker - $2,500 per month per membership.

B. Reserved.

C. Gateway Fees

Shared Gateway - $0

Dedicated Gateway - $2,250 per SQF gateway, per month.

D. Telco Line Charges

These fees are paid to 3rd parties.

E. Reserved

F. Reserved

G. Reserved

H. Reserved

I. Exchange Testing Facilities

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 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 handoff.

The connectivity provided under this rule also provides connectivity to the other markets of NASDAQ BX, Inc., Nasdaq PHLX LLC, The NASDAQ Stock Market LLC, Nasdaq MRX LLC, and Nasdaq GEMX LLC.

[Adopted October 23, 2018 (SR-ISE-2018-89).]

A. Application

Primary Market Maker - $7,500 per Firm (one time).

Competitive Market Maker - $5,500 per Firm (one time).*

Electronic Access Member - $3,500 per Firm (one time).

Lessor - $1,000 per Applicant (one time).

*This Competitive Market Maker application fee is waived for applicants that share at least 75% common ownership with another CMM as reflected on each firm's Form BD, Schedule A.

B. Administrative

DTR Approval - $500 per Trader (one time).*

Pg2-U4 for Non-Registered Persons - $100 per Individual (one time).

*This fee is waived for DTRs of affiliated CMMs that are already registered as DTRs under the affiliated entity.

C. Options Regulatory Fee

The ORF is $0.0016 per contract side until July 31, 2018.

$0.0020 per contract side as of August 1, 2018

The Options Regulatory Fee ("ORF") is assessed by ISE to each ISE Member for options transactions cleared by The Options Clearing Corporation ("OCC") in the customer range where: (1) the execution occurs on ISE or (2) the execution occurs on another exchange and is cleared by an ISE Member. The ORF is collected by OCC on behalf of ISE from (1) ISE clearing members for all customer transactions they clear or (2) non-members for all customer transactions they clear that were executed on ISE. ISE uses reports from OCC when assessing and collecting ORF. The Exchange will notify Members 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.

D. Reserved.

E. FINRA Web CRD Fees

These fees are collected and retained by FINRA via the Web CRD registration system for the registration of associated persons of member organizations of the Exchange that are not FINRA members.

General Registration Fees:

$100-For each initial Form U4 filed for the registration of a representative or principal.

$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 of more disclosure events or proceedings.

$45-FINRA Annual System Processing Fee Assessed only during Renewals.

Fingerprint Processing Fees:

$29.50-Initial Submission (Electronic)

$44.50-Initial Submission (Paper)

$15.00-Second Submission (Electronic)

$30.00-Second Submission (Paper)

$29.50-Third Submission (Electronic)

$44.50-Third Submission (Paper)

$30.00-FINRA Processing Fee for Fingerprint Results Submitted by Self-Regulatory Organizations other than FINRA.

Continuing Education Fee:

$60-S501. Assessed to each individual who is solely registered as a Proprietary Trader required to complete the Regulatory Element of the 24

Continuing Education Requirements pursuant to Nasdaq ISE General 4, Section 1.

[Adopted October 23, 2018 (SR-ISE-2018-89); amended June 6, 2019 (SR-ISE-2019-17).]

Section 10. Market Data

A. Nasdaq ISE Open/Close Trade Profile End of Day

Subscription - $750 per month with an annual subscription.

Ad-hoc Request (historical data) - $600 per request per month. An ad-hoc request can be for any number of months beginning with May 2005 for which the data is available.

Complete Set (historical data) - $27,500 per request. A complete set includes all the months from May 2005 through the current month.

Academic Ad-hoc request (historical data) - $500 per request. An ad-hoc request for up to 12 months of data. Academic institutions may use this data for academic purposes only and not for actual securities trading.

Academic Complete Set (historical data) - $1,000 per request. A complete set includes all the months from May 2005 through the current month. Academic institutions may use this data for academic purposes only and not for actual securities trading.

Free trial-A one month free trial is available to both members and non-members who have not previously subscribed to the Nasdaq ISE Open/Close Trade Profile End of Day.

B. Nasdaq ISE Open/Close Trade Profile Intraday

Subscription - $2,000 per month.

Ad-hoc Request (historical data). An ad-hoc request can be for any number of months, quarters or years for which the data is available.

$1,000 per request per month.

$2,000 per request per quarter.

$8,000 per request per year.

Academic Ad-hoc request (historical data) - $1,000* per ad-hoc request for up to 12 months of data. Academic institutions may use this data for academic purposes only and not for actual securities trading.

Academic Complete Set (historical data) - $2,000* per request for a complete set that includes all the months from October 2009 through the current month. Academic institutions may use this data for academic purposes only and not for actual securities trading.

*Credits will apply for previous purchases of Nasdaq ISE Open/Close data for the academic author and/or university that provide a link to published research papers on the use of Nasdaq ISE Open/Close data that can be posted on the Nasdaq ISE website. For example, a university that previously purchased the Nasdaq ISE Open/Close Trade Profile for $1,000 would pay an incremental $1,000 for all of the history for the Open/Close Trade Profile Intraday data.

C. Nasdaq ISE Open/Close Trade Profile End of Day and Nasdaq ISE Open/Close Trade Profile Intraday

Subscription - $2,500 per month with an annual subscription.

D. Enhanced Sentiment Market Data

Nasdaq ISEE Select Data Feed

Firms will be charged $0.10 per end user for redistribution to up to 10,000 end users on a monthly basis.

Firms will be charged $0.10 per end user for redistribution to 10,001 to 74,999 end users on a monthly basis.

Firms will be charged $0.084 per end user for redistribution to 75,000 to 199,999 end users (minimum increment of 5,000 end users).

Firms will be charged $0.0825 per end user for redistribution to 200,000 or more end users (minimum increment of 5,000 end users).

E. Reserved

F. Real-time Depth of Market Raw Data Feed

Professionals (internal use only).

$5,000 per month per distributor.* $50 per month per controlled device.** Each distributor's combined maximum fee is capped at $7,500 per month. Each distributor's fee for the first month after connection is established between Nasdaq ISE and distributor shall be $1,000. All user fees are waived for the first month after connection is established between Nasdaq ISE and distributor.

Professionals (external redistribution by distributor through a controlled device).

$5,000 per month per distributor. $50 per month per controlled device. Each distributor's combined maximum fee is capped at $10,000 per month. Each distributor's fee for the first month after connection is established between Nasdaq ISE and distributor shall be $1,000. All user fees are waived for the first month after connection is established between Nasdaq ISE and distributor.

Non-Professional (external redistribution by distributor through a controlled device).

$5,000 per month per distributor. $5 per month per controlled device. Each distributor's combined maximum fee is capped at $10,000 per month. Each distributor's fee for the first month after connection is established between Nasdaq ISE and distributor shall be $1,000. All user fees are waived for the first month after connection is established between Nasdaq ISE and distributor.

Managed Data Access Service is any retransmission of the Real-time Depth of Market Raw Data Feed offered by a Managed Data Access Distributor*** where the Managed Data Access Distributor must first agree to reformat and/or redisplay the Real-time Depth of Market Raw Data Feed prior to retransmission, but not to affect the integrity of the Real-time Depth of Market Raw Data Feed and not to render it inaccurate, unfair, uninformative, fictitious, misleading, or discriminatory. (Temporary Program ending August 31, 2016)

$2,500 per month per Managed Data Access Distributor. $750 per month per IP address for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient,**** who may be a Professional or Non-Professional user. $50 per month per controlled device for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient who is a Professional user. $5 per month per controlled device for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient who is a Non-Professional user. The minimum monthly fee for each Managed Data Access Distributor for the Real-time Depth of Market Raw Data Feed is $5,000.

*A distributor is any firm that receives the Real-time Depth of Market Raw Data Feed directly from Nasdaq ISE or indirectly through a redistributor and then distributes it either internally or externally. A redistributor includes market data vendors and connectivity providers such as extranets and private network providers.

**A controlled device is any device that a distributor of the Real-time Depth of Market Raw Data Feed permits to access the information in the Real-time Depth of Market Raw Data Feed.

***A Managed Data Access Distributor redistributes the Real-time Depth of Market Raw Data Feed and permits access to the information in the Real-time Depth of Market Raw Data Feed through a controlled device. A Managed Data Access Distributor can also redistribute a data feed solution to specific IP addresses, including an Application Programming Interface (API) or similar automated delivery solutions, with only limited entitlement controls (e.g., usernames and/or passwords) to a recipient of the information.

****Managed Data Access Recipient is a subscriber of the Managed Data Access Distributor who receives a reformatted Real-time Depth of Market Raw Data Feed in a controlled device or at a specific IP address. A Managed Data Access Recipient who receives the data feed outside of a controlled device is charged the fee per IP address, which covers both primary and back-up IP addresses.

G. Nasdaq ISE Order Feed

Internal Use Only.

$3,000 per month per distributor.* There are no controlled device fees for internal use.

External Redistribution.

$3000 per month per distributor. $20 per month per external controlled device.** Each distributor's combined maximum fee for external redistribution is capped at $5,000 per month.

Internal and External Redistribution.

$3,000 per month per distributor. $20 per month per external controlled device. Each distributor's combined maximum fee for both internal and external redistribution is capped at $5,000 per month.

Managed Data Access Service is any retransmission of the Nasdaq ISE Order Feed offered by a Managed Data Access Distributor*** where the Managed Data Access Distributor must first agree to reformat and/or redisplay the Nasdaq ISE Order Feed prior to retransmission, but not to affect the integrity of the Nasdaq ISE Order Feed and not to render it inaccurate, unfair, uninformative, fictitious, misleading, or discriminatory. (Temporary Program ending August 31, 2016)

$2,000 per month per Managed Data Access Distributor. $500 per month per IP address for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient,**** who may be a Professional or Non-Professional user. $20 per month per controlled device for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient who is a Professional user. There is no controlled device fee for Non-Professional users. The minimum monthly fee for each Managed Data Access Distributor for the Nasdaq ISE Order Feed is $4,000.

*A distributor is any firm that receives the Nasdaq ISE Order Feed directly from Nasdaq ISE or indirectly through a redistributor and then distributes it either internally or externally. A redistributor includes market data vendors and connectivity providers such as extranets and private network providers.

**An external controlled device is any device that a distributor of the Nasdaq ISE Order Feed permits an external user to access the information in the Nasdaq ISE Order Feed.

***A Managed Data Access Distributor redistributes the Nasdaq ISE Order Feed and permits access to the information in the Nasdaq ISE Order Feed through a controlled device. A Managed Data Access Distributor can also redistribute a data feed solution to specific IP addresses, including an Application Programming Interface (API) or similar automated delivery solutions, with only limited entitlement controls (e.g., usernames and/or passwords) to a recipient of the information.

****Managed Data Access Recipient is a subscriber of the Managed Data Access Distributor who receives a reformatted Nasdaq ISE Order Feed in a controlled device or at a specific IP address. A Managed Data Access Recipient who receives the data feed outside of a controlled device is charged the fee per IP address, which covers both primary and back-up IP addresses.

H. Nasdaq ISE Top Quote Feed

Professional (internal use only).

$3,000 per month per distributor.* $20 per month per controlled device.** Each distributor's combined maximum fee for internal redistribution is capped at $4,000 per month.

Professional (external redistribution).

$3,000 per month per distributor. $20 per month per controlled device. Each distributor's combined maximum fee for external redistribution is capped at $5,000 per month.

Professional (internal and external redistribution).

$3,000 per month per distributor. $20 per month per controlled device. Each distributor's combined maximum fee for both internal and external redistribution is capped at $5,000 per month.

Non-Professional (external redistribution through a controlled device).

$3,000 per month per distributor. There are no monthly controlled device fees.

Managed Data Access Service is any retransmission of the Nasdaq ISE Top Quote Feed offered by a Managed Data Access Distributor*** where the Managed Data Access Distributor must first agree to reformat and/or redisplay the Nasdaq ISE Top Quote Feed prior to retransmission, but not to affect the integrity of the Nasdaq ISE Top Quote Feed and not to render it inaccurate, unfair, uninformative, fictitious, misleading, or discriminatory. (Temporary Program ending August 31, 2016)

$2,000 per month per Managed Data Access Distributor. $500 per month per IP address for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient,**** who may be a Professional or Non-Professional user. $20 per month per controlled device for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient who is a Professional user. There is no controlled device fee for Non-Professional users. The minimum monthly fee for each Managed Data Access Distributor for the Nasdaq ISE Top Quote Feed is $4,000.

*A distributor is any firm that receives the Nasdaq ISE Top Quote Feed directly from Nasdaq ISE or indirectly through a redistributor and then distributes it either internally or externally. A redistributor includes market data vendors and connectivity providers such as extranets and private network providers.

**A controlled device is any device that a distributor of the Nasdaq ISE Top Quote Feed permits to access the information in the Nasdaq ISE Top Quote Feed.

***A Managed Data Access Distributor redistributes the Nasdaq ISE Top Quote Feed and permits access to the information in the Nasdaq ISE Top Quote Feed through a controlled device. A Managed Data Access Distributor can also redistribute a data feed solution to specific IP addresses, including an Application Programming Interface (API) or similar automated delivery solutions, with only limited entitlement controls (e.g., usernames and/or passwords) to a recipient of the information.

****Managed Data Access Recipient is a subscriber of the Managed Data Access Distributor who receives a reformatted Nasdaq ISE Top Quote Feed in a controlled device or at a specific IP address. A Managed Data Access Recipient who receives the data feed outside of a controlled device is charged the fee per IP address, which covers both primary and back-up IP addresses.

I. Nasdaq ISE Spread Feed

Professional (internal use only).

$3,000 per month per distributor.* $25 per month per controlled device.** Each distributor's combined maximum fee for internal redistribution is capped at $4,250 per month.

Professional (external distribution).

$3,000 per month per distributor. $25 per month per controlled device. Each distributor's combined maximum fee for external redistribution is capped at $5,500 per month.

Professional (internal and external redistribution).

$3,000 per month per distributor. $25 per month per controlled device. Each distributor's combined maximum fee for both internal and external redistribution is capped at $5,500 per month.

Non-Professional (external redistribution through a controlled device).

$3,000 per month per distributor. There are no monthly controlled device fees.

Managed Data Access Service is any retransmission of the Nasdaq ISE Spread Feed offered by a Managed Data Access Distributor*** where the Managed Data Access Distributor must first agree to reformat and/or redisplay the Nasdaq ISE Spread Feed prior to retransmission, but not to affect the integrity of the Nasdaq ISE Spread Feed and not to render it inaccurate, unfair, uninformative, fictitious, misleading, or discriminatory. (Temporary Program ending August 31, 2016)

$2,000 per month per Managed Data Access Distributor. $500 per month per IP address for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient,**** who may be a Professional or Non-Professional user. $25 per month per controlled device for redistribution by a Managed Data Access Distributor to a Managed Data Access Recipient who is a Professional user. There is no controlled device fee for Non-Professional users. The minimum monthly fee for each Managed Data Access Distributor for the Nasdaq ISE Spread Feed is $4,000.

*A distributor is any firm that receives the Nasdaq ISE Spread Feed directly from Nasdaq ISE or indirectly through a redistributor and then distributes it either internally or externally. A redistributor includes market data vendors and connectivity providers such as extranets and private network providers.

**A controlled device is any device that a distributor of the Nasdaq ISE Spread Feed permits to access the information in the Nasdaq ISE Spread Feed.

***A Managed Data Access Distributor redistribute the Nasdaq ISE Spread Feed and permits access to the information in the Nasdaq ISE Spread Feed through a controlled device. A Managed Data Access Distributor can also redistribute a data feed solution to specific IP addresses, including an Application Programming Interface (API) or similar automated delivery solutions, with only limited entitlement controls (e.g., usernames and/or passwords) to a recipient of the information.

****Managed Data Access Recipient is a subscriber of the Managed Data Access Distributor who receives a reformatted Nasdaq ISE Spread Feed in a controlled device or at a specific IP address. A Managed Data Access Recipient who receives the data feed outside of a controlled device is charged the fee per IP address, which covers both primary and back-up IP addresses.

J. Nasdaq ISE Trade Feed

$1,000 per month for unlimited internal and/or external distribution of ISE Trade Feed.

K. Nasdaq ISE Implied Volatility and Greeks Feed

Professional (internal use only).

$5,000 per month per Business Unit* at a Subscriber.** $50 per month per controlled device*** (in excess of the first 50 controlled devices). This subscription includes the first 50 controlled devices.

Managed Data Access Service (MDAS) is any retransmission of the Nasdaq ISE Implied Volatility and Greeks Feed offered by a Managed Data Access Distributor**** where the Managed Data Access Distributor must first agree to reformat and/or redisplay the Nasdaq ISE Implied Volatility and Greeks Feed prior to retransmission, but not to affect the integrity of the Nasdaq ISE Implied Volatility and Greeks Feed and not to render it inaccurate, unfair, uninformative, fictitious, misleading, or discriminatory.

Managed Data Access Distributors (MDAD)-Non-Professional (external redistribution through a controlled device).

$1,500 per month per MDAD. $1 per month per controlled device.

Managed Data Access Distributors (MDAD)-Professional (external redistribution through a controlled device).

$1,500 per month per MDAD. $50 per month per controlled device.

Managed Data Access Distributors (MDAD)-Professional from an Application Programming Interface (internal redistribution only).

$1,500 per month per MDAD.

$1,000 per month for up to 10,000 symbols.

$2,000 per month for up to 25,000 symbols.

$3,000 per month for up to 50,000 symbols.

$4,000 per month for up to 100,000 symbols.

$5,000 per month for over 100,000 symbols.

Managed Data Access Recipient (MDAR)***** API Log-In Fee

$250 per month per login.

*A Business Unit is a separate and distinct business group at a Subscriber firm that has access to the Nasdaq ISE Implied Volatility and Greeks Feed. A market making desk, a risk management group, etc. would each be considered a Business Unit.

**A Subscriber is any firm that receives the Nasdaq ISE Implied Volatility and Greeks Feed directly from the Nasdaq ISE or indirectly through a redistributor and then distributes it either internally or externally. A redistributor includes market data vendors and connectivity providers such as extranet and private network providers.

***A controlled device is any device that a Subscriber or Managed Data Access Distributor of the Nasdaq ISE Implied Volatility and Greeks Feed permits to access the information in the Nasdaq ISE Implied Volatility and Greeks Feed.

****A Managed Data Access Distributor is a subscriber of the Nasdaq ISE Implied Volatility and Greeks Feed that permits access to the information in the Nasdaq ISE Implied Volatility and Greeks Feed through a "controlled device." A Managed Data Access Distributor can also offer a data feed solution, including an Application Programming Interface (API) or similar automated delivery solutions, with only limited entitlement controls (e.g., usernames and/or passwords) to a recipient of the information.

*****A Managed Data Access Recipient is a subscriber to the Managed Data Access Service for the purpose of accessing the Nasdaq ISE Implied Volatility and Greeks Feed offered by a Managed Data Access Distributor.

[Adopted October 23, 2018 (SR-ISE-2018-89).]

Section 11. Other Services

A. Training - $500

B. Testing - $100

C. Third party Developers

• Set-up - $1,000 (one time)

• Usage - $1,000 per month

D. Disaster Recovery Testing & Relocation Services - $3,000

[Adopted October 23, 2018 (SR-ISE-2018-89).]

Section 12. Sales Value Fee

The Sales Value Fee is assessed by the Exchange to each Member for sales on the Exchange with respect to which the Exchange is obligated to pay a fee to the Commission under Section 31 of the Exchange Act. To the extent that there may be any excess monies collected under this Rule, the Exchange may retain those monies to help fund its general operating expenses. The sales transactions to which the fee applies are sales of options (other than options on a security index) and the sales of securities resulting from the exercise of physical-delivery options. The fee is collected indirectly from Members through their clearing firms by the Clearing Corporation on behalf of Nasdaq ISE with respect to options sales and options exercises. The Sales Value Fee is equal to (a) the Section 31 fee rate multiplied by (b) the Member's aggregate dollar amount of covered sales resulting from options transactions occurring on the Exchange during any computational period.

[Adopted June 6, 2019 (SR-ISE-2019-17).]

 
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