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Options 7 Pricing Schedule
Section 1 Collection of Exchange Fees and Other Claims-Nasdaq Options Market

Each NOM member, 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 Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 2 Nasdaq Options Market—Fees and Rebates

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

(1) Fees for Execution of Contracts on The Nasdaq Options Market

Fees and Rebates (per executed contract)

 

 

 

 

 

 

 

 

Customer

Professional

Firm

Non-NOM Market Maker

NOM Market Maker

Broker-Dealer

Penny Pilot Options:

 

 

 

 

 

Rebate to Add Liquidity

*** d, e, f

*** d, e, f

$0.10

$0.10

#

$0.10

Fee for
Removing
Liquidity

$0.48

$0.48

$0.50

$0.50 2

$0.50 2

$0.50

Non-Penny Pilot Options:

 

 

 

 

 

Fee for Adding Liquidity

N/A

N/A

$0.45

$0.45

$0.35 5

$0.45

Fee for
Removing
Liquidity

$0.85

$0.85

$1.10

$1.10

$1.10

$1.10

Rebate to Add
Liquidity

$0.80 1 , e, f

$0.80 1 , e, f

N/A

N/A

$0.30 5 , 6

N/A

1 A Participant that qualifies for Customer or Professional Penny Pilot Options Rebate to Add Liquidity Tiers 2, 3, 4, or 5 in a month will receive an additional $0.10 per contract Non-Penny Pilot Options Rebate to Add Liquidity for each transaction which adds liquidity in Non-Penny Pilot Options in that month. A Participant that qualifies for Customer or Professional Penny Pilot Options Rebate to Add Liquidity Tier 6 in a month will receive an additional $0.20 per contract Non-Penny Pilot Options Rebate to Add Liquidity for each transaction which adds liquidity in Non-Penny Pilot Options in that month.

2 Participants that add 1.30% of Customer, Professional, Firm, Broker-Dealer or Non-NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of total industry customer equity and ETF option ADV contracts per day in a month will be subject to the following pricing applicable to executions: a $0.48 per contract Penny Pilot Options Fee for Removing Liquidity when the Participant is (i) both the buyer and the seller or (ii) the Participant removes liquidity from another Participant under Common Ownership.
Participants that add 1.50% of Customer, Professional, Firm, Broker-Dealer or Non-NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of total industry customer equity and ETF option ADV contracts per day in a month and meet or exceed the cap for The Nasdaq Stock Market Opening Cross during the month will be subject to the following pricing applicable to executions less than 10,000 contracts: a $0.32 per contract Penny Pilot Options Fee for Removing Liquidity when the Participant is (i) both the buyer and seller or (ii) the Participant removes liquidity from another Participant under Common Ownership.
Participants that add 1.75% of Customer, Professional, Firm, Broker-Dealer or Non-NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of total industry customer equity and ETF option ADV contracts per day in a month will be subject to the following pricing applicable to executions less than 10,000 contracts: a $0.32 per contract Penny Pilot Options Fee for Removing Liquidity when the Participant is (i) both the buyer and seller or (ii) the Participant removes liquidity from another Participant under Common Ownership.

3 Reserved.

4 Reserved.

5 The NOM Market Maker Fee for Adding Liquidity in Non-Penny Pilot Options will apply unless Participants meet the volume thresholds set forth in this note. Participants that add NOM Market Maker liquidity in Non-Penny Pilot Options of 7,500 to 9,999 ADV contracts per day in a month will be assessed a $0.00 per contract Non-Penny Options Fee for Adding Liquidity in that month. Participants that add NOM Market Maker liquidity in Non-Penny Pilot Options of 10,000 or more ADV contracts per day in a month will receive the Non-Penny Rebate to Add Liquidity for that month instead of paying the Non-Penny Fee for Adding Liquidity.

6 Participants that qualify for the Tier 6 NOM Market Maker Rebate to Add Liquidity in Penny Pilot Options will receive a $0.86 per contract NOM Market Maker Rebate to Add Liquidity in Non-Penny Pilot Options. Participants that qualify for a note "&" incentive in the MARS Payment Schedule in Section (6) will receive an additional $0.02 per contract NOM Market Maker Rebate to Add Liquidity in Non-Penny Pilot Options, in addition to receiving a $0.86 per contract NOM Market Maker Rebate to Add Liquidity in Non-Penny Pilot Options. Participants that qualify for a note "5" incentive will receive the greater of the note "5" or note "6" incentive.

*** The Customer and Professional Rebate to Add Liquidity in Penny Pilot Options will be paid as noted below. To determine the applicable percentage of total industry customer equity and ETF option average daily volume, unless otherwise stated, the Participant's Penny Pilot and Non-Penny Pilot Customer and/or Professional volume that adds liquidity will be included.

 

 

 

Monthly Volume

Rebate to Add
Liquidity

Tier 1

Participant adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of up to 0.10% of total industry customer equity and ETF option average daily volume ("ADV") contracts per day in a month

$0.20

Tier 2

Participant adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.10% to 0.20% of total industry customer equity and ETF option ADV contracts per day in a month

$0.25

Tier 3

Participant adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.20% to 0.30% of total industry customer equity and ETF option ADV contracts per day in a month

$0.42

Tier 4

Participant adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.30% to 0.40% of total industry customer equity and ETF option ADV contracts per day in a month

$0.43

Tier 5

Participant adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.40% to 0.80% of total industry customer equity and ETF option ADV contracts per day in a month

$0.45

Tier 6

Participant adds Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.80% or more of total industry customer equity and ETF option ADV contracts per day in a month, or Participant adds: (1) Customer and/or Professional liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of 0.20% or more of total industry customer equity and ETF option ADV contracts per day in a month, and (2) has added liquidity in all securities through one or more of its Nasdaq Market Center MPIDs that represent 1.00% or more of Consolidated Volume in a month or qualifies for MARS (defined below)

$0.48 c

a Reserved.

 

b Reserved.

 

c Participants that: (1) add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.15% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional $0.02 per contract Penny Pilot Options Customer and/or Professional Rebate to Add Liquidity for each transaction which adds liquidity in Penny Pilot Options in that month; or (2) add Customer, Professional, Firm, Non- NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of 1.30% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional $0.05 per contract Penny Pilot Options Customer and/or Professional Rebate to Add Liquidity for each transaction which adds liquidity in Penny Pilot Options in that month; or (3) (a) add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker- Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.80% of total industry customer equity and ETF option ADV contracts per day in a month, (b) add Customer, Professional, Firm, Non- NOM Market Maker and/or Broker-Dealer liquidity in Non-Penny Pilot Options above 0.12% of total industry customer equity and ETF option ADV contracts per day in a month, and (c) execute greater than 0.04% of Consolidated Volume ("CV") via Market-on-Close/Limit-on- Close ("MOC/LOC") volume within The Nasdaq Stock Market Closing Cross within a month will receive an additional $0.05 per contract Penny Pilot Options Customer and/or Professional Rebate to Add Liquidity for each transaction which adds liquidity in Penny Pilot Options in a month. Consolidated Volume shall mean the total consolidated volume reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month in equity securities, excluding executed orders with a size of less than one round lot. For purposes of calculating Consolidated Volume and the extent of an equity member's trading activity, expressed as a percentage of or ratio to Consolidated Volume, the date of the annual reconstitution of the Russell Investments Indexes shall be excluded from both total Consolidated Volume and the member's trading activity.

d NOM Participants that qualify for any MARS Payment Tier in Section (6) will receive: (1) an additional $0.05 per contract Penny Pilot Options Customer and/or Professional Rebate to Add Liquidity for each transaction which adds liquidity in Penny Pilot Options in that month, in addition to qualifying Customer and/or Professional Rebate to Add Liquidity Tier 1, or (2) an additional $0.04 per contract Penny Pilot Options Customer and/or Professional Rebate to Add Liquidity for each transaction which adds liquidity in Penny Pilot Options in that month, in addition to qualifying Penny Pilot Options Customer and/or Professional Rebate to Add Liquidity Tiers 2-6. NOM Participants that qualify for a note "c" incentive will receive the greater of the note "c" or note "d" incentive.

e NOM Participants that transact in all securities through one or more of its Nasdaq Market Center MPIDs that represent 3.00% or more of Consolidated Volume in the same month on The Nasdaq Stock Market will receive a $0.50 per contract rebate to add liquidity in Penny Pilot Options as Customer or Professional and $1.00 per contract rebate to add liquidity in Non-Penny Pilot Options as Customer or Professional. Participants that qualify for this rebate would not be eligible for any other rebates in Tiers 1-6 or other rebate incentives on NOM for Customer and Professional order flow in Options 7, Section 2(1).

f NOM Participants that (a) add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 1.20% of total industry customer equity and ETF option ADV contracts per day in a month, (b) execute greater than 0.04% of Consolidated Volume ("CV") via Market-on-Close/Limit-on-Close ("MOC/LOC") volume within The Nasdaq Stock Market Closing Cross within a month, and (c) add greater than 1.5 million shares per day of nondisplayed volume within The Nasdaq Stock Market within a month will receive a $0.55 per contract rebate to add liquidity in Penny Pilot Options as Customer or Professional and $1.05 per contract rebate to add liquidity in Non-Penny Pilot Options as Customer or Professional. Participants that qualify for this rebate would not be eligible for any other rebates in Tiers 1-6 or other rebate incentives on NOM for Customer and Professional order flow in Options 7, Section 2(1).

# The NOM Market Maker Rebate to Add Liquidity in Penny Pilot Options will be paid as noted below.

 

 

 

Monthly Volume

 

Rebate to Add Liquidity

Tier 1

Participant adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of up to 0.10% of total industry customer equity and ETF option average daily volume ("ADV") contracts per day in a month

$0.20

Tier 2

Participant adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.10% to 0.20% of total industry customer equity and ETF option ADV contracts per day in a month

$0.25

Tier 3

Participant: (a) adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.20% to 0.60% of total industry customer equity and ETF option ADV contracts per day in a month: or (b)(1) transacts in all securities through one or more of its Nasdaq Market Center MPIDs that represent 0.70% or more of Consolidated Volume ("CV") which adds liquidity in the same month on The Nasdaq Stock Market, (2) transacts in Tape B securities through one or more of its Nasdaq Market Center MPIDs that represent 0.18% or more of CV which adds liquidity in the same month on The Nasdaq Stock Market, and (3) executes greater than 0.01% of CV via Market-on- Close/Limit-on-Close ("MOC/LOC") volume within The Nasdaq Stock Market Closing Cross in the same month.

$0.30 or $0.40 in the following symbols AAPL, QQQ, IWM, SPY and VXX

Tier 4

Participant adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of above 0.60% to 0.90% of total industry customer equity and ETF option ADV contracts per day in a month

$0.32 or $0.40 in the following symbols AAPL, QQQ, IWM, VXX and SPY

Tier 5 ##

Participant adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of above 0.40% of total industry customer equity and ETF option ADV contracts per day in a month and transacts in all securities through one or more of its Nasdaq Market Center MPIDs that represent 0.40% or more of Consolidated Volume ("CV") which adds liquidity in the same month on The Nasdaq Stock Market.

$0.44

Tier 6

Participant: (a)(1) adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 0.95% of total industry customer equity and ETF option ADV contracts per day in a month, (2) executes Total Volume of 250,000 or more contracts per day in a month, of which 30,000 or more contracts per day in a month must be removing liquidity, and (3) adds Firm, Broker-Dealer and Non-NOM Market Maker liquidity in Non-Penny Pilot Options of 10,000 or more contracts per day in a month; or (b)(1) adds NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above 1.50% of total industry customer equity and ETF option ADV contracts per day in a month, and (2) executes Total Volume of 250,000 or more contracts per day in a month, of which 15,000 or more contracts per day in a month must be removing liquidity.

$0.48

*"Total Volume" shall be defined as Customer, Professional, Firm, Broker-Dealer, Non-NOM Market Maker and NOM Market Maker volume in Penny Pilot Options and/or Non-Penny Pilot Options which either adds or removes liquidity on NOM.

##NOM Participants that qualify for the Tier 5 NOM Market Maker Rebate to Add Liquidity in Penny Pilot Options and add NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of above 0.50% of total industry customer equity and ETF option ADV contracts per day in a month, will receive a $0.46 per contract rebate to add liquidity in Penny Pilot Options as Market Maker in lieu of the Tier 5 rebate.

(2) Opening Cross

All orders executed in the Opening Cross:

Customer orders will receive the Rebate to Add Liquidity during the Exchange's Opening Cross, unless the contra-side is also a Customer. Broker-Dealers, Professionals, Firms, Non-NOM Market Makers and NOM Market Makers will be assessed the Fee for Removing Liquidity during the Exchange's Opening Cross.

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

 

 

Non-Customer

• $0.99 per contract to any options exchange.

Customer

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

 

• Routing Fees to BX Options: $0.13.

 

• 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)(a) For purposes of determining equity tier calculations under this section, any day that the market is not open for the entire trading day will be excluded from such calculation.

(b) Removal of Days for Purposes of Options 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.

(6) Market Access and Routing Subsidy ("MARS")

MARS System Eligibility

To qualify for MARS, the Participant's routing system ("System") would be required to: (1) enable the electronic routing of orders to all of the U.S. options exchanges, including NOM; (2) provide current consolidated market data from the U.S. options exchanges; and (3) be capable of interfacing with NOM's API to access current NOM match engine functionality. Further, the Participant's System would also need to cause NOM to be the one of the top three default destination exchanges for (a) individually executed marketable orders if NOM is at the national best bid or offer ("NBBO"), regardless of size or time or (b) orders that establish a new NBBO on NOM's Order Book, but allow any user to manually override NOM as a default destination on an order-by-order basis. Any NOM Participant would be permitted to avail itself of this arrangement, provided that its order routing functionality incorporates the features described above and satisfies NOM that it appears to be robust and reliable. The Participant remains solely responsible for implementing and operating its System.

MARS Eligible Contracts

MARS Payment would be made to NOM Participants that have System Eligibility and have routed the requisite number of Eligible Contracts daily in a month ("Average Daily Volume"), which were executed on NOM. For the purpose of qualifying for the MARS Payment, Eligible Contracts may include Firm, Non-NOM Market Maker, Broker-Dealer, or Joint Back Office or "JBO" equity option orders that add liquidity and are electronically delivered and executed. Eligible Contracts do not include Mini Option orders.

MARS Payment

NOM Participants that have System Eligibility and have executed the requisite number of Eligible Contracts in a month will be paid the following rebates:

 

 

 

 

Tiers

Average Daily Volume ("ADV")

MARS Payment (Penny)

MARS Payment (Non-Penny)

1

2,000

$0.07 * ^

$0.15 ^

2

5,000

$0.09 * ^

$0.20 ^

3

10,000

$0.11 * ^

$0.30 ^

4

20,000

$0.15 * ^

$0.50 ^

5

45,000

$0.17 * ^ @ &

$0.60 ^ @ &

The specified MARS Payment will be paid on all executed Eligible Contracts that add liquidity, which are routed to NOM through a participating NOM Participant's System and meet the requisite Eligible Contracts ADV. No payment will be made with respect to orders that are routed to NOM, but not executed

A Participant will not be entitled to receive any other revenue from the Exchange for the use of its System specifically with respect to orders routed to NOM.

* NOM Participants that qualify for Customer and Professional Penny Pilot Options Rebate to Add Liquidity Tier 6 will receive $0.09 per contract in Penny Pilot Options, in addition to any Penny MARS Payment tier on MARS Eligible Contracts the NOM Participant qualifies for in a given month.

^ NOM Participants that have total Affiliated Entity or Common Ownership average daily add volume ("ADAV") of 3.00% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional $0.01 per contract in Penny Pilot Options and an additional $0.03 per contract in Non-Penny Pilot Options, in addition to any MARS Payment tier on MARS Eligible Contracts the NOM Participant qualifies for in a given month.

@ NOM Participants that execute at least 75,000 of MARS Eligible Contracts per day and have total Affiliated Entity or Common Ownership ADAV of 3.25% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional $0.01 per contract in Penny Pilot Options and an additional $0.10 per contract in Non-Penny Pilot Options, in addition to MARS Payment tier 5 on MARS Eligible Contracts the NOM Participant qualifies for in a given month.

&NOM Participants that execute at least 100,000 of MARS Eligible Contracts per day and have total Affiliated Entity or Common Ownership ADAV of 3.25% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional $0.02 per contract in Penny Pilot Options and an additional $0.19 per contract in Non-Penny Pilot Options, in addition to MARS Payment tier 5 on MARS Eligible Contracts the NOM Participant qualifies for in a given month. NOM Participants that qualify for the note "&" incentive will not receive the note "@" incentive.

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Jan. 31, 2012 (SR-NASDAQ-2012-022), operative Feb. 1, 2012; amended Feb. 13, 2012 (SR-NASDAQ-2012-027), operative Mar. 1, 2012; amended Feb. 29, 2012 (SR-NASDAQ-2012-033), operative Mar. 1, 2012; amended Mar. 28, 2012 (SR-NASDAQ-2012-037), operative Apr. 2, 2012; amended Mar. 28, 2012 (SR-NASDAQ-2012-046), operative Apr. 2, 2012; amended Apr. 2, 2012 (SR-NASDAQ-2012-048); amended Apr. 11. 2012 (SR-NASDAQ-2012-050); amended May 30, 2012 (SR-NASDAQ-2012-068), operative June 1, 2012; amended June 27, 2012 (SR-NASDAQ-2012-080), operative July 2, 2012; amended June 29, 2012 (SR-NASDAQ-2012-083), operative July 2, 2012; amended Aug. 31, 2012 (SR-NASDAQ-2012-102), operative Sept. 4, 2012; amended Aug. 31, 2012 (SR-NASDAQ-2012-104), operative Sept. 4, 2012; amended Oct. 1, 2012 (SR-NASDAQ-2012-114); amended Oct. 31, 2012 (SR-NASDAQ-2012-125), operative Nov. 1, 2012; ; amended Nov. 1, 2012 (SR-NASDAQ-2012-127), operative Nov. 2, 2012; amended Nov. 30, 2012 (SR-NASDAQ-2012-136), operative Dec. 3, 2012; amended Dec. 31, 2012 (SR-NASDAQ-2012-141), operative Jan. 2, 2013; amended Jan. 2, 2013 (SR-NASDAQ-2013-001); amended Jan. 18, 2013 (SR-NASDAQ-2013-010), operative Feb. 1, 2013; amended Jan. 22, 2013 (SR-NASDAQ-2013-013), operative Feb. 1, 2013; amended Feb. 1, 2013 (SR-NASDAQ-2013-025); amended Feb. 4, 2013 (SR-NASDAQ-2013-027); amended Feb. 12, 2013 (SR-NASDAQ-2013-029); amended Mar. 1, 2013 (SR-NASDAQ-2013-041); amended Mar. 15, 2013 (SR-NASDAQ-2013-049), operative Mar. 18, 2013; amended Mar. 18, 2013 (SR-NASDAQ-2013-051), operative Apr. 1, 2013; amended Apr. 1, 2013 (SR-NASDAQ-2013-062); amended Apr. 9, 2013 (SR-NASDAQ-2013-064), operative May 1, 2013; amended Apr. 30, 2013 (SR-NASDAQ-2013-074), operative May 1, 2013; amended June 27, 2013 (SR-NASDAQ-2013-091), operative July 1, 2013; amended Aug. 5, 2013 (SR-NASDAQ-2013-104); amended Sep. 9, 2013 (SR-NASDAQ-2013-120); amended Sep. 9, 2013 (SR-NASDAQ-2013-117); amended Oct. 28, 2013 (SR-NASDAQ-2013-136), operative Nov. 1, 2013; amended Nov. 13, 2013 (SR-NASDAQ-2013-141); amended Nov. 27, 2013 (SR-NASDAQ-2013-146), operative Dec. 2, 2013; amended Nov. 29, 2013 (SR-NASDAQ-2013-149), operative Dec. 2, 2013; amended Jan. 2, 2014 (SR-NASDAQ-2014-002); amended Jan. 29, 2014 (SR-NASDAQ-2014-013), operative Feb. 3, 2014; amended Feb. 3, 2014 (SR-NASDAQ-2014-016); amended Mar. 3, 2014 (SR-NASDAQ-2014-021); amended Mar. 3, 2014 (SR-NASDAQ-2014-023); amended May 15, 2014 (SR-NASDAQ-2014-055), operative June 2, 2014; amended June 2, 2014 (SR-NASDAQ-2014-062); amended July 30, 2014 (SR-NASDAQ-2014-077), operative Aug. 1, 2014; amended Oct. 31, 2014 (SR-NASDAQ-2014-098), operative Nov. 3, 2014; amended Nov. 10, 2014 (SR-NASDAQ-2014-105), operative Nov. 3, 2014; amended Nov. 20, 2014 (SR-NASDAQ-2014-114), operative Dec. 1, 2014; amended Nov. 18, 2014 (SR-NASDAQ-2014-113), operative Dec. 18, 2014; amended Feb. 27, 2015 (SR-NASDAQ-2015-019), operative Mar. 2, 2015; amended Apr. 10, 2015 (SR-NASDAQ-2015-037), operative May 1, 2015; amended Apr. 29, 2015 (SR-NASDAQ-2015-047), operative May 1, 2015; amended June 30, 2015 (SR-NASDAQ-2015-070), operative July 1, 2015; amended July 31, 2015 (SR-NASDAQ-2015-090), operative Aug. 3, 2015; amended Sep. 1, 2015 (SR-NASDAQ-2015-102); amended Sep. 1, 2015 (SR-NASDAQ-2015-109), operative Oct. 1, 2015; amended Sep. 29, 2015 (SR-NASDAQ-2015-113), operative Oct. 1, 2015; amended Oct. 22, 2015 (SR-NASDAQ-2015-115), operative Oct. 22, 2015; amended Oct. 23, 2015 (SR-NASDAQ-2015-127), operative Nov. 2, 2015; amended Oct. 27, 2015 (SR-NASDAQ-2015-128), operative Nov. 2, 2015; amended Oct. 28, 2015 (SR-NASDAQ-2015-130), operative Nov. 2, 2015; amended Nov. 2, 2015 (SR-NASDAQ-2015-133); amended Dec. 1, 2015 (SR-NASDAQ-2015-148); amended Dec. 2, 2015 (SR-NASDAQ-2015-149); amended Dec. 15, 2015 (SR-NASDAQ-2015-153), operative Jan. 4, 2016; amended Dec. 17, 2015 (SR-NASDAQ-2015-155), operative Jan. 4, 2016; amended Dec. 30, 2015 (SR-NASDAQ-2015-166), operative Jan. 4, 2016; amended Jan. 11, 2016 (SR-NASDAQ-2016-004); amended Jan. 28, 2016 (SR-NASDAQ-2016-012), operative Feb. 1, 2016; amended Feb. 1, 2016 (SR-NASDAQ-2016-015); amended Apr. 13, 2016 (SR-NASDAQ-2016-055), operative Apr. 1, 2016; amended May 10, 2016 (SR-NASDAQ-2016-070), operative May 2, 2016; amended June 14, 2016 (SR-NASDAQ-2016-089), operative June 1, 2016; amended July 12, 2016 (SR-NASDAQ-2016-100), operative July 1, 2016; amended Aug. 9, 2016 (SR-NASDAQ-2016-113), operative Aug. 1, 2016; amended Oct. 31, 2016 (SR-NASDAQ-2016-149), operative Nov. 1, 2016; amended Nov. 1, 2016 (SR-NASDAQ-2016-152); amended Dec. 1, 2016 (SR-NASDAQ-2016-166); amended Jan. 3, 2017 (SR-NASDAQ-2017-001); amended June 30, 2017 (SR-NASDAQ-2017-067), operative July 3, 2017; amended Aug. 1, 2017 (SR-NASDAQ-2017-079); amended Aug. 1, 2017 (SR-NASDAQ-2017-080); amended Aug. 16, 2017 (SR-NASDAQ-2017-083), operative Sept. 1, 2017; amended Oct. 18, 2017 (SR-NASDAQ-2017-111); Oct. 31, 2017 (SR-NASDAQ-2017-116); amended Dec. 1, 2017 (SR-NASDAQ-2017-127); amended Mar. 1, 2018 (SR-NASDAQ-2018-018); amended Mar. 13, 2018 (SR-NASDAQ-2018-019); amended July 31, 2018 (SR-NASDAQ-2018-063), operative Aug. 1, 2018; amended Nov. 19, 2018 (SR-NASDAQ-2018-098); amended Dec. 3, 2018 (SR-NASDAQ-2018-101); amended Dec. 21, 2018 (SR-NASDAQ-2018-108); amended Jan. 31, 2019 (SR-NASDAQ-2019-003); amended Feb. 28, 2019 (SR-NASDAQ-2019-011), operative Mar. 1, 2019; amended Apr. 1, 2019 (SR-NASDAQ-2019-025); amended Apr. 10, 2019 (SR-NASDAQ-2019-029); amended May 2, 2019 (SR-NASDAQ-2019-037); amended Sept. 27, 2019 (SR-NASDAQ-2019-084), operative Oct. 1, 2019; amended Jan. 29, 2020 (SR-NASDAQ-2020-006).

Section 3 Nasdaq Options Market - Ports and Other Services

The below charges are assessed by Nasdaq for connectivity to services and The Nasdaq 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 NOM:

During the months of August and September 2019, NOM Participants will be required to transition from current FIX Ports to new FIX Ports in conjunction with a technology infrastructure migration. NOM will not assess a FIX Port Fee for any new duplicative FIX Ports acquired as part of the transition during the months of August and September 2019. NOM will assess the FIX Port Fee to legacy FIX Ports during August and September 2019. NOM will sunset legacy FIX Ports by September 30, 2019. In October 2019, NOM will assess Participants the FIX Port Fee to new FIX Ports.

 

 

(1) FIX Port Fee

$650 per port, per month, per account number

(2) SQF Port Fee

per port, per month

(3) SQF Purge Port Fee

per port, per month

The SQF Port Fee and the SQF Purge Port Fee are incremental as follows:

 

 

Number of Ports

Monthly Fee Per Port

First 5 ports (1-5)

$1,500 per port

Next 15 ports (6-20)

$1,000 per port

All ports over 20 ports (21 and above)

$500 per port

(4) QUO Port Fee

$750 per port, per month, per account number

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

During the months of August and September 2019, NOM 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. NOM 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 months of August and September 2019. NOM will assess the CTI Port and FIX DROP Port Fees to legacy CTI Ports and FIX DROP Ports during August and September 2019. NOM will sunset legacy CTI Ports and FIX DROP Ports by September 30, 2019. In October 2019, NOM will assess Participants CTI Port and FIX DROP Port Fees to new CTI and FIX DROP Ports.

 

 

(1) CTI Port Fee

$650 per port, per month

(2) FIX DROP Port Fee

$650 per port, per month

(3) TradeInfo NOM Interface

$95, per user, per month (Assessed only to Participant not subscribing to the Nasdaq Workstation)

(4) QUO DROP Port Fee

$650 per port, per month

(iii) The following data port fees apply in connection with data subscriptions pursuant to Nasdaq 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-NOM Participants and NOM Participants.

 

 

(1) ITTO Port Fee

$650 per port, per month

(2) BONO Port Fee

$650 per port, per month

(iv) Other ports:

 

 

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

$0 per port, per month

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Apr. 18, 2012 (SR-NASDAQ-2012-052), operative May 1, 2012; amended July 24, 2012 (SR-NASDAQ-2012-086), operative Sept. 3, 2012; amended Dec. 12, 2012 (SR-NASDAQ-2012-139), operative Jan. 2, 2013; amended Feb. 21, 2013 (SR-NASDAQ-2013-034); amended Sep. 19, 2013 (SR-NASDAQ-2013-124), operative Oct. 1, 2013; amended Dec. 12, 2014 (SR-NASDAQ-2014-122), operative Jan. 2, 2015; amended Mar. 25, 2015 (SR-NASDAQ-2015-027), operative Apr. 1, 2015; amended Aug. 13, 2015 (SR-NASDAQ-2015-101), operative Aug. 4, 2015; amended May 4, 2016 (SR-NASDAQ-2016-033); amended Oct. 3, 2016 (SR-NASDAQ-2016-133); amended Nov. 30, 2016 (SR-NASDAQ-2016-164), operative Dec. 1, 2016; amended Nov. 28, 2016 (SR-NASDAQ-2016-163); amended Dec. 9, 2016 (SR-NASDAQ-2016-170); amended Dec. 16, 2016 (SR-NASDAQ-2016-178); amended Feb. 21, 2017 (SR-NASDAQ-2017-022); amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended Apr. 27, 2018 (SR-NASDAQ-2018-036); amended May 30, 2018 (SR-NASDAQ-2018-040); amended Nov. 7, 2018 (SR-NASDAQ-2018-087); amended Nov. 9, 2018 (SR-NASDAQ-2018-091); amended Nov. 19, 2018 (SR-NASDAQ-2018-098); amended Nov. 26, 2018 (SR-NASDAQ-2018-097); amended July 15, 2019 (SR-NASDAQ-2019-056); amended Aug. 22, 2019 (SR-NASDAQ-2019-067), operative Sept. 3, 2019.

Section 4 Nasdaq Options Market Data Distributor Fees

(a) The charges to be paid by recipients of BONO SM and ITTO options data feeds shall be:

 

 

 

 

Monthly Internal Distributor Fee

Monthly External Distributor Fee

BONO SM

$1,500/firm

$2,000/firm

ITTO

$1,500/firm

$2,000/firm

Non-Display Enterprise License Fee

A $10,000 per month enterprise license fee permits distribution of BONO SM and ITTO as provided in Section 4(c). This fee is in addition to the Monthly Internal and External Distributor Fees set forth above.

One distributor fee allows access to either the BONO SM or the ITTO data feed.

 

 

 

 

Monthly Internal Per User Fee

Monthly External Per User Fee

BONO SM and ITTO

$40/professional user

$40/professional user $1/non-professional user

 

Monthly End of Day Product Subscriber

Monthly Intra-Day Product Subscriber

Nasdaq
Options
Trade
Outline
("NOTO")

$500

$750

Hardware-Based Delivery of NOM Depth data - the charges to be paid by Distributors for processing NOM Depth data sourced from a Nasdaq hardware-based market data format shall be:

 

 

Hardware-Based Delivery of NOM Depth data

Monthly Fee

Internal Only Distributor

$10,000 Per Distributor

External Only Distributor

$1,000 Per Distributor

Internal and External Distributor

$11,000 Per Distributor

Managed Data Solution Distributor

$1,000 = 1 Subscriber
$1,250 = 2 Subscribers
$1,500 = 3 Subscribers
$250 for each additional Subscriber

(b) A "distributor" of Nasdaq options market data is any entity that receives a feed or data file of Nasdaq data directly from Nasdaq 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 Nasdaq distributor agreement. Nasdaq itself is a vendor of its data feed(s) and has executed a Nasdaq distributor agreement and pays the distributor charge.

(c) An "enterprise license" entitles a distributor to provide BONO SM or ITTO market data pursuant to this section to an unlimited number of non-display devices within the firm without any per user charge.

(d) Best of Nasdaq Options ("BONO SM") is a data feed that provides The Nasdaq Options Market ("NOM") Best Bid and Offer and last sale information for trades executed on NOM.

(e) Nasdaq ITCH to Trade Options ("ITTO") is a data feed that provides quotation information for individual orders on the NOM book, last sale information for trades executed on NOM, and Order Imbalance Information as set forth in NOM Rules Options 3, Section 23(a)(1).

(1) "Hardware-Based Delivery" means that a distributor is processing data sourced from a Nasdaq hardware coded market data format such as NOM ITTO FPGA.

(2) Distributors of NOM Depth data also are subject to the market data fees as set forth in this section.

(f) The term "non-professional" shall have the same meaning as in Nasdaq Equity 7, Section 111(b)(2).

(g) 30-Day Free Trial Offer. Nasdaq shall offer all new individual (non-firm) users (subscribers) and potential new individual users a 30-day waiver of the user 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 user or potential individual user is first entitled by a distributor to receive access to Nasdaq options market data. A distributor may only provide this waiver to a specific individual user once.

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Nov. 28, 2014 (SR-NASDAQ-2014-119), operative Jan. 1, 2015; amended Apr. 7, 2015 (SR-NASDAQ-2015-035); amended Dec. 2, 2016 (SR-NASDAQ-2016-167), operative Jan. 1, 2017; amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended Nov. 19, 2018 (SR-NASDAQ-2018-098); amended Dec. 6, 2019 (SR-NASDAQ-2019-098).

Section 5 Nasdaq Options Regulatory Fee

NOM Participants will be assessed an Options Regulatory Fee of $0.0020 per contract side as of February 1, 2019.

The Options Regulatory Fee ("ORF") is assessed by NOM to each NOM Participant for options transactions cleared by OCC in the Customer range where: (1) the execution occurs on NOM or (2) the execution occurs on another exchange and is cleared by a NOM Participant. The ORF is collected by OCC on behalf of NOM from (1) NOM clearing members for all Customer transactions they clear or (2) non-members for all Customer transactions they clear that were executed on NOM. NOM 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.

NOM Participants who do not transact an equities business on The Nasdaq Stock Market LLC in a calendar year will receive a refund of the fees specified in Equity 7, Section 30(b) upon written notification to the Exchange along with documentation evidencing that no equities business was conducted on The Nasdaq Stock Market for that calendar year. The Exchange will accept refund requests up until sixty (60) days after the end of the calendar year.

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Feb. 11, 2014 (SR-NASDAQ-2014-018), operative Mar. 3, 2014; amended Jan. 8, 2016 (SR-NASDAQ-2016-003), operative Feb. 1, 2016; amended July 6, 2016 (SR-NASDAQ-2016-096), operative Aug. 1, 2016; amended July 26, 2017 (SR-NASDAQ-2017-068), operative Aug. 1, 2017; amended Sept. 25, 2017 (SR-NASDAQ-2017-099); amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended July 27, 2018 (SR-NASDAQ-2018-062), operative Aug. 1, 2018; amended Nov. 19, 2018 (SR-NASDAQ-2018-098); amended Feb. 1, 2019 (SR-NASDAQ-2019-006).

Section 6 Nasdaq Options Maintenance Tool

The Nasdaq Options Maintenance Tool will be available to each user at no cost until October 31, 2008, and for a subscription fee of $200 per month, per user thereafter.

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 7 Nasdaq 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 Nasdaq Options Market fees:

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

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

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

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Nov. 28, 2016 (SR-NASDAQ-2016-163); amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 8 Sales Fee - Options

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

(a) When a sale in option securities occurs with respect to which Nasdaq 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 Nasdaq Options Market, resulting in a covered sale on that market and an obligation of the routing facility of Nasdaq 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 Nasdaq. 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 Nasdaq transaction execution systems during any computational period.

Adopted Jan. 6, 2012 (SR-NASDAQ-2012-006); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 9 Account Number Fee - Options

NOM Participants will be assessed an Account Number Fee of $50 per account, per month. An account number shall mean a number assigned to a Participant. Participants may have more than one account number.

Adopted Apr. 18, 2012 (SR-NASDAQ-2012-052), operative May 1, 2012; amended Nov. 7, 2018 (SR-NASDAQ-2018-087); amended Nov. 9, 2018 (SR-NASDAQ-2018-091); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 10 Participant Fee - Options

NOM Participants will be subject to a Participant Fee of $1,000 per month.

Adopted Dec. 12, 2012 (SR-NASDAQ-2012-139), operative Jan. 2, 2013; amended Dec. 17, 2015 (SR-NASDAQ-2015-154), operative Jan. 4, 2016; amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 11 Managed Data Solutions

(a) The charges to be paid by Distributors and Subscribers of Managed Data Solutions products for Non-Display Usage containing BONO or ITTO shall be:

 

 

Fee schedule for Managed Data Solutions for Non-Display Usage — ITTO

Price

Managed Data Solution
Administration Fee
(for the right to offer Managed Data
Solutions
for Non-Display Usage to client organizations)

$500/mo Per Distributor

NOM Managed Data Solution Subscriber Fee

$125/mo Per Subscriber

Fee schedule for Managed Data Solutions for Non-Display Usage — BONO

Price

Managed Data Solution
Administration Fee
(for the right to offer Managed Data
Solutions
for Non-Display Usage to client organizations)

$500/mo Per Distributor

NOM Managed Data Solution Subscriber Fee

$125/mo Per Subscriber

(b) "Distributor" shall mean the same as in NOM Options 7, Section 4(b).

(c) "Subscriber" shall mean a device or computer terminal or an automated service which is entitled to receive Information.

Adopted Mar. 21, 2014 (SR-NASDAQ-2014-029), operative Apr. 1, 2014; amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 12 Access and Redistribution Fee

(a) Definitions: For purposes of this Section 12:

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

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

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

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

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

(d) The access and redistribution fees set forth above will not be charged for connectivity to market data feeds containing only consolidated data. For purposes of this section, consolidated data includes data disseminated by the Securities Information Processor for the Options Price Regulatory Authority.

Adopted Jan. 2, 2015 (SR-NASDAQ-2015-003). Amended Sep. 29, 2017 (SR-NASDAQ-2017-104); amended Oct. 2, 2017 (SR-NASDAQ-2017-106); amended Oct. 12, 2017 (SR-NASDAQ-2017-109); amended Oct. 25, 2017 (SR-NASDAQ-2017-114); amended June 5, 2018 (SR-NASDAQ-2018-045); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

Section 13 Testing Facilities

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

(1) 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.

(2) Subscribers may access the Testing Facility at no cost through a VPN for site-to-site limited order routing capability only.

The connectivity provided under this section also provides connectivity to the other test environments of Nasdaq PHLX LLC and Nasdaq BX, Inc. Additionally, the connectivity may be utilized for either equities or options testing.

Adopted Oct. 16, 2015 (SR-NASDAQ-2015-117), operative Oct. 26, 2015; amended Oct. 18, 2017 (SR-NASDAQ-2017-111); amended Nov. 19, 2018 (SR-NASDAQ-2018-098).

 
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