Bats EDGA 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 $0.0003 $0.0003 $0.0029
Securities below $1.00 Free Free 0.30% of Dollar Value
Standard Fee Codes B, V, Y, 3, 4 N, W, 6, BB X

Fee Codes and Associated Fees:

Fee CodeDescriptionFee/(Rebate) Securities at or above $1.00Fee/(Rebate) Securities below $1.00
10Routed to NYSE Arca, adds liquidity (Tape B) (0.00220) Free
2Routed to NASDAQ using INET routing strategy (Tape B) 0.00300 0.30% of Dollar Value
3Adds liquidity to EDGA, pre and post market (Tapes A or C) 0.00030 Free
4Adds liquidity to EDGA, pre and post market (Tape B) 0.00030 Free
6Removes liquidity from EDGA, pre and post market (All Tapes) 0.00030 Free
7Routed, pre and post market 0.00270 0.30% of Dollar Value
8Routed to NYSE American, adds liquidity 0.00020 Free
9Routed to NYSE Arca, adds liquidity (Tapes A or C) (0.00210) Free
ARouted to NASDAQ, adds liquidity (0.00150) Free
AXRouted to EDGX using ALLB routing strategy 0.00290 0.30% of Dollar Value
AYRouted to BYX using ALLB routing strategy (0.00150) 0.10% of Dollar Value
AZRouted to BZX using ALLB routing strategy 0.00300 0.30% of Dollar Value
BAdds liquidity to EDGA (Tape B) 0.00030 Free
BBRemoves liquidity from EDGA (Tape B) 0.00030 Free
BYRouted to BYX using Destination Specific ("DIRC"), ROUC, ROUE, ROBB or ROCO routing strategy (0.00150) 0.10% of Dollar Value
CRouted to BX (0.00110) 0.10% of Dollar Value
CLRouted to listing market closing process, except for NYSE Arca & BZX 0.00100 0.30% of Dollar Value
DRouted to NYSE or routed using RDOT routing strategy 0.00275 0.30% of Dollar Value
DMNon-displayed order, adds liquidity using MidPoint Discretionary orderFree0% of Dollar Value
DTNon-displayed order, removes liquidity using MidPoint Discretionary orderFree0% of Dollar Value
FRouted to NYSE, adds liquidity (0.00150) Free
GRouted to NYSE Arca (Tapes A or C) 0.00300 0.30% of Dollar Value
HANon-displayed order, adds liquidityFree0% of Dollar Value
HRNon-displayed order, removes liquidity 0.00050 0.05% of Dollar Value
IRouted to EDGX 0.00290 0.30% of Dollar Value
IXRouted to IEX using DIRC routing strategy 0.00100 0.30% of Dollar Value
JRouted to NASDAQ 0.00300 0.30% of Dollar Value
KRouted to PSX using ROUC or ROUE routing strategy 0.00290 0.30% of Dollar Value
LRouted to NASDAQ using INET routing strategy (Tapes A or C) 0.00300 0.30% of Dollar Value
MMNon-displayed order, adds liquidity using Mid-Point PegFree0% of Dollar Value
MTNon-displayed order, removes liquidity using Mid-Point Peg 0.00050 0.05% of Dollar Value
NRemoves liquidity from EDGA (Tape C) 0.00030 Free
NARouted to BZX, EDGX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidityFreeFree
NBRouted to any exchange not covered by Fee Code NA, adds non-displayed liquidity 0.00300 0.30% of Dollar Value
ORouted to listing market opening or re-opening cross 0.00100 0.30% of Dollar Value
OOEDGA Opening or Re-openingFreeFree
PRouted to EDGX, including pre and post market, adds liquidity (0.00270) Free
PAAdds liquidity to EDGA using RMPT or RMPL routing strategyFreeFree
PLRouted to BZX, EDGX, NYSE, NYSE Arca or Nasdaq using RMPL routing strategy 0.00300 0.30% of Dollar Value
PTRemoves liquidity from EDGA using RMPT or RMPL routing strategy 0.00050 Free
PXRouted using RMPL routing strategy to a destination not covered by Fee Code PL or routed using RMPT routing strategy 0.00120 0.30% of Dollar Value
QRouted to a non-exchange destination using ROUQ or ROUC routing strategy 0.00200 0.30% of Dollar Value
RRe-routed by NYSE 0.00300 0.30% of Dollar Value
RBRouted to BX, adds liquidity 0.00200 Free
RPNon-displayed order, adds liquidity using Supplemental PegFreeFree
RRRouted to EDGX using DIRC routing strategy 0.00290 0.30% of Dollar Value
RTRouted using ROUT routing strategy 0.00250 0.30% of Dollar Value
RXRouted using ROUX routing strategy 0.00280 0.30% of Dollar Value
RYRouted to BYX, adds liquidity 0.00180 Free
RZRouted to BZX, adds liquidity (0.00200) Free
SDirected ISO 0.00320 0.30% of Dollar Value
SWRouted using SWPA/SWPB routing strategy (except for removal of liquidity from NYSE) 0.00310 0.30% of Dollar Value
TRouted to a non-exchange destination using ROUD or ROUE routing strategy 0.00120 0.30% of Dollar Value
VAdds liquidity to EDGA (Tape A) 0.00030 Free
WRemoves liquidity from EDGA (Tape A) 0.00030 Free
XRouted 0.00290 0.30% of Dollar Value
YAdds liquidity to EDGA (Tape C) 0.00030 Free
ZRouted to a non-exchange destination using ROCO or ROUZ routing strategy 0.00120 0.30% of Dollar Value

Definitions:

  • ADV means average daily volume calculated as the number of shares added to, removed from, or routed by, the Exchange, or any combination or subset thereof, per day. ADV is calculated on a monthly basis.
    • The Exchange excludes from its calculation of ADV shares added, removed, or routed 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").
    • With prior notice to the Exchange, a Member may aggregate 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).
  • 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. RMPT/RMPL Tier:

    The fee provided by the below tiers is applicable to the following fee code PX.

    Tier Fee Per Share to Remove/Route Required Criteria
    Tier 1 $0.0008 Member adds or removes an ADV ≥ 2,000,000 shares using routing strategy RMPT or RMPL (i.e., yielding fee codes PA, PL, PT and PX).
    Tier 2 $0.0006 Member adds or removes an ADV ≥ 4,000,000 shares using routing strategy RMPT or RMPL (i.e., yielding fee codes PA, PL, PT and PX).
  2. Capped at $20,000 per month per Member.

  3. Fee code D will be yielded if an SWPA or SWPB routing strategy removes liquidity from NYSE.

  4. Fee code O will be yielded if an order is routed to NYSE Arca & BZX's closing process.

  5. Fee code RX will be yielded if an order is routed to EDGX using the ROUT routing strategy.

  6. Fee code I will be yielded if an order is routed to EDGX using the ROUX routing strategy.

Late Fees:

A charge of 1% per month on the past due portion of the balance will be assessed on a Member's account that is past due. This fee will begin to accrue on a daily basis for items not paid within the 30 day payment terms until the item is paid in full. Late fees incurred will be included as line items on subsequent invoices.

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 Connectivity Fees:

Connection Service Type Fee per Physical Port
1 Gb physical port $2,000/month
10 Gb 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.

Membership Fees:

Membership Fee Type Fee
Firm Membership $2,500/year1
  1. 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., September 1, 2011, January 1, 2012, etc.) and the Member does not utilize the facilities of EDGA during such time, then the Member will not be obligated to pay the Annual Membership Fee.

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).

EDGA 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 EDGA 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 EDGA Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

EDGA 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 EDGA 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 EDGA Summary Depth Feed.

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

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

EDGA Depth Attributed:

In addition to EDGA Depth fees, as described above, all subscribers to EDGA Depth Attributed will also incur the following fees:

Delivery Fee
Internal Distributor $2,500/month
External Distributor $5,000/month

EDGA 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 EDGA Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for EDGA Book Viewer.

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

EDGA Top:

Internal Distribution

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

External Distribution

Distribution Fee $0/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

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

EDGA Last Sale:

Internal Distribution

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

External Distribution

Distribution Fee $0/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

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

EDGA Historical Depth Data:

Delivery (Internal Use Only) Fee
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. The Enterprise Fee is in addition to the Distributor 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.

Edge Attribution Incentive Program:

Members who enter Attributable Orders into the Exchange’s System in at least 100 symbols over 10 consecutive trading days over the course of a month are eligible to participate in the Edge Attribution Incentive Program. Each month, the Exchange will set aside 25% of the revenue generated in connection with fees received from EdgeBook Attributed (the "Revenue Allotment"). From the Revenue Allotment, the Exchange will provide a payment to eligible Members who qualified for the Edge Attribution Incentive Program based on the percentage of executed share volume from their Attributable Orders entered into the Exchange’s System.

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.

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.