For the most comprehensive view of the NASDAQ Stock Market fee and rebate schedule, please refer to the Order Execution and Routing section of the NASDAQ Rule Book. All percentages below are Firm or MPID share volumes expressed as a percentage of consolidated U.

Note that on December 9 th, NASDAQ began excluding odd-lot transactions from industry volume calculations. However, odd lots are always included as part of any Firm or MPID's volume for purposes of tier calculations. The pilot provides additional incentives to Registered Nasdaq Market Makers for entering executable orders when a pilot symbol enters a limit down state i. All participants will receive the new liquidity codes when their executions meet the descriptions.

The above liquidity codes will be in addition to the current liquidity codes Nasdaq provides to members e. The list of eligible securities for the LULD Pricing Pilot can be found here. Please refer to the Specifications Page for more information. The SCIP eligible securities will have unique liquidity codes for displayed orders to assist in tracking of rebates.

The unique codes are as follows:. All other liquidity codes, such as those used to signify executions in crosses, routing, removing liquidity, or adding non-display liquidity, will remain unchanged for the SCIP symbols.

The list of SCIP securities can be found here. NASDAQ rewards market makers who actively quote at the National Best Bid or Offer NBBO in a broad set of securities through the QMM program. A Member attains QMM status by meeting certain quoting requirements each month. By meeting affirmative standards, QMMs receive meaningful benefits to further encourage broad-based liquidity provision.

Members must meet the following obligations to qualify as a QMM: Be in compliance with NASDAQ's Excessive Messaging Policy during the month. Firms must ensure that their weighted order to trade ratio does not exceed a certain threshold, outlined in detail in the Excessive Messaging Policy section below. Be a Registered Nasdaq Market Maker. QMM rebate incentives for achieving the QMM criteria are as follows: Such rebate for executions will be in addition to any rebate payable under Rule existing add displayed liquidity rebates:.

In addition to the above rebate incentives, QMMs that execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent 0. QMMs that meet the criteria of Tier 2 and have a combined Consolidated Volume adding and removing liquidity of at least 3.

In order to determine how much time a Member quotes a security at the NBBO for purposes of determining a Member's QMM eligibility, NASDAQ will take the average of the time spent at the bid and offer between 9: The monthly average will be calculated for each MPID for each security by summing the security's daily averages then dividing the resulting sum by the total number of trading days in the month. The rebate will be in addition to any rebate or credit payable under Rule a and the QMM and NBBO Program under Rule If a member i executes shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.

This rebate will be in addition to any rebate or credit payable under Rule a and the QMM Program, and NBBO Program under Rule Designated Liquidity Providers DLPs are market makers who have been selected to promote an active and liquid trading market in Exchange Traded Products ETPs by maintaining higher standards of liquidity in qualified NASDAQ-listed ETPs.

Nasdaq will offer the following standard trade rebates to DLPs, based on ETP Industry ADV from the prior month:. For new products trading less thanshares a day on average over the prior three months, Nasdaq will offer enhanced rebates.

New products will be offered enhanced DLP rebates for a period of three years. DLPs will be offered additional incremental trade rebates based on the number of ETPs taken on as DLP. Details for the new program can be found here. NASDAQ provides an additional rebate for quotes that either set the National Best Bid or Offer NBBOor improve the NASDAQ Best Bid or Offer QBBO to the NBBO's price level. Only the first order, of at least one round lot, displayed by the exchange at a qualifying price level is considered to have set the NBBO, and an order must be displayed for at least one round lot to qualify.

The NASDAQ Stock Market NASDAQNASDAQ BX BX and NASDAQ PSX PSX have introduced an Excessive Messaging Policy that encourages active quoting near the NBBO while discouraging excessive order activity away from the inside.

Member firms that exceed a "Weighted Order-to-Trade Ratio" of The weighting factors are as follows:. Firms that exceed the Weighted Order-to-Trade Ratio threshold of 1, Firms that exceed the Weighted Order-to-Trade Ratio threshold of Only displayed, liquidity-providing orders received during regular market hours are included in the Weighted Order-to-Trade Ratio calculation. Non-displayed orders, Immediate-or-Cancel IOC orders and Auction orders are excluded from the calculation.

Orders sent by Registered Market Makers in their registered securities will not be included in the calculation. Registered Nasdaq market makers that are registered in or more issues will be exempt from this fee. NASDAQ assesses an excessive message fee for member firms that use the DOTI or DOTZ strategies and have an order to execution ratio of greater than to 1. This fee applies to firms using NASDAQ's router tesla stock quote marketwatch engage in high frequency trading on the NYSE and who send orders not eligible to post on the NASDAQ book.

A partial execution counts as an execution toward the ratio calculation. In addition, cancel messages are free and are excluded from the ratio calculation.

Orders for less than one round lot and any resulting execution are also excluded. No fee is applied because the order to execution ratio is The execution ratio is MPIDs used exclusively for FINRA reporting will be excluded from the MPID fee. Any MPIDs cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled MPID through the rest of the month.

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NASDAQ will charge fees for NASDAQ members who file more than two unsuccessful clearly erroneous complaints during a calendar month. For complete information please refer to Regulatory Alert The fee will be reflected in the monthly invoice. Execution Fees ezekiel chew forex the NASDAQ Opening Cross.

Execution Fees for the NASDAQ Closing Cross. Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 1. Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent above 0. Shares of added liquidity provided in all Tapes through one or more of its MPIDs that represent 0. Internalized shares are those shares executed in the NASDAQ Closing Cross that execute against other "On Close" orders submitted by the same MPID.

For information on how to receive this reduced rate, please refer to the Order Execution strategies 3 minute binary options trading Routing section of the NASDAQ Rule Book. Firms' tier qualifications will be evaluated each quarter for that period's payout. ACES execution fees still apply.

See ACES on this Fee Schedule. See Equity Trader Alert for definitions and additional details. Firms may be eligible to achieve capped charges based on the number of tape-eligible media reports where they are the Executing Party on a daily average basis over the billing period.

Participants parrondo paradox forex markets in alternative trading systems registered pursuant to Regulation ATS will qualify for a fee cap applied to all trades under Rule A if they meet the following criteria on a monthly basis: Participant must be contra to a minimum of 1, trades in Tape A,trades in Tape C andtrades in Tape B.

Participant must complete an attestation form stating that they maintain a two sided quote in each symbol traded on an alternative trading system registered pursuant to Regulation ATS and display a quotation size of at least one normal unit of trading specific for each security thereon. Participants will be audited by Nasdaq, Inc.

In order to fund Section 31 exchange obligations, we assess a Sales Fee to Clearing Firms relative to the covered sale activity of their executing brokers on NASDAQ. NASDAQ and BX sales fee invoicing is performed separately. There are discreet invoices and support files available. The BX direct debit appears on the Settlement Account line 45 of firm's DTCC settlement invoice. NASDAQ direct debit appears on the Settlement Account line ACT Workstation for Clearing Firms Logon.

Workstation users may choose to purchase CQS data at the exchanges' rates. The exchange will bill the user directly. View the NYSE and NYSE MKT pricing schedules. Subscribers can only access QView through NASDAQ TradeInfo or NASDAQ Workstation.

Hourly charges still apply to CTCI and FIX for the following services: Monthly Handoff Fees Applies to Carteret for testing to NASDAQ, BX, and PSX only. Regulatory Transaction Teknik scalping forex ampuh Reports. Daily Market Participant Position Report Plus. Equities Nasdaq BX PSX Exchange Traded Funds NextShares Nasdaq International Designation. Fixed Income Nasdaq Fixed Income.

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Transaction Fee MP Position Plus Report HQ. Arial, Helvetica, sans-serif; font-size: Liquidity Code Description a Added displayed liquidity x Displayed, liquidity-adding order improves the NBBO y Displayed, liquidity-adding order set the QBBO while joining the NBBO. QMM Tiers Tape A QMM Incentive Tape B QMM Incentive Tape C QMM Incentive Tier 1 Member adds liquidity displayed, non-displayed, and midpoint provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.

Market Participant Additional Rebate per NBBO Setter Share MPIDs meeting the QMM program requirements. Fees to Route Liquidity All U. Equities Per Share Executed Liquidity Code All routing strategies that check the NASDAQ book i.

STGY, SCAN, SKIP, SKNY, DOTA, DOTM except for shares that route and execute on NYSE. RFTY Strategies Retail Order Process All U.

TFTY Strategies All U. SAVE and SOLV Strategies All U. QCST and QDRK Strategies All U.

CART Strategy All U. Rates to Route to NASDAQ BX All U. Rates to Route to NASDAQ PSX All U.

Rates to Route to NYSE All U. Pass-Through Fees All U. Equities Per Share Executed Liquidity Code. Equities Per Share Executed Liquidity Code Fee for orders executed outside of the NASDAQ facility 0. Tape Monthly Cap A 2, B 2, C 2, Participant must be contra to a minimum of 1, trades in Tape A,trades in Tape C andtrades in Tape B Participant must complete an attestation form stating that they maintain a two sided quote in each symbol traded on an alternative trading system registered pursuant to Regulation ATS and display a quotation size of at least one normal unit of trading specific for each security thereon.

Member firms who add greater than 0. Add greater than 0. Member with imbalance shares executed in all securities in the Opening and Closing Cross through one or more of its NASDAQ Market Center MPIDs that represent more than 0. Remove greater than 0. Firm adds greater than 4 million shares per day, of which 1. Firm adds greater than 5 million shares of midpoint liquidity and add 8 million shares of non-displayed liquidity.

Firm adds greater than 0. Displayed, liquidity-adding order improves the NBBO in pilot symbol during specified LULD Pricing Pilot timeframe. Displayed, liquidity-adding order improves the NBBO. Displayed, liquidity-adding order set the QBBO while joining the NBBO. Member adds liquidity displayed, non-displayed, and midpoint provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0. Member adds liquidity displayed, non-displayed, and midpoint provided in all securities through one or more of its Nasdaq Market Center MPIDs above 0.

Fees to Route Liquidity. All routing strategies that check the NASDAQ book i. RFTY Strategies Retail Order Process. Fee for orders that execute at venues other than Nasdaq. SAVE and SOLV Strategies. Fee for orders that execute on other protected quotes and additional destinations.

QCST and QDRK Strategies. Rates to Route to NASDAQ BX. Rates to Route to NASDAQ PSX. Rates to Route to NYSE. Fee for all routing strategies excluding those specified above that check the NASDAQ book.

Fee for directed and Intermarket Sweep Orders ISO. Fee for LIST or DOT orders that execute in the NYSE Opening Auction. Fee for LIST orders that execute in the NYSE MKT or NYSE Arca Opening Auctions. F for NYSE MKT T for ARCA. Fee for LIST or DOT orders that execute in the NYSE Closing Auction. Fee for LIST order that executes in the NYSE MKT Closing Auction. Fee for LIST orders that execute in the NYSE Arca Closing Auction.

Fee for orders that NYSE re-routes to another market center. Fee for orders executed outside of the NASDAQ facility. Form U-4 filed for the transfer or re-licensing of a Representative or Principal. Per execution for new relationships between market making and order-entry firms. Minimum Activity per correspondent, billed to clearing firms with relationships that have less than 17, trades and less than 50 total correspondents.

Each 56kb line with single hub and router for remote disaster recovery sites only. Dual 56kb lines one for redundancydual hubs one for redundancy and dual router one for redundancy. Dual T1 lines one for redundancydual hubs one for redundancy and dual router one for redundancy. Includes base bandwidth of kb.

For Active Connection testing during the normal operating hours of the NTF. For Active Connection testing all times other than the normal operating hours of the NTF. Daily Reports for 41 or more correspondent MPIDs.