Bats BYX Exchange Fee Schedule

Effective July 24, 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 $0.0018 ($0.0010) $0.0029
Securities below $1.00 Free 0.10% of total dollar value 0.29% of total dollar value
Standard Fee Codes B, V, Y N, W, BB X

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
AXRouted to EDGX using ALLB routing strategy 0.00290
AZRouted to BZX using ALLB routing strategy 0.00300
BDisplayed order, adds liquidity to BYX (Tape B) 0.00180
BARouted to NYSE Arca using Destination Specific routing strategy (Tape B) 0.00270
BBRemoves liquidity from BYX (Tape B) (0.00100)
BJRouted to EDGA using Destination Specific, TRIM or TRIM2 routing strategy 0.00030
BORouted using Destination Specific routing strategy unless otherwise specified 0.00300
CRouted to NASDAQ BX using Destination Specific, TRIM or TRIM2 routing strategy (0.00100)
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 0.00240
HINon-displayed order that receives price improvement, adds liquidity 0.00300
IXRouted to IEX using Destination Specific, TRIM or TRIM2 routing strategy 0.00100
JRouted to NASDAQ using Destination Specific or INET routing strategy 0.00290
MMNon-displayed order, adds liquidity using Mid-Point Peg 0.00100
MTRemoves Mid-Point Peg liquidity from BYXFree
NRemoves liquidity from BYX (Tape C) (0.00100)
NARouted to BZX, 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
OOBYX Opening or Re-openingFree
PRouted to EDGX, adds liquidity (0.00200)
PLRouted to BZX, EDGX, NYSE, NYSE Arca or Nasdaq using RMPL routing strategy 0.00300
PXRouted using RMPL routing strategy to a destination not covered by Fee Code PL or routed using RMPT routing strategy 0.00120
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
RPNon-displayed order, adds liquidity using Supplemental Peg 0.00240
RZRouted to BZX, adds liquidity (0.00200)
SDirected ISO 0.00330
SWRouted using Parallel T or SWPA/B routing strategy 0.00330
SXRouted using SLIM routing strategy (except to BZX or NYSE) 0.00270
SZRouted to BZX using SLIM or TRIM routing strategy 0.00300
VDisplayed order, adds liquidity to BYX (Tape A) 0.00180
VIDisplayed order subject to price sliding that receives price improvement, adds liquidity 0.00300
WRemoves liquidity from BYX (Tape A) (0.00100)
XRouted to a displayed market to remove liquidity using Parallel D, Parallel 2D, ROUT, ROUX or Post to Away routing strategy 0.00290
YDisplayed order, adds liquidity to BYX (Tape C) 0.00180
ZRouted to a dark liquidity venue (except through SLIM) 0.00220
ZPRetail Price Improving Order, adds liquidity 0.00250
ZRRetail Order, removes liquidity against a Retail Price Improving Order (0.00250)

Definitions:

  • All references to "per share" mean "per share executed."
  • "ADAV" means average daily 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 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).
  • "Step-Up ADAV" means ADAV in the relevant baseline month subtracted from current ADAV.
  • "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/Remove Volume Tiers

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

    Tier Fee Per Share to Add Required Criteria
    Tier 1 $0.0014 Member has an ADAV ≥ 0.30% of the TCV
    Tier 2 $0.0013 Member has an ADAV ≥ 0.40% of the TCV
    Tier 3 $0.0012 Member has an ADAV ≥ 0.55% of the TCV
    Tier 4 $0.0016 1. Member has an ADAV ≥ 0.25% of the TCV; and
    2. Member has a Step-Up ADAV ≥ 0.05% of the TCV from April 2017 baseline

    Applicable to the following fee codes: BB, N, and W.

    Tier Rebate Per Share to Remove Required Criteria
    Tier 5 ($0.0015) Member has an ADV ≥ 0.05% of the TCV
  2. Mid-Point Peg Tier

    Applicable to the fee code MM.

    Fee Per Share to Add Required Criteria
    $0.0005 Member has an ADAV ≥ 0.30% of the TCV
  3. Routing Tier

    Applicable to the fee code C.

    Rebate Per Share to Route to NASDAQ BX Using
    Destination Specific, TRIM or TRIM2 Routing Strategy
    Required Criteria
    ($0.0016) Member has an ADV ≥ 0.10% of the TCV
  4. The fee for adding non-displayed liquidity does not apply to Reserve or Discretionary orders.

  5. The standard rebate/fee for accessing liquidity applies to any Retail Order that removes displayed liquidity or Mid-Point Peg liquidity.

  6. Remove liquidity from BYX for securities priced below $1.00: 0.10% charge of the total dollar value.

  7. Add liquidity to BYX for securities priced below $1.00: no charge or rebate.

  8. Remove liquidity in securities priced below $1.00 for Parallel D, Parallel 2D, ROUT, ROUX, Post to Away, RMPL, and RMPT routed executions: 0.29% charge of the total dollar value.

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

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

  11. Remove liquidity from EDGA using ALLB routing strategy for securities priced below $1.00: no fee or charge.

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

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

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

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).

BYX Depth:

Delivery Fee
Internal Distributor $1,000/month
External Distributor $2,500/month
Non-Display Usage by Trading Platforms* $2,000/month
Professional User Fee $10.00/month
Non-Professional User Fee $1.00/month
Enterprise Fee** $25,000/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 BYX 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 BYX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

BYX Summary Depth:

Internal Distribution

Distribution Fee $2,500/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $2,500/month*
Professional User Fee** $2.50/month
Non-Professional User Fee** $0.10/month
Enterprise Fee*** $20,000/month
Digital Media Enterprise Fee**** $5,000/month

* New External Distributor Credit. New External Distributors of the BYX 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 BYX Summary Depth Feed.

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

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BYX 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 BYX 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 BYX 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.

BYX Book Viewer:*

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** $3.00/month
Non-Professional User Fee** $0.10/month
Enterprise Fee*** $20,000/month
Digital Media Enterprise Fee**** $5,000/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 BYX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BYX Book Viewer.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BYX 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 BYX 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 BYX 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.

BYX Top:

Internal Distribution

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

External Distribution

Distribution Fee $1,000/month*
Professional User Fee** $1.00/month
Non-Professional User Fee** $0.025/month
Enterprise Fee*** $10,000/month
Digital Media Enterprise Fee**** $2,500/month

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

*New External Distributor Credit. New External Distributors of BYX 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 BYX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BYX Top.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BYX 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 BYX 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 BYX 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.

BYX Last Sale:

Internal Distribution

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

External Distribution

Distribution Fee $1,000/month*
Professional User Fee** $1.00/month
Non-Professional User Fee** $0.025/month
Enterprise Fee*** $10,000/month
Digital Media Enterprise Fee**** $2,500/month

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

* New External Distributor Credit. New External Distributors of BYX 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 BYX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BYX Last Sale.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BYX 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 BYX 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 BYX 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.

BYX 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.

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.