Bats BZX Options Exchange Fee Schedule

Effective May 16, 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.

Standard Rates:

  Penny Pilot Securities Non-Penny Pilot Securities
  Add Remove Add Remove
Code Rates Code Rates Code Rates Code Rates
Customer PY
  • ($0.25)
  • ($0.40)
  • ($0.48)
  • ($0.51)
  • ($0.52)
  • ($0.53)
PC
  • $0.49
  • $0.48
NY
  • ($0.85)
  • ($0.92)
  • ($1.00)
  • ($1.02)
  • ($1.05)
NC $0.85
Professional PA
  • ($0.25)
  • ($0.42)
  • ($0.44)
  • ($0.46)
  • ($0.48)
PP
  • $0.50
  • $0.47
  • $0.44
NA ($0.65) NP
  • $1.10
  • $1.04
Firm/BD/JBO PF
  • ($0.25)
  • ($0.43)
  • ($0.46)
NF
  • ($0.30)
  • ($0.45)
  • ($0.60)
  • ($0.82)
Market Maker PM
  • ($0.31)
  • ($0.35)
  • ($0.40)
  • ($0.42)
NM
  • ($0.42)
  • ($0.45)
  • ($0.52)
  • ($0.65)
Away Market Maker PN
  • ($0.30)
  • ($0.40)
  • ($0.43)
  • ($0.45)
NN
  • ($0.30)
  • ($0.40)
  • ($0.52)

Fee Codes and Associated Fees:

Fee Code Description Fee/(Rebate)
D1 Directed ISO to NOM, ARCA, ISE Gemini, Non-Penny 1.25
D2 Directed ISO to BX Options (Non-Customer), Non-Penny 0.95
D3 Directed ISO to C2, PHLX (Non-Customer) 0.95
D4 Directed ISO (unless otherwise specified) 0.75
NA Adds liquidity (Pro), Non-Penny (0.65)
NC Removes liquidity (Customer), Non-Penny 0.85
NF Adds liquidity (Firm/BD/JBO), Non-Penny (0.30)
NM Adds liquidity (MM), Non-Penny (0.42)
NN Adds liquidity (Away MM), Non-Penny (0.30)
NP Removes liquidity (Non-Customer), Non-Penny 1.10
NY Adds liquidity (Customer), Non-Penny (0.85)
OO BZX Options Opening Free
PA Adds liquidity (Pro), Penny Pilot (0.25)
PC Removes liquidity (Customer) Penny Pilot 0.49
PF Adds liquidity (Firm/BD/JBO), Penny Pilot (0.25)
PM Adds liquidity (MM), Penny Pilot (0.31)
PN Adds liquidity (Away MM), Penny Pilot (0.30)
PP Removes liquidity (Non-Customer), Penny Pilot 0.50
PY Adds liquidity (Customer), Penny Pilot (0.25)
RN Routed (Non-Customer), Penny Pilot 0.85
RO Routed (Non-Customer), Non-Penny 1.25
RP Routed (Customer) to AMEX, BOX, BX Options, CBOE, EDGX Options, ISE Mercury, MIAX or PHLX 0.25
RQ Routed (Customer) to ARCA, C2, ISE, ISE Gemini, MIAX Pearl or NOM, Penny Pilot 0.70
RR Routed (Customer) to ARCA, C2, ISE, ISE Gemini, MIAX Pearl or NOM, Non-Penny 1.10

Definitions:

  • All references to "per contract" mean "per contract executed".
  • "ADAV" means average daily added volume calculated as the number of contracts added and "ADV" means average daily volume calculated as the number of contracts added or removed, combined, per day.
    • ADAV and ADV are calculated on a monthly basis, excluding contracts 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") and on any day with a scheduled early market close.
    • Routed contracts 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 or who have been appointed as an Appointed OEF or Appointed MM.
  • An "Appointed MM" is a Market Maker who has been appointed by an OEF and an "Appointed OEF" is an OEF who has been appointed by a Market Maker as set forth below.
    • Designating an Appointed OEF/Appointed MM: A Market Maker appoints an OEF and an OEF appoints a Market Maker, for the purposes of the Fee Schedule, by each completing and sending an executed Volume Aggregation and Execution Detail Request form by email to membershipservices@bats.com. Transmittal of the executed form to the Exchange will be viewed as acceptance of the appointment. The Exchange will recognize one such designation for each party. A party may make a designation not more than once every 12 months, which designation shall remain in effect unless or until the Exchange receives written notice from either party indicating that the appointment has been terminated.
  • "Away Market Maker" applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is not registered with the Exchange as a Market Maker, but is registered as a market maker on another options exchange.
  • "Broker Dealer" applies to any order for the account of a broker dealer, including a foreign broker dealer, that clears in the Customer range at the Options Clearing Corporation ("OCC").
  • "Customer" applies to any transaction identified by a Member for clearing in the Customer range at the OCC, excluding any transaction for a Broker Dealer or a "Professional" as defined in Exchange Rule 16.1.
  • "Firm" applies to any transaction identified by a Member for clearing in the Firm range at the OCC, excluding any Joint Back Office transaction.
  • "Joint Back Office" applies to any transaction identified by a Member for clearing in the Firm range at the OCC that is identified with an origin code as Joint Back Office. A Joint Back Office participant is a Member that maintains a Joint Back Office arrangement with a clearing broker-dealer.
  • "Market Maker" applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is registered with the Exchange as a Market Maker as defined in Rule 16.1(a)(37).
  • "Non-Customer" applies to any transaction that is not a Customer order.
  • "OCC Customer Volume" or "OCV" 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.
  • "OEF" means Order Entry Firm as defined in Rule 16.1.
  • "Options Step-Up Add OCV" means ADAV as a percentage of OCV in the relevant baseline month subtracted from current ADAV as a percentage of OCV.
  • "Penny Pilot Securities" are those issues quoted pursuant to Exchange Rule 21.5, Interpretation and Policy .01.
  • "Professional" applies to any transaction identified by a Member as such pursuant to Exchange Rule 16.1.
  • "TCV" means total consolidated volume calculated as the volume reported by all exchanges to the consolidated transaction reporting plan 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.

General Notes:

  • 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.

Footnotes:

  1. Customer Penny Pilot Add Tiers

    Applicable to fee code PY.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.40) Member has an ADV ≥ 0.05% of average OCV
    Tier 2 ($0.48) Member has an ADV ≥ 0.40% of average OCV
    Tier 3 ($0.51)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. Member has an ADAV in Market Maker orders ≥ 2.75% of average OCV
    Tier 4 ($0.52) Member has an ADAV in Customer orders ≥ 1.30% of average OCV
    Tier 5 ($0.53)
    1. Member has an ADAV in Customer orders ≥ 0.80% of average OCV;
    2. Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV; and
    3. Member has on BZX Equities an ADAV ≥ 0.30% of average TCV
    Tier 6 ($0.53) Member has an ADAV in Customer orders ≥ 1.70% of average OCV
    Tier 7 ($0.53)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV;
    2. Member has an ADAV in Market Maker orders ≥ 2.75% of average OCV; and
    3. Member has an ADAV in Firm Non-Penny orders ≥ 0.05% of average OCV
    Customer Cross-Asset Add Tier ($0.52)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. Member has on BZX Equities an ADAV ≥ 0.50% of average TCV
  2. Firm, Broker Dealer, and Joint Back Office Penny Pilot Add Volume Tiers

    Applicable to the following fee codes: PF.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.46)
    1. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.05% of average OCV; and
    2. Member has an ADV ≥ 1.95% of average OCV
    Tier 2 ($0.43)
    1. Member has an ADV ≥ 0.50% of average OCV; and
    2. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 0.40% of average OCV
  3. Non-Customer Penny Pilot Take Volume Tiers

    Applicable to fee code PP.

    Tier Fee Per Contract to Remove Required Criteria
    Tier 1 $0.44
    1. Member has an ADAV in Customer orders ≥ 0.80% of average OCV;
    2. Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV; and
    3. Member has on BZX Equities an ADAV ≥ 0.30% of average TCV
    Tier 2 $0.47 Member has an ADAV in Customer orders ≥ 1.30% of average OCV
    Tier 3 $0.44 Member has an ADAV in Customer orders ≥ 1.70% of average OCV
  4. NBBO Setter Tiers

    Applicable to the following fee codes: PF, PM and PN. Applicable only to orders which establish a new NBBO.

    Tier Additional Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.01)
    1. Member has an ADAV in Non-Customer orders ≥ 0.20% of average OCV; and
    2. Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.05% of average OCV
    Tier 2 ($0.02)
    1. Member has an ADAV in Non-Customer orders ≥ 0.40% of average OCV; and
    2. Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.05% of average OCV
    Tier 3 ($0.03)
    1. Member has an ADAV in Non-Customer orders ≥ 0.50% of average OCV; and
    2. Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.05% of average OCV
    Tier 4 ($0.04)
    1. Member has an ADAV in Non-Customer orders ≥ 1.80% of average OCV;
    2. Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV; and
    3. Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.05% of average OCV
    Tier 5 ($0.05)
    1. Member has an ADAV in Non-Customer orders ≥ 3.00% of average OCV; and
    2. Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.05% of average OCV
  5. Quoting Incentive Program ("QIP") Tiers

    Applicable to the following fee codes: PM and NM.

    The additional rebate is per contract for an order that adds liquidity to the BZX Options order book in options classes in which a Member is a Market Maker registered on BZX Options pursuant to Rule 22.2. A Market Maker must be registered with BZX Options in an average of 20% or more of the associated options series in a class in order to qualify for QIP rebates for that class.

    Tier Additional Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.02) Member has an ADV ≥ 0.40% of average OCV
    Tier 2 ($0.04) Member has an ADV ≥ 3.25% of average OCV
    Tier 3 ($0.03) Member has an ADAV in Market Maker orders ≥ 0.50% of average OCV
  6. Market Maker Penny Pilot Add Volume Tiers

    Applicable to fee code PM.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.35) Member has an ADAV in Market Maker orders ≥ 0.05% of average OCV
    Tier 2 ($0.40) Member has an ADAV in Market Maker orders ≥ 0.15% of average OCV
    Tier 3 ($0.42)
    1. Member has an ADAV in Market Maker orders ≥ 1.30% of average OCV; and
    2. Member has an ADV ≥ 2.60% of average OCV
  7. Market Maker Non-Penny Pilot Add Volume Tiers

    Applicable to fee code NM.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.45) Member has an ADV ≥ 0.40% of average OCV
    Tier 2 ($0.52) Member has an ADV ≥ 1.30% of average OCV
    Tier 3 ($0.65)
    1. Member has an ADAV in Market Maker orders in Non-Penny Pilot Securities ≥ 0.10% of average OCV; and
    2. Member has an ADAV in Non-Customer orders ≥ 3.00% of average OCV
  8. Firm, Broker Dealer, and Joint Back Office Non-Penny Pilot Add Volume Tiers

    Applicable to fee code NF.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.45) Member has an ADV ≥ 0.20% of average OCV
    Tier 2 ($0.60) Member has an ADV ≥ 0.35% of average OCV
    Tier 3 ($0.82)
    1. Member has an ADV ≥ 2.30% of average OCV;
    2. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.65% of average OCV; and
    3. Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
  9. Professional Penny Pilot Add Volume Tiers

    Applicable to fee code PA.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.42) Member has an ADAV in Customer and Professional orders ≥ 0.20% of average OCV
    Tier 2 ($0.44) Member has an ADAV in Customer and Professional orders ≥ 0.25% of average OCV
    Tier 3 ($0.46) Member has an ADAV in Customer and Professional orders ≥ 0.40% of average OCV
    Tier 4 ($0.48) Member has an ADAV in Customer and Professional orders ≥ 0.65% of average OCV
  10. Away Market Maker Penny Pilot Add Volume Tiers

    Applicable to fee code PN.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.40) Member has an ADV ≥ 0.40% of average OCV
    Tier 2 ($0.45)
    1. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.05% of average OCV;
    2. Member has an ADV ≥ 1.95% of average OCV; and
    3. Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
    Tier 3 ($0.43)
    1. Member has an ADV ≥ 0.50% of average OCV; and
    2. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 0.40% of average OCV
  11. Away Market Maker Non-Penny Pilot Add Volume Tiers

    Applicable to fee code NN.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.40) Member has an ADV ≥ 0.40% of average OCV
    Tier 2 ($0.52) Member has an ADV ≥ 1.30% of average OCV
  12. Customer Non-Penny Pilot Add Volume Tier

    Applicable to fee code NY.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.92)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. Member has an ADAV in Market Maker orders ≥ 2.75% of average OCV
    Tier 2 ($1.00) Member has an ADAV in Customer orders ≥ 0.90% of average OCV
    Tier 3 ($1.02)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV;
    2. Member has an ADAV in Market Maker orders ≥ 2.75% of average OCV; and
    3. Member has an ADAV in Firm Non-Penny orders ≥ 0.05% of average OCV
    Tier 4 ($1.05) Member has an ADAV in Customer orders ≥ 2.10% of average OCV
  13. Non-Customer Non-Penny Pilot Take Volume Tiers

    Applicable to fee code NP.

    Tier Fee Per Contract to Remove Required Criteria
    Tier 1 $1.04
    1. Member has an ADAV in Customer orders ≥ 0.80% of average OCV;
    2. Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV; and
    3. Member has on BZX Equities an ADAV ≥ 0.30% of average TCV
    Tier 2 $1.04 Member has an ADAV in Customer orders ≥ 1.70% of average OCV
  14. Customer Penny Pilot Take Volume Tier

    Applicable to fee code PC.

    Tier Fee Per Contract to Remove Required Criteria
    Cross-Asset Tier $0.48
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. Member has on BZX Equities an ADAV ≥ 0.50% of average TCV

Options Logical Port Fees

Service Fee
Logical Ports (excluding Purge Port, Multicast PITCH Spin Server Port or GRP Port) $650/port/month
Purge Ports $750/port/month
Multicast PITCH Spin Server $650/set of primary (A or C feed)
GRP Ports $650/primary (A or C feed)
Ports with Bulk Quoting Capabilities
  • $1,500/month for 1st through 5th port
  • $2,000/month for 6th port or more
  • 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.

Options 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.

Multicast PITCH:

Internal Distribution Fee $1,500/month
External Distribution Fee $1,500/month
Professional User Fee $30/month
Non-Professional User Fee $1.00/month
Enterprise Fee* $3,500/month

* As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the Multicast PITCH 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 Multicast PITCH if it wishes such User to be covered by the Enterprise Fee.

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 MKT OpenBook Ultra $500
NYSE Alerts $500
NYSE MKT Alerts $500
NYSE Imbalances $500
NYSE MKT Imbalances $1,000
NYSE Trades $500
NYSE Arca Trades $500
NYSE MKT 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 MKT 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.

Options Regulatory Fee:

The per-contract Options Regulatory Fee ("ORF") is assessed by BZX Options to each Member for all options transactions executed and cleared, or simply cleared by the Member that are cleared by OCC in the "customer" range, regardless of the exchange on which the transaction occurs. The ORF is collected indirectly from Members through their clearing firms by OCC on behalf of BZX Options. The Exchange may only increase or decrease the ORF semi-annually, and any such fee change will be effective on the first business day of February or August. The Exchange will notify participants of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change.

Options Regulatory Fee (ORF) Fee Per Executed Contract Side
All Classes $0.0009

Membership Fees

BZX Options Participant Fee* Required Criteria
$500 Member has an ADV < 5,000 contracts traded
$1000 Member has an ADV ≥ 5,000 contracts traded

* New Options Members of the BZX Options Exchange will not be charged a BZX Options Participant Fee for their first three (3) months of membership.

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).

(a) 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.