Price List - Trading Connectivity

• NASDAQ Pricing
• BX Pricing
• PSX Pricing
• BX Options Pricing
• NOM Pricing
• PHLX Pricing
• NFX Pricing

Add and Remove Rates

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Qualified Market Makers

NASDAQ rewards market participants who actively quote at the National Best Bid or Offer (NBBO) in a broad set of securities through the QMM program. A Member MPID attains QMM status by meeting certain quoting requirements each month. By meeting affirmative standards, QMMs receive meaningful benefits to further encourage broad-based liquidity provision.

MPIDs must meet the following obligations to qualify as a QMM:

• Maintain a one- or two-sided quote, of at least one round lot at the NBBO in an average of 1,000 securities for at least 25% of market hours each month.
• Be in compliance with NASDAQ's Excessive Messaging Policy during the month. Firms must ensure that their weighted order to trade ratio does not exceed a certain threshold, outlined in detail in the Excessive Messaging Policy section below.

MPIDs that qualify as a QMM receive the following benefits:

• A $5,000 per month discount on order entry ports
• A preferred rate of $0.0005 per NBBO Setter Shares if the MPID's added volume exceeds the lesser of:
  • The MPID's added volume during its first month as a QMM, or
  • 1.0% of consolidated volume

See the NBBO Setter Pricing section found below for more information.

• A discounted take fee of $0.0028/share if the MPID's total volume exceeds the MPID's total volume (as a percent of consolidated) during its first month as a QMM less 0.05%. Additionally, the discounted take fee will be capped at the lesser of the volume of liquidity provided by the QMM MPID or 20 million shares/day.
• An additional rebate of $0.0001 on all non-NBBO setting, displayed added liquidity. QMMs who also participate in ISP earn the greater of $0.0001 or their ISP benefit on non-NBBO setting, displayed added shares.



In order to determine how much time an MPID quotes a security at the NBBO for purposes of determining an MPID's QMM eligibility, NASDAQ will take the average of the time spent at the bid and offer between 9:30 a.m. and 4:00 p.m., Eastern Time (ET) for each trading day. The monthly average will be calculated for each security by summing the security's daily averages then dividing the resulting sum by the total number of trading days in the month.

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NBBO Setter Pricing

NASDAQ provides an additional rebate for quotes that either set the National Best Bid or Offer (NBBO), or improve the NASDAQ Best Bid or Offer (QBBO) to the NBBO's price level. Only the first order, of at least one round lot, displayed by the exchange at a qualifying price level is considered to have set the NBBO, and an order must be displayed for at least one round lot to qualify. Joining a price level that has already been established on NASDAQ will earn standard rebates only ^*.

Market Participant	Additional Rebate per NBBO Setter Share
MPIDs meeting the QMM program requirements and adding a volume exceeding the lesser of 1.0% TCV or the MPID's added volume during its first month as a QMM.	$0.0005
MPIDs meeting the QMM program requirements.	$0.0002
MPIDs adding at least 5 million NBBO setting shares per day	$0.0002
All Other MPIDs	$0.0001




^* All displayed, liquidity adding orders that improve the NBBO will garner a 201c7201d liquidity code while all displayed, liquidity adding orders that improve the QBBO to the NBBO's price level will receive an 201c8201d liquidity code.





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Route Rates

Fees to Route Liquidity
All U.S. Equities	Per Share Executed	Liquidity Code
All routing strategies that check the NASDAQ book (i.e. STGY, SCAN, SKIP, SKNY, DOTA, DOTM) except for shares that route and execute on NYSE. (See “Rates to Route to NYSE” for shares that route and execute on NYSE)	$0.0030	X
Directed Orders (excluding BX, PSX and NYSE)	$0.0035	X
MOPP Orders (excluding NYSE)	$0.0035	X

TFTY Strategies
All U.S. Equities	Per Share Executed	Liquidity Code
Rebate for orders that execute on BX	$0.0004	B
Fee for orders that execute on low-priced venues	$0.0005	X
Fee for orders that execute on PSX	$0.0028	P
Fee for orders that execute on NYSE	$0.0025	D
Fee/rebate for orders that execute on NASDAQ	Standard NASDAQ add and remove rates apply

SAVE and SOLV Strategies
All U.S. Equities	Per Share Executed	Liquidity Code
Rebate for orders that execute on BX	$0.0004	B
Fee for orders that execute on PSX	$0.0028	P
Fee for orders that execute on NASDAQ	$0.0030	R
Fee for orders that execute on NYSE	$0.0025	D
Fee for orders that execute on other protected quotes and additional destinations	$0.0030	X
Rebate for orders that add liquidity to NASDAQ	Standard NASDAQ add rates apply

QCST and QDRK Strategies
All U.S. Equities	Per Share Executed	Liquidity Code
Rebate for orders that execute on BX	$0.0004	B
Fee for orders that execute on NASDAQ	$0.0029	R
Fee for orders that execute on other protected quotes and additional destinations	$0.0005	X
Rebate for orders that add liquidity to NASDAQ	Standard NASDAQ add rates apply

CART Strategy
All U.S. Equities	Per Share Executed	Liquidity Code
Rebate for orders that execute on BX	$0.0004	B
Fee for orders that execute on PSX	$0.0030	P
Fee for orders that execute on NASDAQ	$0.0030	R
Rebate for orders that add liquidity to NASDAQ	Standard NASDAQ add rates apply

Rates to Route to NASDAQ OMX BX
All U.S. Equities	Per Share Executed	Liquidity Code
Rebate for Directed Orders	Free	B
Rebate for DOTI, CART, TFTY	$0.0004	B
Fee for MOPP	$0.0035	B
Fee for all other orders	$0.0030	B

Rates to Route to NASDAQ OMX PSX
All U.S. Equities	Per Share Executed	Liquidity Code
Fee for Directed Orders	$0.0035	P
Fee for MOPP	$0.0035	P
Fee for all other orders	$0.0030	P

Rates to Route to NYSE
All U.S. Equities	Per Share Executed	Liquidity Code
Fee for all routing strategies (excluding those specified above) that check the NASDAQ book	$0.0025	D
Rebate for liquidity added to NYSE	$0.0015	U
Fee for MOPP orders and directed Intermarket Sweep Orders (ISO)	$0.0029	D
Fee for Non-ISO ISNY orders for firms that add less than 35 million shares (based on average daily shares of liquidity per month)	$0.0029	D
Fee for Non-ISO ISNY orders for firms that add 35 million shares or more (based on average daily shares of liquidity per month)	$0.0028	D
Fee for NYSE, NYSE MKT and NYSE Arca Opening Auctions	$0.0005	F for NYSE & NYSE MKT T for ARCA
Fee for NYSE and NYSE MKT Closing Auctions (orders sent as on-close)	$0.00095	G
Fee for NYSE Arca Closing Auction	$0.0010	Z

Pass-Through Fees
All U.S. Equities	Per Share Executed	Liquidity Code
Orders that NYSE re-routes to another market center	$0.0030	Y

Rate to Route Shares Below $1.00
All U.S. Equities	Per Share Executed	Liquidity Code
Fee for orders executed outside of the NASDAQ facility	0.30% (i.e. 30 basis points) of total dollar volume	X

• Charges for orders routed and executed in the NYSE and NYSE Arca Opening Auctions will be capped at $15,000 per month.
• Volume from Directed ISO, MOPP, SAVE, QSAV, TFTY and QTFY orders that execute on destinations other than NASDAQ will not be included in firms’ average daily volume calculations for pricing tiers.

*Subject to acceptance of filings by the Securities and Exchange Commission (SEC).

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Excessive Messaging Policy

The NASDAQ Stock Market ^® (NASDAQ ^®), NASDAQ OMX BX ^℠ (BX ^℠) and NASDAQ OMX PSX ^℠ (PSX ^℠) have introduced an Excessive Messaging Policy that encourages active quoting near the NBBO while discouraging excessive order activity away from the inside.

MPIDs that exceed a "Weighted Order-to-Trade Ratio" of 100:1 pay a fee on the orders that cause MPID to exceed the threshold. The weighting factors are as follows:

Order's Price vs NBBO upon entry	Weighting factor
0% - 0.20% away	0x
0.20% - 0.99% away	1x
1% - 1.99% away	2x
2% or more away	3x




MPIDs that exceed the Weighted Order-to-Trade Ratio threshold of 1,000:1 will pay a $0.01 penalty on each order that caused the MPID to surpass the threshold.

MPIDs that exceed the Weighted Order-to-Trade Ratio threshold of 100:1 but less than 1,000:1 will pay a $0.005 per order penalty on all orders that caused the MPID's ratio to exceed 100:1.

Example

• ABCD sends the following displayed, liquidity-providing orders:
• 1,000,000 orders at the NBBO (weighting factor: 0x), of which 7,000 trade
• 500,000 orders 1.5% away from the NBBO (weighting factor: 2x), of which 1,000 trade
• ABCD's Weighted Order-to-Trade Ratio is 125:1
• Weighted Order Count: 1,000,000 (1,000,000 x 0 + 500,000 x 2)
• Orders executed (i.e., Trades): 8,000
• Therefore, the ratio is 125 = (1,000,000 weighted orders / 8,000 orders executed)
• Based on 8,000 orders executed, ABCD needed a weighted order count of 800,000 orders to meet the 100:1 threshold
• Therefore, the Excessive Order quantity is: 200,000 = (1,000,000 - 800,000)
• ABCD will incur a penalty of $0.005 on their 200,000 excessive orders.

Notes

Only displayed, liquidity-providing orders received during regular market hours are included in the Weighted Order-to-Trade Ratio calculation.

Non-displayed orders, Immediate-or-Cancel (IOC) orders and Auction orders are excluded from the calculation

Orders sent by Registered Market Makers in their registered securities will not be included in the calculation.

MPIDs sending less than 100,000 Weighted orders daily will not incur penalties.

Excessive Messaging Policy for DOTI and DOTZ

NASDAQ assesses an excessive message fee for MPIDs that use the DOTI or DOTZ strategies and have an order to execution ratio of greater than 300 to 1. This fee applies to firms using NASDAQ's router to engage in high frequency trading on the NYSE and who send orders not eligible to post on the NASDAQ book.

A fee of $0.01 per order applies in the following circumstances:

• Only orders sent via the DOTI or DOTZ strategies
• Only when the order to execution ratio for an MPID’s usage of DOTI/DOTZ greater than 300 orders per 1 execution.
• Only to MPIDs that send an average of more than 10,000 DOTI/DOTZ orders per day
• Only to the number of orders that cause the MPID to exceed the 300 to 1 ratio

Note:

A partial execution counts as an execution toward the ratio calculation. In addition, cancel messages are free and are excluded from the ratio calculation. Orders for less than one round lot and any resulting execution are also excluded.

Example:

Firm A sends 200,000 DOTI/DOTZ orders and 800 of the orders result in executions. No fee is applied because the order to execution ratio is 250:1.

Firm B sends 200,000 DOTI/DOTZ orders and 100 of the orders result in executions. The execution ratio is 2000:1 and the firm will be charged $1,700 for exceeding the ratio by 170,000 messages.

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NASDAQ Membership Fees

Application fee	$2,000
Annual membership fee	$3,000
Monthly trading rights fee	$1,000
Form U-4 filed for the registration of a Representative or Principal	$55
Form U-4 filed for the transfer or re-licensing of a Representative or Principal	$55




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Supplemental MPID Fees

First MPID	Free
Supplemental MPIDs	$1,000/per month, per MPID




Please note: The first MPID requested by a NASDAQ member and supplemental MPIDs used exclusively for FINRA reporting will be excluded from the supplemental MPID fee. Any MPIDs cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled MPID through the rest of the month.

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NASDAQ Rule 11890 Fees

Complaints:

NASDAQ will charge fees for NASDAQ members who file more than two unsuccessful clearly erroneous complaints during a calendar month.

• Each security listed in a filing is treated as a separate complaint for purposes of this fee.
• An unsuccessful complaint is one in which NASDAQ does not break any of the trades included in that complaint.

Following the second unsuccessful complaint, the member shall be assessed a fee of $250 for each additional unsuccessful complaint. For complete information please refer to Regulatory Alert #2008-005.

Appeals:

There is a $500 fee for unsuccessful appeals of Clearly Erroneous Rule 11890 adjudications. The party initiating the appeal shall be assessed the $500 fee if the Market Operations Review Committee (MORC) upholds the decision of the NASDAQ official who made the initial determination. The fee will be reflected in the monthly invoice.

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NASDAQ Crossing Network

Execution Fees for the NASDAQ Opening Cross

NASDAQ charges firms for their net buy/sell market-on-open (MOO) order shares, limit-on-open (LOO) order shares and regular hours order shares that execute in each security as part of the Opening Cross. Each firm's total Opening Cross charges will be capped at $15,000 per month. Imbalance-only orders and continuous book orders executed as part of the Opening Cross are free of charge.

Order Type	Fee for Opening Cross Per Share Executed	Liquidity Code
Market-on-open	$0.0005	O
Limit-on-open	$0.0005	O
Regular Hours Orders* that execute in the cross	$0.0005	O
Imbalance-only	FREE	M
Continuous Book**	FREE	M

* Regular Hours Orders include GTC, IOC and DAY orders, executable between 9:30 a.m. and 4:00 p.m., Eastern Time, including during the Opening Cross.
** Continuous Book includes all quotes and extended hours orders (X) orders eligible to participate in the cross.

Execution Fees for the NASDAQ Closing Cross

Imbalance-only orders and continuous book orders executed as part of the Closing Cross are free of charge.

Order Type	Fee for Closing Cross Per Share Executed	Liquidity Code
Market-on-close*	$0.0010	C
Limit-on-close*	$0.0010	C
Imbalance-only	FREE	L
Continuous Book	FREE	L
Billable orders executed with a share price below $1.00	0.2% (i.e., 20 basis points) of total dollar volume	C




*Internalized shares¹ only of MPIDs meeting both of the qualifications below will receive a discounted rate of $0.0001 per share:

1. MPIDs that execute more than 100 million Market-on-close or Limit-on-close shares in the NASDAQ Closing Cross per month, and
2. MPIDs that add liquidity meeting the thresholds equivalent to the $0.00295 pricing tier (See "Add and Remove Rates" above)

¹ Internalized shares are those shares executed in the NASDAQ Closing Cross that execute against other "On Close" orders submitted by the same MPID.

NASDAQ IPO/Halt Cross

• $0.0005 per share.


• The liquidity code for orders executed in a halt cross is 'H'


• The liquidity code for orders executed in an IPO cross is 'K'

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Data Revenue Sharing

Market Data Revenue Sharing the FINRA/NASDAQ Trade Reporting Facility (TRF)

Firms qualify for tiers on a per tape basis according to each firm's reported market share volume for trades reported to the FINRA/NASDAQ TRF as a percent of the entire reported volume for each period in each Tape. Firms' tier qualifications will be evaluated each quarter for that period's payout.

Tape & Tier	Tier	Revenue Share
Tape A Tier 1	=>2%	98%
Tape A Tier 2	<2%, =>1%	95%
Tape A Tier 3	<1%, =>0.50%	75%
Tape A Tier 4	<0.50%, =>0.10%	20%
Tape A Tier 5	<0.10%	0%
Tape B Tier 1	=>2%	98%
Tape B Tier 2	<2%, =>1%	90%
Tape B Tier 3	<1%, =>0.35%	70%
Tape B Tier 4	<0.35%, =>0.10%	10%
Tape B Tier 5	<0.10%	0%
Tape C Tier 1	=>2%	98%
Tape C Tier 2	<2%, =>1%	95%
Tape C Tier 3	<1%, =>0.50%	75%
Tape C Tier 4	<0.50%, =>0.10%	20%
Tape C Tier 5	<0.10%	0%




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ACES

Market Maker Side Only

Per execution for the first 25,000 orders executed in one month	$.70
Per execution for the next 25,000 orders executed in one month	$.50
Per execution for all remaining orders executed in one month	FREE
Per execution for new relationships between market making and order-entry firms	$.15
Order-entry	FREE
Reject Fee	$1.00




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Weblink ACES

$59 per user, per month for access to Weblink ACES. ACES execution fees still apply. See ACES on this Fee Schedule.

• Please note: Firms will be charged for Weblink ACES in full month increments. Any logon cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled logon or port through the rest of the month.

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FINRA/NASDAQ Trade Reporting Facility (ACT Technology)




See Equity Trader Alert #2010-009 for definitions and additional details.




Standard Fees

Cancellation Fee	$.25
Comparison/Accept per 100 share block (400 share minimum to 7,500 share maximum block)	$.0144 per side
T + 1/T + N	$.288 per trade report, charged to executing broker
Explicit Fee	$.03 per side




Non-Comparison/Accept Trade Reports

The daily average number of media/reporter trades during the month needed to qualify for cap for each tape is below:

Tape	Monthly Cap
A	2,500
B	2,500
C	2,500




Tape A	Monthly Charge	Maximum Monthly Charge if Capped
Media/Executing Party	($0.018) x (Number of Media/Executing Party Reports During the Month)	($0.018) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Executing Party	($0.018) x (Number of Non-Media/Executing Party Reports During the Month)	($0.018) x (2,500) x (Number of Trading Days During the Month)
Media/Contra	( $0.013) x (Number of Media/Contra Reports During the Month)	($0.013) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Contra	($0.013) x (Number of Non-Media/Contra Reports During the Month)	($0.013) x (2,500) x (Number of Trading Days During the Month)




Tape B	Monthly Charge	Maximum Monthly Charge if Capped
Media/ Executing Party	($0.018) x (Number of Media/Executing Party Reports During the Month)	($0.018) x (2,500) x (Number of Trading Days During the Month)
Non-Media/ Executing Party	($0.018) x (Number of Non-Media/ Executing Party Reports During the Month)	$0.018) x (2,500) x (Number of Trading Days During the Month)
Media/Contra	($0.013) x (Number of Media/Contra Reports During the Month)	($0.013) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Contra	($0.013) x (Number of Non-Media/Contra Reports During the Month)	($0.013) x (2,500) x (Number of Trading Days During the Month)




Tape C	Monthly Charge	Maximum Monthly Charge if Capped
Media/ Executing Party	($0.018) x (Number of Media/Executing Party Reports During the Month)	($0.018) x (2,500) x (Number of Trading Days During the Month)
Non-Media/ Executing Party	($0.018) x (Number of Non-Media/ Executing Party Reports During the Month)	($0.018) x (2,500) x (Number of Trading Days During the Month)
Media/Contra	($0.013) x (Number of Media/Contra Reports During the Month)	($0.013) x (2,500) x (Number of Trading Days During the Month)
Non-Media/Contra	($0.013) x (Number of Non-Media/Contra Reports During the Month)	($0.013) x (2,500) x (Number of Trading Days During the Month)

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Trade Facilitation

Sales Fee Transfer Charge

The Sales fee transfer charge will be paid by the transferring party as per the schedule below:

10% of the dollar value of the transferred fee	Variable
Minimum charge per submission	$0.025
Maximum charge per submission	$0.25




Step-Outs on the NASDAQ Exchange

• $0.029 per side

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Sales Fees to Fund Section 31 Obligations

In order to fund Section 31 exchange obligations, we assess a Sales Fee to Clearing Firms relative to the covered sale activity of their executing brokers on NASDAQ.

The Sales Fee will be assessed no later than the 10^th calendar day of the following month and facilitated through a direct debit against the Clearing Firm’s settlement account at the National Securities Clearing Corporation (NSCC).

NASDAQ and BX sales fee invoicing is performed separately. There are discreet invoices and support files available. The BX direct debit appears on the Settlement Account line #45 of firm's DTCC settlement invoice. NASDAQ direct debit appears on the Settlement Account line #43.

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Pre-Trade Risk Management

Item	Fee
PRM Add-On to NASDAQ Workstation	$100 per user, per month
PRM Ports	Fee*
50 or more ports	$400 per port, per month
20-49 ports	$500 per port, per month
5-19 ports	$550 per port, per month
1-4 ports	$600 per port, per month

*The PRM fees will be capped at $25,000 per firm, per month




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Post Trade/Credit Risk Management

Standard Fees

Service (per correspondent, billed to the clearing firm)	$17.25/month
Activity (per trade, per correspondent, billed to the clearing firm*)	$0.025

*$7,500 capped per month per correspondent relationship.

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WeblinkACT 2.0

Connectivity (per user, per month)

Firms that report 20 or fewer trades a day (firm-wide) — Trade report and trade scan	$225
Firms that report more than 20 trades a day (firm-wide) — Trade report, trade scan, and risk management scan	$425
Trade Reporting Query (each)	$0.50
Trade Reporting File Upload Capability	$25
Reject Scan (per logon, per month)	$75

• At firms that report 20 or fewer trades per day, different users may subscribe for different levels of functionality (i.e., one user can subscribe for trade report and trade scan only, while another can subscribe to trade report, trade scan and risk management scan).

Notes

• The above WeblinkACT 2.0 fees do not include transaction charges. Please see the FINRA/NASDAQ TRF section on this Fee Schedule for more information on transaction fees.
• Firm-wide means all trades reported for the firm each day, not only trades reported via the WeblinkACT 2.0 browser application.
• NASDAQ will review your usage periodically to verify that the number of trades reported is within your subscription level. If, after three consecutive months, your firm consistently reports more than 20 trades a day and you have the lower subscription level, NASDAQ will increase your subscription to the higher level. Conversely, if your firm reports less than 20 trades per day for three consecutive months and you have the higher subscription level, NASDAQ will reduce your subscription to the lower level. You will be notified when your subscription level is changed.
• Please note: Firms will be charged for WeblinkACT 2.0 in full month increments. Any logon cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled logon through the rest of the month.

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NASDAQ Workstation

NASDAQ Workstation Logon

Standard Rate (per logon, per month)	$475
Trade Reporting Query (each)	$0.50
Trade Reporting File Upload Capability (per logon, per month)	$25
Reject Scan (per logon, per month)	$75




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ACT Workstation for Clearing Firms Logon

Standard Rate (per logon, per month)	$525
Trade Reporting Query (each)	$0.50
Trade Reporting File Upload Capability (per logon, per month)	$25
Reject Scan (per logon, per month)	$75




Workstation users may choose to purchase CQS data at the exchanges' rates. The exchange will bill the user directly. View the NYSE and NYSE MKT pricing schedules.

• Please note: Firms will be charged for their NASDAQ Workstation(s) in full month increments. Any logon or port cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled logon through the rest of the month.

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NASDAQ InterACT

• $300 per user, per month for the first three log-ons
• $100 per user, per month for any additional log-ons
• Cap of $1,500 per firm, per month
• Please note: Firms will be charged for NASDAQ InterACT in full month increments. Any logon cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled logon through the rest of the month.
• Standard scan rates will apply.

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Reg Recon

Full Subscription (Reg NMS Module and Clearly Erroneous Module

• Reg Recon is $1,000 per month, per MPID. Subscribers can access Reg Recon through as many NASDAQ Workstation, WeblinkACT 2.0 orClearly ErroneousViewers as they choose for this monthly fee.

Clearly Erroneous Module Only

• The Clearly Erroneous Module is $400 per MPID for the first 15 MPIDs and $100 per MPID for additional MPIDs thereafter.

Clearly Erroneous Viewer

• The Clearly Erroneous Viewer can be used to access the Clearly Erroneous Module of Reg Recon. The price is $100, per user, per month.

Notes

• Please note: Firms will be charged for Reg Recon in full month increments. Any logon cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled logon through the rest of the month.

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Short Sale Monitor

• Short Sale Monitor (TRF) - $750 per MPID, per month
• NASDAQ - $150 per MPID, per month
• PSX - $50 per MPID, per month
• BX - $50 per MPID, per month

Please Note: Subscribers can only access the Short Sale Monitor through the NASDAQ Workstation or WeblinkACT 2.0.

To subscribe to the add-on packages, a firm must first subscribe to the Short Sale Monitor

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Limit Locator

• $750 per MPID, per month


• Subscribers can access Limit Locator through as many NASDAQ Workstation or WeblinkACT 2.0 portals linked to the subscribed MPID as they choose for this monthly fee.

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QView

Product	Fee
QView *	$600 per firm, per month
QView + Latency Optics Add-On	$3,500 per firm, per month (inclusive of QView and up to 5 TradeInfo user log ins)




^*Please Note: Subscribers can only access QView through NASDAQ TradeInfo or NASDAQ Workstation.

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NASDAQ TradeInfo

• Access to TradeInfo for the NASDAQ Exchange is $95 per user, per month.


• Effective May 1, 2013, the Band Lookup add-on feature will be $200 per user, per month.

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FIX/OUCH/RASHPort/DROP Connectivity

• Connectivity via FIX for non-trading activity is $500 per port/month
• Connectivity to NY-Metro and Mid-Atlantic Datacenters is $500 per port pair/month.
• For Order Entry internet ports, an additional charge of $200 per month for each internet port will be applied to support bandwidth costs.
• For Market Data internet ports, an additional charge of $600 per month for each internet port will be applied to support bandwidth costs.



• Please note that firms will be charged for their ports in full month increments. Any port cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled port through the rest of the month.

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NASDAQ QIX

QIX Connectivity

QIX Port Pair (and optional Proprietary Quote Information Port)	$1,200 per port pair/month
Unsolicited Message Port	$1,000 per port/month

• Please note that firms will be charged for their QIX ports in full month increments. Any port cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled port through the rest of the month.

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NASDAQ ITCH

Connectivity to NY-Metro and Mid-Atlantic Data Centers

ITCH data feed	$500 per port pair/month
Compressed ITCH data feed	$500 per port pair/month
Multicast ITCH data feed	$1,000 per port pair/month
Multicast ITCH FPGA data feed	$2,500 per port pair/month

• For Order Entry internet ports, an additional charge of $200 per month for each internet port will be applied to support bandwidth costs.
• For Market Data internet ports, an additional charge of $600 per month for each internet port will be applied to support bandwidth costs.
• Please note that firms will be charged for their ports in full month increments. Any port cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled port through the rest of the month.

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NASDAQ VTE

	Fee/Month (per ID)
VTE ID that executes a minimum of 100,000 shares/month	FREE
VTE ID that executes less than 100,000 shares/month	$250
VTE ID that requires web access	$250

• Each VTE ID receiving NASDAQ or Consolidated Quotation System (CQS) market data is subject to pass-through fees for the use of this service, as determined and billed by the specified exchange and/or market center.

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Computer-To-Computer Interface (CTCI) Connectivity

NASDAQ Trade Reporting
Service fee (per month)	$575




CTCI Transmission Control Protocol/Internet Protocol (TCP/IP)

Fee Component	Fee
Station	$600/Station/month
Each 56kb line with single hub and router (for remote disaster recovery sites only)	$900/month
Option 1
Dual 56kb lines (one for redundancy) and single hub and router	$1,000/month
Option 2
Dual 56kb lines (one for redundancy), dual hubs (one for redundancy) and dual router (one for redundancy)	$1,200/month
Option 3
Dual T1 lines (one for redundancy), dual hubs (one for redundancy) and dual router (one for redundancy). Includes base bandwidth of 128kb	$2,500/month
Bandwidth Enhancement Fee (for T1 Subscribers only)
Per 64kb increase above 128kb T1 base	$200/month




CTCI - MQ (IBM WebSphere MQ)

Prices for current CTCI TCP/IP service options including CTCI – MQ software.

Option 1	$1,200/month
Option 2	$1,440/month
Option 3	$3,000/month
Bandwidth Enhancement Fee for CTCI - MQ (for T1 subscribers only)
Per 64kb increase above 128kb T1 base	$240/month




Disaster Recovery Option

Single 56kb line with single hub and router (for remote disaster recovery sites only)

$900/month




Installation Fee

Per site for dual hubs and routers	$2,000
Per site for single hub and router	$1,000




Relocation Fee (for the movement of TCP/IP - capable lines within a single location)

Per relocation

$1,700




CTCI Circuit Installation Pass-Thru Fees

The following pass-thru charges are applicable to CTCI Circuit orders only.

Change Order Charge	$500 per circuit
Expedite Charge	$850 per circuit
Cancellation Charge – before CPE Install	$500 per circuit
Cancellation Charge – after CPE Install	same as install/disconnect




Notes

• The Change Order Charge will apply to any change that is made to an existing order that has already been accepted by the vendor.
• The Expedite Charge will apply once the vendor has accepted the expedite request from NASDAQ. The fee will be assessed even if the customer changes the installation date or cancels the circuit order. The vendor will attempt to complete the circuit installation in advance of the standard 35-business day Normal Lead-Time (NLT), however, installation prior to 35-business days is not guaranteed.
• The customer is subject to this Cancellation Charge if the order is canceled after the vendor has accepted the order but before the vendor is dispatched to the site.
• The customer is subject to this Cancellation Charge if the order is canceled after the vendor has been dispatched to the site to install Customer Premise Equipment. This charge will be assessed the same fees as an installation and disconnection of the circuit.
• Please note that firms will be charged for their CTCI Stations in full month increments. Any station cancellation requests that occur after the first day of the month will be effective on the date requested by the firm. However, the firm will be required to pay for the cancelled station through the rest of the month.

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NASDAQ Testing Facility

Dial-Up and Dedicated Testing Services

INET test ports will be charged $300 per port per month. Hourly charges will still apply to CTCI (ACT, ACES and TRACE, FINRA TRAQS web application) and FIX (ACT and ACES) at the following rates:

Hourly Testing Fees
For Active Connection testing during the normal operating hours of the NTF	$285
For Idle Connection testing	No Charge
For Active Connection testing all times other than the normal operating hours of the NTF	$333

• New customers and existing customers testing new services not previously accessed are able to test for up to one month free of charge. New customers must notify Trading Services via e-mail or at 212-231-5100 to be eligible for one month of free testing. This includes testing for firms that are accessing NASDAQ through a service bureau for the first time.


• Firms will be charged when active testing occurs. It is important for firms to log off once testing is complete. If a firm continues to be logged into NTF but does not send any transactions, the firm will be charged at the applicable weekday or weekend testing rates up to a maximum of one hour after the last transaction was entered.


• Please note that the NTF hourly test fees are applied to total connect time. Customers are responsible for monitoring their own test efforts. NTF customers should control all automatic logon sequences and simultaneous login triggers to ensure that CTCI, FIX and QIX IDs are only logged into the NTF while conducting application testing. These rates do not include fees imposed by internet service providers or the dial-up costs associated with modem access.

Monthly Circuit Fees

• Test vendor feeds including current and new NASDAQ proprietary feeds, data over a 56kb dedicated circuit are $1,100/circuit/month.
• CTCI service over a 56kb dedicated circuit is $1,100/circuit/month.
• The NASDAQ Testing Facility Suite (FIX, QIX and CTCI service over two 56kb circuits on a 128kb port) is $1,800/bundled circuit/month.
• The installation fee is $700 for the NASDAQ Test Facility dedicated service.

Notes and Restrictions

• Subscribers that install the NASDAQ Testing Facility Test Suite or any other NTF dedicated service will not have the ability to alter the nature of their service (a de-installation or installation is required). Subscribers are prohibited from dropping the CTCI, FIX, or QIX portion of the NTF Test Suite at any point prior to the completion of the year agreement. A subscriber that has entered a month-to-month agreement for any NASDAQ Testing Facility dedicated test circuit will be able to uninstall existing service or install new services upon the completion of the term of service.
• There is no de-installation fee provided the subscriber has fully completed their term of service. Subscribers that wish to de-install dedicated test circuits before their contract is complete are liable for the remaining length of the contract. MCI requires 30-business days to process disconnect orders.

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Secure Data on NASDAQ Trader

NASDAQ OMX Report Center

Basic package (per user, per month)			$175
Premium package (per user, per month)			$225
Equity Trade Journal for Clearing package (tiered, per month):
	Tier	Number of Correspondent MPIDs	Monthly Fees
	Tier 1	Daily Reports for 1-10 correspondent MPIDs	$750/month
	Tier 2	Daily Reports for 11-20 correspondent MPIDs	$1,000/month
	Tier 3	Daily Reports for 21-30 correspondent MPIDs	$1,250/month
	Tier 4	Daily Reports for 31-40 correspondent MPIDs	$1,500/month
	Tier 5	Daily Reports for 41 or more correspondent MPIDs	$1,750/month






Regulatory Transaction Fee Reports

Monthly user fee

$25




ACT Recap Messages

Monthly user fee

$315




Daily Market Participant Position Report Plus

Monthly user fee

$150




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