Bats EDGX Options Exchange Fee Schedule
Effective May 23, 2017
- 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.
|Penny Pilot Securities||Non-Penny Pilot Securities|
|Away Market Maker||PN||$0.48||NN||$0.75|
|Joint Back Office||PO||$0.48||NO||$0.75|
Fee Codes and Associated Fees:
|BA||BAM Agency (Non-Customer)||0.20|
|BC||BAM Agency (Customer)||(0.14)|
|BD||BAM Responder, Penny||0.50|
|BE||BAM Responder, Non-Penny||1.05|
|CC||BAM Customer-to-Customer Immediate Cross||Free|
|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|
|NB||Broker Dealer, Non-Penny||0.75|
|NM||Adds liquidity (Market Maker), Non-Penny||0.19|
|NN||Away Market Maker, Non-Penny||0.75|
|NO||Joint Back Office, Non-Penny||0.75|
|NT||Removes liquidity (Market Maker), Non-Penny||0.19|
|OO||EDGX Options Opening||Free|
|PB||Broker Dealer, Penny Pilot||0.48|
|PC||Customer, Penny Pilot||(0.05)|
|PF||Firm, Penny Pilot||0.45|
|PM||Adds liquidity (Market Maker), Penny Pilot||0.19|
|PN||Away Market Maker, Penny Pilot||0.48|
|PO||Joint Back Office, Penny Pilot||0.48|
|PP||Professional, Penny Pilot||0.48|
|PT||Removes liquidity (Market Maker), Penny Pilot||0.19|
|QA||QCC Agency (Customer)||0.00|
|QC||QCC Contra (Customer)||0.00|
|QM||QCC Agency (Non-Customer)||0.08|
|QN||QCC Contra (Non-Customer)||0.08|
|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, ISE Mercury, MIAX or PHLX||0.25|
|RQ||Routed (Customer) to ARCA, BZX Options, C2, ISE, ISE Gemini, MIAX Pearl or NOM, Penny Pilot||0.70|
|RR||Routed (Customer) to ARCA, BZX Options, C2, ISE, ISE Gemini, MIAX Pearl or NOM, Non-Penny||1.10|
- 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 Volume Details Request form by email to firstname.lastname@example.org. 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.
"BAM" and "BAM Auction" refer to the Bats Auction Mechanism. The following additional definitions are applicable to BAM Auctions:
- "BAM Agency Order" is an order represented as agent by a Member on behalf of another party and submitted to BAM for potential price improvement pursuant to Rule 21.19.
- "BAM Contra Order" or "Initiating Order" is an order submitted by a Member entering a BAM Agency Order for execution within BAM that will potentially execute against the BAM Agency Order pursuant to Rule 21.19.
- "BAM Customer-to-Customer Immediate Cross" relates to the process defined in Rule 21.19(c).
- "BAM Responder Order" includes any order submitted in response to and specifically designated to participate in a BAM Auction as well as unrelated orders that are received by the Exchange after a BAM Auction has begun.
- "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.
- "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.
"QCC" refers to Qualified Contingent Cross Orders. The following additional definitions are applicable to Qualified Contingent Cross Orders:
- "QCC Agency" is a Qualified Contingent Cross Order represented as agent by a Member on behalf of another party and submitted for execution pursuant to Rule 21.1.
- "QCC Contra" is a Qualified Contingent Cross Order submitted by a Member for execution that will potentially execute against the QCC Agency Order pursuant to Rule 21.1.
- "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.
Customer Volume Tiers
Applicable to fee codes PC and NC.
Tier Rebate Per Contract Required Criteria Tier 1 ($0.10) Member has an ADV in Customer orders ≥ 0.20% of average OCV Tier 2 ($0.16) Member has an ADV in Customer orders ≥ 0.40% of average OCV Tier 3 ($0.21) Member has an ADV in Customer orders ≥ 0.65% of average OCV Tier 4 ($0.21)
- Member has an ADV in Customer orders ≥ 0.05% of average OCV; and
- Member has an ADV in Customer or Market Maker orders ≥ 0.35% of average OCV
Market Maker Volume Tiers
Applicable to fee codes PM and NM.
Tier Fee/Rebate Per Contract Required Criteria Tier 1 $0.16 Member has an ADV in Market Maker orders ≥ 0.05% of average OCV Tier 2 $0.13 Member has an ADV in Market Maker orders ≥ 0.15% of average OCV Tier 3 $0.10 Member has an ADV in Market Maker orders ≥ 0.25% of average OCV Tier 4 $0.07 Member has an ADV in Market Maker orders ≥ 0.40% of average OCV Tier 5 $0.02 Member has an ADV in Market Maker orders ≥ 0.95% of average OCV Tier 6 ($0.01) Member has an ADV in Market Maker orders ≥ 1.45% of average OCV Tier 7 $0.03
- Member has an ADV in Customer orders ≥ 0.05% of average OCV; and
- Member has an ADV in Customer or Market Maker orders ≥ 0.35% of average OCV
Tier 8 $0.02
- Member has an ADV in Customer orders ≥ 0.05% of average OCV;
- Member has an ADV in Customer or Market Maker orders ≥ 0.35% of average OCV; and
- Member has an ADV in BAM Agency Orders ≥ 10,000 contracts
Step Up Mechanism ("SUM") Auction Pricing Tier
Applicable to fee codes NB, NC, NF, NM, NN, NO, NP, NT, PB, PC, PF, PM, PN, PO, PP and PT.
Tier Additional Rebate Per Contract Required Criteria SUM Responder ($0.05) Member responds to and executes against an order subject to the SUM Auction
Firm Penny Pilot Cross-Asset Tier
Applicable to fee code PF.
Tier Fee Per Contract Required Criteria Tier 1 $0.32
- Member has an ADV in Firm orders ≥ 0.15% of average OCV; and
- Member has on EDGX Equities an ADAV ≥ 0.12% of average TCV
Orders Submitted with a Designated Give Up
Applicable to fee codes BC, NC PC, QA and QM.
When a Designated Give Up, as defined in Rule 21.12(b)(1), is specified on an order, applicable rebates for orders routed to and executed on the Exchange are provided to the Member who routed the order to the Exchange.
Bats Auction Mechanism (“BAM”) Pricing
Applicable to fee codes BA, BB, BC, BD, BE and CC.
When a BAM Agency Order trades in a BAM Auction against either a BAM Contra Order or a BAM Responder Order, the following fee codes and rates apply.
Agency* Contra Responder All Securities All Securities Penny Pilot
Code Rate Code Rate Code Rate Code Rate Customer** BC ($0.14) BB $0.04 BD $0.50 BE $1.05 Non-Customer BA $0.20 Customer-to-Customer Immediate Cross CC FREE CC FREE
* When a BAM Agency Order executes against one or more resting orders that were already on the Exchange’s order book when the BAM Agency Order was received by the Exchange, the BAM Agency Order and the resting order(s) would receive the Standard Fee Rates.
** Except when both the BAM Agency Order and the BAM Contra Order are Customer orders, in which case fee code CC would be assigned.
QCC Initiator Rebate
Applicable to fee codes QA and QM.
The Exchange will apply a QCC Initiator Rebate to the Member that submitted a QCC Agency Order, including a Member who routed an order to the Exchange with a Designated Give Up, when at least one side of the transaction is of Non-Customer capacity.
Symbols Credit Per Contract All Securities ($0.05)
BAM Break-Up Credits:
The Exchange will apply a BAM Break-Up Credit to the Member that submitted a BAM Agency Order, including a Member who routed an order to the Exchange with a Designated Give Up, when the BAM Agency Order trades with a BAM Responder Order.
|Symbols||Credit Per Contract|
|Penny Pilot Securities||($0.25)|
|Non-Penny Pilot Securities||($0.60)|
|Fee Code||Symbols||Fee per Contract|
|P||Penny Pilot Securities||$0.25|
|N||Non-Penny Pilot Securities||$0.70|
|X||Not Eligible for Marketing Fees||No Charge|
- Marketing fees are charged to all Market Makers who are counterparties to a trade with a Customer.
- Each Primary Market Maker (PMM) and Directed Market Maker (DMM) will have a marketing fee pool into which the Exchange will deposit the applicable per-contract marketing fee. For orders directed to DMMs, the applicable marketing fees are allocated to the DMM pool. For non-directed orders, the applicable marketing fees are allocated to the PMM pool. All Market Makers that participated in such transaction will pay the applicable marketing fees to the Exchange, which will allocate such funds to the Market Maker that controls the distribution of the marketing fee pool. Each month the Market Maker will provide instruction to the Exchange describing how Exchange is to distribute the marketing fees in the pool to the order flow provider, who submit as agent, Customer orders to the Exchange.
- The total balance of the undispersed marketing fees for a PMM pool or DMM pool cannot exceed $250,000. Each month, undisbursed marketing fees in excess of $250,000 will be reimbursed to the Market Makers that contributed to the pool based upon a one month look back and their pro-rata portion of the entire amount of marketing fee collected during that month.
Options Logical Port Fees:
|Logical Ports (excluding Purge Ports, Multicast PITCH Spin Server Port or GRP Port)||Free|
|Multicast PITCH Spin Server||Free|
|Ports with Bulk Quoting Capabilities||Free|
- 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.
- 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:
- 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.
|Internal Distribution Fee||Free|
|External Distribution Fee||Free|
|Professional User Fee||Free|
|Non-Professional User Fee||Free|
Market Data Connectivity*:
|Data Feed||Fee Per Month|
|Nasdaq BX TotalView||$1,000|
|Nasdaq PSX TotalView||$750|
|NYSE OpenBook Ultra||$1,750|
|NYSE ArcaBook Refresh||$250|
|NYSE MKT OpenBook Ultra||$500|
|NYSE MKT Alerts||$500|
|NYSE MKT Imbalances||$1,000|
|NYSE Arca Trades||$500|
|NYSE MKT Trades||$1,000|
|U.S. Equity Select + SIP Bundle (40% Discount)**||$5,910|
|OPRA + SIP Bundle (10% Discount)***||$6,390|
* 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|
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 EDGX 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 EDGX 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|
Consolidated Audit Trail - Funding Fees:
(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|
(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|
(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.