Bats BZX Exchange Fee Schedule

Effective September 1, 2017

Transaction Fees:

  • Rebates indicated by parentheses ( ).
  • The rates listed in the Standard Rates table apply unless a Member's transaction is assigned a fee code other than a standard fee code. If a Member's transaction is assigned a fee code other than a standard fee code, the rates listed in the Fee Codes table will apply.
  • Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met.
  • Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue.

Standard Rates:

Category Adding Liquidity Removing Liquidity Routing and Removing Liquidity
Securities at or above $1.00
  • ($0.0020)
  • ($0.0025)
$0.0030 $0.0030
Securities below $1.00 Free 0.30% of total dollar value 0.30% of total dollar value
Standard Fee Codes B, V, Y N, W, BB X

Lead Market Maker ("LMM Rates"): Unless a Lead Market Maker ("LMM") otherwise qualifies for a higher rebate, LMMs in BZX-listed securities will receive the following rebates for adding displayed liquidity in each security for which they are a Qualified LMM, based on the security’s CADV, which shall not be eligible:

CADV Adding Liquidity Removing Liquidity Closing Auction Fee
Less than 1,000,000 ($0.0045) $0.0025 FREE
1,000,000 – 5,000,000 ($0.0040) $0.0025 FREE
Greater than 5,000,000 ($0.0035) $0.0025 FREE

Fee Codes and Associated Fees:

Fee CodeDescriptionFee/(Rebate)
10Routed to NYSE Arca, adds liquidity (Tape B) (0.00220)
8Routed to NYSE American, adds liquidity 0.00020
9Routed to NYSE Arca, adds liquidity (Tapes A or C) (0.00210)
ARouted to NASDAQ, adds liquidity (0.00150)
AARouted to EDGA using ALLB routing strategy 0.00030
ACClosing Auction, BZX listed security 0.00100
ALClosing Auction, Late-Limit-On-Close order, BZX listed securityFree
ANContinuous Book Order that executed in the Opening or Closing Auction, BZX listed securityFree
AOOpening, IPO or Halt Auction, BZX listed security 0.00050
APOpening, IPO or Halt Auction, Late-Limit-On-Open order, BZX listed securityFree
AXRouted to EDGX using ALLB routing strategy 0.00290
AYRouted to BYX using ALLB routing strategy (0.00150)
BDisplayed order, adds liquidity to BZX (Tape B) (0.00250)
BARouted to NYSE Arca using Destination Specific routing strategy (Tape B) 0.00270
BBRemoves liquidity from BZX (Tape B) 0.00300
BJRouted to EDGA using TRIM or TRIM2 routing strategy 0.00030
BORouted using Destination Specific routing strategy unless otherwise specified 0.00300
BYRouted to BYX using Destination Specific, TRIM, TRIM2 or SLIM routing strategy (0.00150)
CLRouted to listing market closing process 0.00100
DRouted to NYSE using Destination Specific, RDOT, RDOX, TRIM or SLIM routing strategy 0.00265
FRouted to NYSE, adds liquidity (0.00150)
GRouted to NYSE Arca using Destination Specific routing strategy (Tapes A or C) 0.00290
HANon-displayed order, adds liquidity (0.00170)
HINon-displayed order that receives price improvement, adds liquidityFree
IXRouted to IEX using TRIM or TRIM2 routing strategy 0.00100
JRouted to NASDAQ using Destination Specific or INET routing strategy 0.00290
NRemoves liquidity from BZX (Tape C) 0.00300
NARouted to EDGX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidityFree
NBRouted to any exchange not covered by Fee Code NA, adds non-displayed liquidity 0.00300
ORouted to listing market opening or re-opening cross 0.00150
OOBZX Opening or Re-opening, non-BZX listed security 0.00050
PRouted to EDGX, adds liquidity (0.00200)
RRe-routed by NYSE using RDOT, RDOX or Post to Away routing strategy 0.00300
RARouted to EDGA, adds liquidity 0.00030
RBRouted to NASDAQ BX, adds liquidity 0.00200
RNRouted to NASDAQ using ROOC routing strategy, adds liquidity (0.00150)
RPNon-displayed order, adds liquidity using Supplemental Peg (0.00170)
RYRouted to BYX, adds liquidity 0.00180
SDirected ISO 0.00330
SWRouted using Parallel T or SWPA/B routing strategy 0.00330
SXRouted using SLIM routing strategy (except to BYX or NYSE) 0.00260
TVRouted to NASDAQ BX using TRIM or TRIM2 routing strategy (0.00100)
VDisplayed order, adds liquidity to BZX (Tape A) (0.00200)
VIDisplayed order subject to price sliding that receives price improvement, adds liquidityFree
WRemoves liquidity from BZX (Tape A) 0.00300
XRouted to a displayed market to remove liquidity using Parallel D, Parallel 2D, ROUT, ROUX or Post to Away routing strategy 0.00300
YDisplayed order, adds liquidity to BZX (Tape C) (0.00200)
ZRouted to a dark liquidity venue (except through SLIM) 0.00280
ZARetail Order, adds liquidity (0.00320)
ZRRetail Order, removes liquidity 0.00300

Definitions:

  • All references to "per share" mean "per share executed."
  • "ADAV" means average daily added volume calculated as the number of shares added per day and "ADV" means average daily volume calculated as the number of shares added or removed, combined, per day. ADAV and ADV are calculated on a monthly basis.
    • The Exchange excludes from its calculation of ADAV and ADV shares added or removed on any day that the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours ("Exchange System Disruption"), on any day with a scheduled early market close and on the last Friday in June (the "Russell Reconstitution Day").
    • Routed shares are not included in ADAV or ADV calculation.
    • With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member's Form BD).
  • "CADV" means consolidated average daily volume calculated as the average daily volume reported for a security by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the three calendar months preceding the month for which the fees apply and excludes volume on days when the market closes early and on the Russell Reconstitution Day.
  • "Displayed Size Time" means the percentage of time during regular trading hours during which the Member maintains at least 2,500 displayed shares on the bid and separately maintains at least 2,500 displayed shares on the offer that are priced no more than 2% away from the NBB and NBO, respectively.
  • "LMP Securities" means a list of securities included in the Liquidity Management Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange's website. Such LMP Securities will include all Bats-listed ETPs and certain non-Bats-listed ETPs for which the Exchange wants to incentivize Members to provide enhanced market quality. All Bats-listed securities will be LMP Securities immediately upon listing on the Exchange. The Exchange will not remove a security from the list of LMP Securities without 30 days prior notice.
  • "NBBO Size Time" means the percentage of time during regular trading hours during which there are size-setting quotes at the NBBO on the Exchange.
  • "NBBO Time" means the average of the percentage of time during regular trading hours during which the Member maintains at least 100 shares at each of the NBB and NBO.
  • "OCC Customer Volume" or "OCV" for purposes of equities pricing means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation ("OCC") for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close, using the definition of Customer as provided under the Exchange's fee schedule for BZX Options.
  • "Options Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Customer Add OCV" for purposes of equities pricing means ADAV resulting from Customer orders as a percentage of OCV, using the definitions of ADAV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Customer Remove OCV" for purposes of equities pricing means ADV resulting from Customer orders that remove liquidity as a percentage of OCV, using the definitions of ADV, Customer and OCV as provided under the Exchange’s fee schedule for BZX Options.
  • "Options Market Maker Add OCV" for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of OCV, using the definitions of ADAV, Market Maker and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Step-Up Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV in January 2014 subtracted from current ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Qualified LMM" means an LMM that meets the Minimum Performance Standards, as defined in Rule 11.8(e)(1)(D).
  • "Setter Add TCV" means average daily added volume calculated as the number of displayed shares added that establish a new NBBO as a percentage of TCV.
  • "Step-Up ADAV" means ADAV in the relevant baseline month subtracted from current ADAV.
  • "Step-Up Add TCV" means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV.
  • "Step-Up Remove TCV" means ADV resulting from orders that remove liquidity as a percentage of TCV in the relevant baseline month subtracted from current ADV resulting from orders that remove liquidity as a percentage of TCV.
  • "Tape B Step-Up Add TCV" means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV.
  • "TCV" means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply.
    • The Exchange excludes from its calculation of TCV volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close and the Russell Reconstitution Day.

General Notes:

  • Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges.
  • The Exchange notes that to the extent a Member does not qualify for any of the tiers listed below, the rates listed in the above section titled "Fee Codes and Associated Fees" will apply.
  • To the extent a Member qualifies for higher rebates and/or lower fees than those provided by a tier for which such Member qualifies, the higher rebates and/or lower fees shall apply.
  • Variable rates provided by tiers apply only to executions in securities priced at or above $1.00.
  • Fee codes applicable to orders routed to NYSE Arca will be applied to orders routed to the NYSE or NYSE American where, pursuant to NYSE and NYSE American Rule 49, the NYSE or NYSE American have designated NYSE Arca as their backup facility to receive and process bids and offers and to execute orders on behalf of the NYSE or NYSE American.

Footnotes:

  1. Add Volume Tiers

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Member has an ADAV as a percentage of TCV ≥
    Tier 1 ($0.0025) 0.10%
    Tier 2 ($0.0028) 0.20%
    Tier 3 ($0.0029) 0.30%
    Tier 4 ($0.0030) 0.50%
    Tier 5 ($0.0031) 1.00%
    Tier 6 ($0.0032) 1.25%

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Required Criteria
    Market Depth Tier ($0.0032)
    1. Member adds an ADV ≥ 0.70% of the TCV; and
    2. Member adds an ADV ≥ 0.12% of the TCV as Non-displayed orders that yield fee codes HA or HI
    Cross-Asset Add Volume Tier 1 ($0.0028)
    1. Member has an ADAV as a percentage of TCV ≥ 0.15%; and
    2. Member has an Options Customer Add OCV ≥ 0.15%
    Cross-Asset Add Volume Tier 2 ($0.0030)
    1. Member has an Options Customer Add OCV ≥ 0.80%;
    2. Member has an Options Market Maker Add OCV ≥ 0.35%; and
    3. Member has an ADAV ≥ 0.30% of average TCV
    Cross-Asset Add Volume Tier 3 ($0.0028) Member has on BZX Options an ADAV ≥ 2.00% of average OCV
    Cross-Asset Add Volume Tier 4 ($0.0029)
    1. Member has an ADAV ≥ 0.15% of the TCV; and
    2. Member has an Options Market Maker Add OCV ≥ 2.75%

    Applicable to the following fee code: HA.

    Tier Rebate Per Share to Add Required Criteria
    Non-Displayed Add Volume Tier 1 ($0.0020) Member adds an ADV ≥ 0.09% of the TCV as Non-Displayed orders that yield fee codes HA or HI
    Non-Displayed Add Volume Tier 2 ($0.0025) Member adds an ADV ≥ 0.18% of the TCV as Non-Displayed orders that yield fee codes HA or HI
  2. Step-Up Tier

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Required Criteria
    Tier ($0.0030)
    1. Member has a Step-Up Add TCV from April 2016 ≥ 0.15%; and
    2. Member has an ADAV as a percentage of TCV ≥ 0.20%
  3. Single MPID Investor Tiers

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Required Criteria
    Tier ($0.0031)
    1. MPID has an ADAV as a percentage of TCV ≥ 0.35%; and
    2. MPID has an ADAV as a percentage of ADV ≥ 90%.
    Step-Up Add Tier ($0.0027) MPID has a Step-Up ADAV from November 2016 ≥ 750,000 shares
  4. The non-displayed rebate does not apply to Reserve or Discretionary orders.

  5. Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value.

  6. Add liquidity to BZX for securities priced below $1.00: no charge or rebate.

  7. Remove liquidity in securities priced below $1.00 for Parallel D, Parallel 2D, ROUT, ROUX, and Post to Away routed executions: 0.30% charge of the total dollar value.

  8. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA/B routed executions: 0.33% charge of the total dollar value.

  9. Add liquidity in securities priced below $1.00 for RDOT, RDOX, INET, and Post to Away routed executions: no charge or rebate.

  10. Retail Order Tier

    Applicable to the following fee codes: ZA.

    Tier Rebate Per Share to Add Required Criteria
    Tier (0.0034) Member adds an average daily volume of Retail Orders (ZA) ≥ 0.07% of average daily TCV
  11. Cross-Asset Tape B Tier

    Applicable to the following fee codes: B.

    Tier Rebate Per Share to Add Required Criteria
    Tier ($0.0031)
    1. Member has a Tape B Step-Up Add TCV from February 2015 ≥ 0.06%; and
    2. Member has an Options Market Maker Add OCV ≥ 1.00%
  12. Tape B Volume and Quoting Tiers

    Applicable to the following fee codes: B.

    Tier Rebate Per Share to Add Required Criteria
    Tier 1 ($0.0027) Member has a Tape B ADAV as a percentage of TCV ≥ 0.08%

    LMMs in BZX-listed securities will receive the following additional rebate when adding displayed liquidity in all Tape B securities, except that such additional rebates will not be applied to the rebates set forth in footnote 14 part A:

    Tier Additional Rebate Per Share to Add Required Criteria
    Tier 2 ($0.0001)

    Member is enrolled in at least 50 LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month:

    1. Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
    2. Member has a Displayed Size Time ≥ 90%
  13. Lead Market Maker ("LMM") Pricing

    (A) LMM Incentive Program:

    Applicable to the following fee codes: AC, AL, AN, B and BB.

    LMMs in BZX-listed securities will receive the following rates in each security for which they are a Qualified LMM, based on the security's CADV:

    CADV Adding Liquidity Removing Liquidity Closing Auction Fee
    Less than 1,000,000 ($0.0045) $0.0025 FREE
    1,000,000 – 5,000,000 ($0.0040) $0.0025 FREE
    Greater than 5,000,000 ($0.0035) $0.0025 FREE

    (B) LMM Credit Tiers:

    Applicable to the following fee codes: B, V, Y.

    LMMs in BZX-listed securities will receive the following additional rebates when adding displayed liquidity, except that such additional rebates applicable under this part B will be capped at a total of $100,000 per month and will not be applied to the rebates set forth in part A above:

    Tier Minimum Number of ETPs for Which the Member is a Qualified LMM Additional Rebate Per Share to Add
    Tape A Tape B Tape C
    Tier 1 25 ($0.0001) ($0.0002) ($0.0001)
    Tier 2 50 ($0.0002) ($0.0004) ($0.0002)
    Tier 3 75 ($0.0003) ($0.0006) ($0.0003)
    Tier 4 125 ($0.0004) ($0.0008) ($0.0004)
  14. Remove liquidity from EDGA using ALLB routing strategy for securities priced below $1.00: no charge or rebate.

  15. Remove liquidity from EDGX using ALLB routing strategy for securities priced below $1.00: 0.30% charge of the total dollar value.

  16. Remove liquidity from BYX using ALLB routing strategy for securities priced below $1.00: 0.10% charge of the total dollar value.

  17. For securities priced below $1.00: 0.30% charge of the total dollar value.

  18. NBBO Setter Tiers

    Applicable only to orders which establish a new NBBO and which are appended with fee codes B, V or Y.

    Tier Additional Rebate Per Share to Add Required Criteria
    Tier 1 ($0.0001) Member has a Setter Add TCV ≥ 0.05%
    Tier 2 ($0.0002) Member has a Setter Add TCV ≥ 0.10%
    Tier 3 ($0.0004) Member has a Setter Add TCV ≥ 0.15%

Logical Port Fees:

Service Fee
Logical Ports (excluding Multicast PITCH Spin Server Port or GRP Port) $550/port/month
Multicast PITCH Spin Server $550/set of primary (A or C feed)
Multicast PITCH GRP Ports $550/primary (A or C feed)
  • Logical port fees are limited to logical ports within the primary data center. No logical port fees will be assessed for redundant secondary data center ports.
  • Multicast PITCH is available through one of two primary feeds, either the A or C feed. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no additional cost.
  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service.

Physical Connection Fees:

Service Fee per Physical Port
1G physical port $2,000/month
10G physical port $6,000/month

Note: The Exchange will pass-through in full any fees or costs in excess of $1,000.00 incurred by the Exchange to complete a cross-connect.

Market Data Fees:

Definitions

  • A Distributor of an Exchange Market Data product is any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.
  • An Internal Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to one or more Users within the Distributor's own entity.
  • An External Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity.
  • A User of an Exchange Market Data product is a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service), that is entitled to receive Exchange data.
  • A Non-Professional User of an Exchange Market Data product is a natural person who is not: (i) registered or qualified in any capacity with the Commission, the Commodity Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an "investment adviser" as that term is defined in Section 202(a)(11) of the Investment Advisers Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt.
  • A Professional User of an Exchange Market Data product is any User other than a Non-Professional User.
  • Non-Display Usage means any method of accessing a Market Data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons.
  • A Trading Platform is any execution platform operated as or by a registered National Securities Exchange (as defined in Section 3(a)(1) of the Exchange Act), an Alternative Trading System (as defined in Rule 300(a) of Regulation ATS), or an Electronic Communications Network (as defined in Rule 600(b)(23) of Regulation NMS).

BZX Depth:

Delivery Fee
Internal Distributor $1,500/month
External Distributor $5,000/month
Non-Display Usage by Trading Platforms* $5,000/month
Professional User Fee $40.00/month
Non-Professional User Fee $5.00/month
Enterprise Fee** $100,000/month

* Fee is charged per subscriber that uses the data within a Trading Platform. The fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber that receives the data for Non-Display Usage.

** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Depth Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the BZX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

BZX Summary Depth:

Internal Distribution

Distribution Fee $5,000/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $5,000/month*
Professional User Fee** $5.00/month
Non-Professional User Fee** $0.15/month
Enterprise Fee*** $30,000/month
Digital Media Enterprise Fee**** $7,500/month

* New External Distributor Credit. New External Distributors of the BZX Summary Depth Feed will not be charged an External Distributor Fee for their first one (1) month in order to allow them to enlist new Users to receive the BZX Summary Depth Feed.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the BZX Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the BZX Summary Depth Feed.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of the BZX Summary Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Book Viewer:*

Internal Distribution

Distribution Fee $1,000/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $5,000/month
Professional User Fee** $6.00/month
Non-Professional User Fee** $0.15/month
Enterprise Fee*** $40,000/month
Digital Media Enterprise Fee**** $10,000/month

* Fees applicable for distribution other than viewing via a Bats website.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Book Viewer.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Book Viewer if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Top:

Internal Distribution

Distribution Fee $500/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $2,500/month*
Professional User Fee** $4.00/month
Non-Professional User Fee** $0.10/month
Enterprise Fee*** $15,000/month
Digital Media Enterprise Fee**** $2,500/month

Subscribers to BZX Top may also receive, upon request and at no additional charge, access to BZX Last Sale (as described in Rule 11.22(g)).

* New External Distributor Credit. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Top if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Last Sale:

Internal Distribution

Distribution Fee $500/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $2,500/month*
Professional User Fee** $4.00/month
Non-Professional User Fee** $0.10/month
Enterprise Fee*** $15,000/month
Digital Media Enterprise Fee**** $2,500/month

Subscribers to BZX Last Sale may also receive, upon request and at no additional charge, access to BZX Top (as described in Rule 11.22(d)).

*New External Distributor Credit. New External Distributors of BZX Last Sale will not be charged an External Distributor Fee for their first one (1) month.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Last Sale.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Last Sale if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Historical Top, Historical Depth or Historical Last Sale Data:

Delivery (Internal Use Only) Fee (per data product)
Per Month of Access Data $500
Per 1 TB Drive of Data $2,500

Bats One FeedSM:

Internal Distributor

  Bats One Summary Bats One Premium
Distribution Fee $10,000/month $15,000/month
Professional User Fee $0/month $0/month
Non-Professional User Fee $0/month $0/month

External Distributor****

  Bats One Summary Bats One Premium
Distribution Fee $5,000/month* $12,500/month
Professional User Fee** $10/month $15/month
Non-Professional User Fee** $0.25/month $0.50/month
Enterprise Fee*** $50,000/month $100,000/month
Digital Media Enterprise Fee***** $15,000/month $25,000/month

*New External Distributor Credit. New External Distributors of the Bats One Summary Feed will not be charged an External Distributor Fee for their first one (1) month in order to allow them to enlist new Users to receive the Bats One Summary Feed.

**Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the Bats One Feed equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for the Bats One Feed.

***As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the Bats One Feed from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of the Bats One Feed if it wishes such User to be covered by the Enterprise Fee.

****Data Consolidation Fee. $1,000/month

*****As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the Bats One Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

ETF Implied Liquidity Feed:

Internal Distribution

Distribution Fee* $5,000/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution**

Distribution Fee*,*** $5,000/month
Professional User Fee $25.00/month
Non-Professional User Fee $1.00/month

*Distributors of the Bats One Feed (as described in Rule 11.22(j)) will also receive upon request access to the ETF Implied Liquidity Feed without incurring an additional Logical Port fee for the ETF Implied Liquidity Feed.

**Data Consolidation Fee. $500/month.

***External Distributors of the Bats One Feed will also receive upon request access to the ETF Implied Liquidity Feed for external distribution only without incurring an additional External Distributor fee or Data Consolidation fee for the ETF Implied Liquidity Feed.

Bats Connect:

Market Data Connectivity*:

Data Feed Fee Per Month
UQDF/UTDF/OMDF $1,200
CQS/CTS $1,400
OPRA $4,500
Nasdaq Glimpse $250
Nasdaq TotalView $1,500
Nasdaq BX TotalView $1,000
Nasdaq PSX TotalView $750
NYSE OpenBook Ultra $1,750
NYSE Integrated $14,500
NYSE ArcaBook $1,250
NYSE ArcaBook Refresh $250
NYSE American OpenBook Ultra $500
NYSE Alerts $500
NYSE American Alerts $500
NYSE Imbalances $500
NYSE American Imbalances $1,000
NYSE Trades $500
NYSE Arca Trades $500
NYSE American Trades $1,000
BBDS/TDDS $500
U.S. Equity Select + SIP Bundle (40% Discount)** $5,910
OPRA + SIP Bundle (10% Discount)*** $6,390
BZX/BYX/EDGX/EDGA FREE

* Fee covers both A and B feeds (over independent cross-connects) and is for connectivity only.

** U.S. Equity Select + SIP Bundle includes the following market data products: UQDF/UTDF/OMDF, CQS/CTS, Nasdaq TotalView, Nasdaq BX TotalView, Nasdaq PSX TotalView, NYSE OpenBook Ultra, NYSE ArcaBook, NYSE American OpenBook Ultra, and BBDS/TDDS.

*** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS.

Firms are required to pay any exchange related data fees directly to that exchange.

Unicast Access – Order Entry:

Bandwidth Fee Per Month
1Mb $500
5Mb $1,000
10Mb $1,250
25Mb $1,500
50Mb $2,500
100Mb $3,500

The Unicast Access – Order Entry fee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options, and EDGX Options.

Membership Fees:

Description Fee
Annual Membership $2,500/year

Note: If a Member is pending a voluntary termination of rights as a Member pursuant to Rule 2.8 prior to the date any Annual Membership Fee for a given year will be assessed (i.e., January 1, 2015) and the Member does not utilize the facilities of the Exchange while such voluntary termination of rights is pending, then the Member will not be obligated to pay the Annual Membership Fee.

Consolidated Audit Trail - Funding Fees:

(a) Definitions:

(1) For purposes of the Consolidated Audit Trail Funding Fees, the terms “CAT NMS Plan”, “Industry Member”, “NMS Stock”, “OTC Equity Security” and “Participant” are defined as set forth in the Rule 4.5 (Consolidated Audit Trail – Definitions). “Industry Member” means a member of a national securities exchange or a member of a national securities association.

(2) “ATS” means an alternative trading system as defined in Rule 300(a) of Regulation ATS under the Securities Exchange Act of 1934, as amended, that operates pursuant to Rule 301 of Regulation ATS.

(3) “CAT Fee” means the Consolidated Audit Trail Funding Fee(s) to be paid by Industry Members as set forth in paragraph (b) below.

(4) “Equity ATS” is an ATS that executes transactions in NMS Stocks and/or OTC Equity Securities.

(5) “Equity Execution Venue” means an Execution Venue that trades NMS Stocks and/or OTC Equity Securities.

(6) “Execution Venue” means a Participant or an ATS (excluding any such ATS that does not execute orders).

(b) Fee Schedule:

(1) The CAT NMS, LLC will assign each Industry Member (other than an Equity ATS) to a fee tier once every quarter, where such tier assignment is calculated by ranking each Industry Member based on its total message traffic for the three months prior to the quarterly tier calculation day and assigning each Industry Member to a tier based on that ranking and predefined Industry Member percentages. The Industry Members with the highest total quarterly message traffic will be ranked in Tier 1, and the Industry Members with lowest quarterly message traffic will be ranked in Tier 9. Each quarter, each Industry Member (other than an Equity ATS) shall pay the following CAT Fee corresponding to the tier assigned by the CAT NMS, LLC for such Industry Member for that quarter:

Tier Percentage of Industry Members Quarterly CAT Fee
1 0.500% $101,004
2 2.500% $81,153
3 2.125% $57,717
4 4.625% $19,965
5 3.625% $12,489
6 4.000% $7,680
7 17.500% $1,503
8 20.125% $435
9 45.000% $66

(2) The CAT NMS, LLC will assign each Equity ATS to a fee tier once every quarter, where such tier assignment is calculated by ranking each Equity Execution Venue based on its total market share for the three months prior to the quarterly tier calculation day and assigning each Equity Execution Venue to a tier based on that ranking and predefined Equity Execution Venue percentages. The Equity Execution Venues with the higher total quarterly market share will be ranked in Tier 1, and the Equity Execution Venues with the lower quarterly market share will be ranked in Tier 2. Each quarter, each Equity ATS shall pay the following CAT Fee corresponding to the tier assigned by the CAT NMS, LLC for such Equity ATS for that quarter:

Tier Percentage of Equity Execution Venues Quarterly CAT Fee
1 25.00% $63,375
2 75.00% $38,820

(c) Timing and Manner of Payments:

(1) The CAT NMS, LLC will provide each Industry Member with one invoice each quarter for its CAT Fees as determined pursuant to paragraph (b) above, regardless of whether the Industry Member is a member of multiple self-regulatory organizations. Each Industry Member will pay its CAT Fees to the CAT NMS, LLC via the centralized system for the collection of CAT Fees established by the CAT NMS, LLC in the manner prescribed by the CAT NMS, LLC.

(2) Each Industry Member shall pay CAT Fees within thirty days after receipt of an invoice or other notice indicating payment is due (unless a longer payment period is otherwise indicated). If an Industry Member fails to pay any such fee when due, such Industry Member shall pay interest on the outstanding balance from such due date until such fee is paid at a per annum rate equal to the lesser of (i) the Prime Rate plus 300 basis points, or (ii) the maximum rate permitted by applicable law.