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Home > > BX Options 7
Options 7 Pricing Schedule
Section 1 General Provisions

BX Options Participants may be subject to the Charges for Membership, Services and Equipment in the Equity 7 Rules, General 8, Sections 1–2, as well as the fees in this Options 7. For purposes of assessing fees and paying rebates, the following references should serve as guidance.

The term "Customer" or ("C") applies to any transaction that is identified by a Participant for clearing in the Customer range at The Options Clearing Corporation ("OCC") which is not for the account of broker or dealer or for the account of a "Professional" (as that term is defined in Options 1, Section 1(a)(48)).

The term "BX Options Market Maker" or ("M") is a Participant that has registered as a Market Maker on BX Options pursuant to Options 2, Section 1, and must also remain in good standing pursuant to Options 2, Section 9. In order to receive Market Maker pricing in all securities, the Participant must be registered as a BX Options Market Maker in at least one security.

The term "Lead Market Maker" or ("LMM") applies to a registered BX Options Market Maker that is approved pursuant to Options 2, Section 3 to be the LMM in an options class (options classes).

The term "Non-BX Options Market Maker" or ("O") is a registered market maker on another options exchange that is not a BX Options Market Maker. A Non-BX Options Market Maker must append the proper Non-BX Options Market Maker designation to orders routed to BX Options.

The term “Non-Customer” shall include a Professional, Broker-Dealer and Non-BX Options Market Maker.

The term "Firm" or ("F") applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC.

The term "Professional" or ("P") means any person or entity that (i) is not a broker or dealer in securities, and (ii) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s) pursuant to Options 1, Section 1(a)(48). All Professional orders shall be appropriately marked by Participants.

The term "Broker-Dealer" or ("B") applies to any transaction which is not subject to any of the other transaction fees applicable within a particular category.

The term "Common Ownership" shall mean Participants under 75% common ownership or control. Common Ownership shall apply to all pricing in Options 7, Section 2 for which a volume threshold or volume percentage is required to obtain the pricing.

(a) For purposes of applying any options transaction fee or rebate where the fee assessed, or rebate provided by BX depends upon the volume of an Options Participant's activity, an Options Participant may request that BX aggregate its activity with the activity of its affiliates.

(1) An Options Participant requesting aggregation of affiliate activity shall be required to certify to BX the affiliate status of entities whose activity it seeks to aggregate prior to receiving approval for aggregation, and shall be required to inform BX immediately of any event that causes an entity to cease to be an affiliate. BX shall review available information regarding the entities, and reserves the right to request additional information to verify the affiliate status of an entity. BX shall approve a request unless it determines that the certification is not accurate.

(2) If two or more Options Participants become affiliated on or prior to the sixteenth day of a month, and submit the required request for aggregation on or prior to the twenty-second day of the month, an approval of the request by BX shall be deemed to be effective as of the first day of that month. If two or more Options Participants become affiliated after the sixteenth day of a month, or submit a request for aggregation after the twenty-second day of the month, an approval of the request by BX shall be deemed to be effective as of the first day of the next calendar month.

(b) For purposes of applying any options transaction fee or rebate where the fee assessed, or rebate provided, by BX depends upon the volume of an Options Participant's activity, references to an entity (including references to a "Options Participant") shall be deemed to include the entity and its affiliates that have been approved for aggregation.

(c) For purposes of options pricing, the term "affiliate" of an Options Participant shall mean any Options Participant under 75% common ownership or control of that Options Participant.

The term "Appointed MM" is a BX Options Market Maker who has been appointed by an Order Flow Provider ("OFP") for purposes of qualifying as an Affiliated Entity. An OFP is a Participant that submits orders, as agent or principal, to the Exchange.

The term "Appointed OFP" is an OFP who has been appointed by a BX Options Market Maker for purposes of qualifying as an Affiliated Entity.

The term "Affiliated Entity" is a relationship between an Appointed MM and an Appointed OFP for purposes of aggregating eligible volume for pricing in Options 7, Section 2(1) for which a volume threshold or volume percentage is required to qualify for higher rebates or lower fees. BX Options Market Makers and OFPs are required to send an email to the Exchange to appoint their counterpart, at least 3 business days prior to the last day of the month to qualify for the next month. The Exchange will acknowledge receipt of the emails and specify the date the Affiliated Entity is eligible for applicable pricing in Options 7, Section 2(1). Each Affiliated Entity relationship will commence on the 1st of a month and may not be terminated prior to the end of any month. An Affiliated Entity relationship will terminate after a one (1) year period, unless either party terminates earlier in writing by sending an email to the Exchange at least 3 business days prior to the last day of the month to terminate for the next month. Affiliated Entity relationships must be renewed annually. Participants under Common Ownership may not qualify as a counterparty comprising an Affiliated Entity. Each Participant may qualify for only one (1) Affiliated Entity relationship at any given time.

The term "Joint Back Office" or "JBO" applies to any transaction that is identified by a Participant for clearing in the Firm range at OCC and is identified with an origin code as a JBO. A JBO will be priced the same as a Broker-Dealer as of September 1, 2014. A JBO participant is a Participant that maintains a JBO arrangement with a clearing broker-dealer ("JBO Broker") subject to the requirements of Regulation T Section 220.7 of the Federal Reserve System as further discussed in Options 6D, Section 4.

With respect to Options 7, Sections 2(1) and (2) the order that is received by the trading system first in time shall be considered an order adding liquidity and an order that trades against that order shall be considered an order removing liquidity.

Collection of Exchange Fees and Other Claims-BX Options

Each BX Options Participant, and all applicants for registration, shall be required to provide a clearing account number for an account at the National Securities Clearing Corporation ("NSCC") for purposes of permitting the Exchange to debit any undisputed or final fees, fines, charges and/or other monetary sanctions or other monies due and owing to the Exchange or other charges related to General 2, Section 2. If a member disputes an invoice, the Exchange will not include the disputed amount in the debit if the member has disputed the amount in writing to the Exchange's designated staff by the 15th of the month, or the following business day if the 15th is not a business day, and the amount in dispute is at least $10,000 or greater.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Sept. 17, 2018 (SR-BX-2018-046); amended January 4, 2021 (SR-BX-2021-001); amended Mar. 11, 2021 (SR-BX-2021-007); amended Mar. 22, 2021 (SR-BX-2021-009).

Section 2 BX Options Market-Fees and Rebates

The following pricing shall apply to the use of the order execution and routing services of the BX Options market for all securities.

(1) Fees and rebates for Execution of Contracts on the BX Options Market:*

Penny Symbols

Market Participant

Maker Rebate

Taker Fee

Lead Market Maker

(0.29)2

$0.46

Market Maker

(0.25)2

$0.46

Non-Customer

(0.12)

$0.46

Firm

(0.12)

$0.46

Customer

($0.30)

$0.461

 

Non-Penny Symbols

Market Participant

Maker Rebate / Fee

Taker Fee

Lead Market Maker

(0.45)

$1.10

Market Maker

(0.40)

$1.10

Non-Customer

$0.45

$1.10

Firm

$0.45

$1.10

Customer

($0.90)3

$0.65


*. Orders executed in the Opening Process per Options 3, Section 8, orders that generate an order exposure alert per Options 5, Section 4, and orders transacted in the Price Improvement Auction (“PRISM”) per Options 3, Section 13 are not subject to Options 7, Section 2(1) pricing, instead, these orders are subject to the pricing within Options 7, Sections 2(2), (4) and (5), respectively.


1. Customer Taker Fee will be $0.26 per contract for trades which remove liquidity in SPY.


2. The Maker Rebate for Lead Market Makers and Market Makers in SPY will be $0.22 per contract.  The Maker Rebate for Lead Market Makers and Market Makers in AAPL, IWM, GLD, QQQ, SLV, and TSLA will be $0.42 per contract.


3. Customer orders will receive a $0.45 per contract Non-Penny Symbol Maker Rebate if the quantity of transactions where the contra-side is also a Customer is greater than 25% of Participant’s total Customer Non-Penny Symbol volume which adds liquidity in that month. The aforementioned calculation of 25% will not consider orders within the Opening Process per Options 3, Section 8, orders that generate an order exposure alert per BX Options 5, Section 4, or orders transacted in the Price Improvement Auction (“PRISM”) per Options 3, Section 13.

(2) Opening Process per Options 3, Section 8

All orders executed in the Opening Process:

Customer orders will receive the Maker Rebate during the Exchange’s Opening Process, unless the contra-side is also a Customer, in which case a Maker Rebate will not be paid and a Taker Fee will not be assessed. Lead Market Makers, Market Makers, Non-Customers, and Firms will be assessed the Taker Fee during the Exchange’s Opening Process and will not receive Maker Rebates.

(3) Fees for routing contracts to markets other than the BX Options Market shall be assessed as follows:

 

 

Non-Customer

• $0.99 per contract to any options exchange.

Customer

• Routing Fees to NOM and PHLX: $0.13 per contract fee ("Fixed Fee") in addition to the actual transaction fee assessed.

 

• Routing Fees to all other options exchanges: $0.23 per contract fee ("Fixed Fee") in addition to the actual transaction fee assessed. If the away market pays a rebate, the Routing Fee will be $0.13.

(4) Fees for execution of contracts on the BX Options Market that generate an order exposure alert per BX Options 5, Section 4:

Fees and Rebates (per executed contract)

 

Customer

Lead Market Maker

BX Options Market Maker

Non-Customer

Penny Symbols:

 

 

 

 

Rebate for Order triggering order exposure alert:

$0.34

$0.00

$0.00

$0.00

Fee for Order responding to order exposure alert:

$0.39

$0.39

$0.39

$0.45

Non-Penny Symbols:

 

 

 

 

Rebate for Order triggering order exposure alert:

$0.70

$0.00

$0.00

$0.00

Fee for Order responding to order exposure alert:

$0.85

$0.85

$0.85

$0.89

(5) Fees and rebates for BX Price Improvement Auction ("PRISM") per Options 3, Section 13.

Fees and rebates (per contact)

 

 

Submitted PRISM Order

Responded to PRISM Auction

PRISM Order Traded With PRISM Response

 

 

fee

fee

rebate

Type of Market Participants

Agency Order

Contra-Side Order

Penny Classes

Non-Penny Classes

Penny Classes

Non-Penny Classes

Customer

$0.00

$0.00

$0.49

$0.94

$0.35

$0.70

Lead Market Maker

$0.30

$0.05

$0.49

$0.94

$0.00

$0.00

BX Options Market Maker

$0.30

$0.05

$0.49

$0.94

$0.00

$0.00

Non-Customer

$0.30

$0.05

$0.49

$0.94

$0.00

$0.00

BX will apply the rebate to market participants that submitted a PRISM Order pursuant to a PRISM Auction and the PRISM Order traded with PRISM Response. The Agency Order fee for Submitted PRISM Order will be applicable to any contract(s) for which a rebate is provided for PRISM Order Traded with PRISM Response.

(6) Removal of Days for Purposes of Pricing Tiers:

(i) (A) Any day that the Exchange announces in advance that it will not be open for trading will be excluded from the options tier calculations set forth in its Pricing Schedule; and (B) any day with a scheduled early market close ("Scheduled Early Close") may be excluded from the options tier calculations only pursuant to paragraph (iii) below.

(ii) The Exchange may exclude the following days ("Unanticipated Events") from the options tier calculations only pursuant to paragraph (iii) below, specifically any day that: (A) the market is not open for the entire trading day, (B) the Exchange instructs Participants in writing to route their orders to other markets, (C) the Exchange is inaccessible to Participants during the 30-minute period before the opening of trade due to an Exchange system disruption, or (D) the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours.

(iii) If a day is to be excluded as a result of paragraph (i)(B) or (ii) above, the Exchange will exclude the day from any Participant's monthly options tier calculations as follows:

(A) the Exchange may exclude from the ADV calculation any Scheduled Early Close or Unanticipated Event; and

(B) the Exchange may exclude from any other applicable options tier calculation provided for in its Pricing Schedule (together with (ii)(A), "Tier Calculations") any Scheduled Early Close or Unanticipated Event.

provided, in each case, that the Exchange will only remove the day for Participants that would have a lower Tier Calculation with the day included.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 26, 2012 (SR-BX-2012-043), operative July 2, 2012; amended July 10, 2012 (SR-BX-2012-051); amended August 30, 2012 (SR-BX-2012-060); amended October 31, 2012 (SR-BX-2012-071), operative November 1, 2012; amended Dec. 18, 2012 (SR-BX-2012-074), operative Jan. 2, 2013; amended Jan. 2, 2013 (SR-BX-2013-002); amended Jan. 15, 2013 (SR-BX-2013-005), operative Feb. 1, 2013; amended Feb. 7, 2013 (SR-BX-2013-014); amended Feb. 21, 2013 (SR-BX-2013-017); amended Mar. 8, 2013 (SR-BX-2013-023), operative Apr. 1, 2013; amended Apr. 9, 2013 (SR-BX-2013-030), operative May 1, 2013; amended May 24, 2013 (SR-BX-2013-037), operative June 3, 2013; amended July 26, 2013 (SR-BX-2013-046), operative Aug. 1, 2013; amended Sep. 23, 2013 (SR-BX-2013-052), operative Oct. 1, 2013; amended Dec. 2, 2013 (SR-BX-2013-060); amended Mar. 3, 2014 (SR-BX-2014-012); amended May 16, 2014 (SR-BX-2014-026), operative June 2, 2014; amended July 1, 2014 (SR-BX-2014-036); amended Oct. 23, 2014 (SR-BX-2014-052), operative Nov. 3, 2014; amended Jan. 9, 2015 (SR-BX-2015-004); amended May 11, 2015 (SR-BX-2015-029), operative May 1, 2015; amended Nov. 20, 2015 (SR-BX-2015-075), operative Nov. 12, 2015; amended Dec. 11, 2015 (SR-BX-2015-081); amended Dec. 11, 2015 (SR-BX-2015-079), operative Nov. 16, 2015; amended Feb. 1, 2016 (SR-BX-2016-010); amended Feb. 29, 2016 (SR-BX-2016-016), operative Mar. 1, 2016; amended May 19, 2016 (SR-BX-2016-027), operative May 2, 2016; amended July 14, 2016 (SR-BX-2016-045), operative July 1, 2016; amended Aug. 31, 2016 (SR-BX-2016-049), operative Sept. 1, 2016; amended Nov. 1, 2017 (SR-BX-2017-051); amended Sept. 17, 2018 (SR-BX-2018-046); amended Dec. 21, 2018 (SR-BX-2018-068); amended Jan. 31, 2019 (SR-BX-2019-001); amended October 23, 2019 (SR-BX-2019-039); amended Aug. 6, 2020 (SR-BX-2020-021); amended Aug. 12, 2020 (SR-BX-2020-022); amended Dec. 1, 2020 (SR-BX-2020-037); amended January 4, 2021 (SR-BX-2021-001); amended Mar. 1, 2021 (SR-BX-2021-004); amended Mar. 11, 2021 (SR-BX-2021-007); amended Mar. 22, 2021 (SR-BX-2021-009); amended March 29, 2021 (SR-BX-2021-010), operative April 1, 2021; amended Apr. 13, 2021 (SR-BX-2021-015).

Section 3 BX Options Market - Ports and other Services

The below charges are assessed by BX for connectivity to the BX Options Market.

A port is a logical connection or session that enables a market participant to send inbound messages and/or receive outbound messages from the Exchange using various communication protocols. Fees are assessed in full month increments and are not prorated.

An account number shall mean a number assigned to a Participant. Participants may have more than one account number.

(i) The following order and quote protocols are available on BX:

 

 

(1) FIX Port Fee1

$650 per port, per month, per account number

(2) SQF Port Fee

$500 per port, per month

(3) SQF Purge Port Fee

$500 per port, per month

(ii) The following order and execution information is available to Participants.

 

 

 

(1) CTI Port Fee1

$650 per port, per month

(2) FIX DROP Port Fee1

$650 per port, per month

(iii) The following data ports fees apply in connection with data subscriptions pursuant to BX Rules at Options 7, Section 4. The below port fees do not apply if the subscription is delivered via multicast. These ports are available to non-BX Participants and BX Participants.

                    

 

 

(1) BX Depth Port Fee1

$650 per port, per month

(2) BX TOP Port Fee1

$650 per port, per month

1The maximum monthly fees in the aggregate for FIX Port, CTI Port, FIX DROP Port, BX Depth Port and BX TOP Port Fees will be $7,500.

(iv) Other ports:

 

 

Disaster Recovery Port Fee for ports in subsections (i) - (iii)

$0 per port, per month

(v) Access and Redistribution Fee

(1) Definitions: For purposes of this Section:

(A) The term "Equipment Configuration" shall mean any line, circuit, router package, or other technical configuration used to provide a connection to the Exchange market data feeds.

(B) The term "Extranet Provider" shall mean any entity that has signed the Exchange Extranet Connection Agreement and that establishes a telecommunications connection in the Exchange's co-location facility.

(C) The term "Distributor" shall have the meaning set forth in Equity 7, Section 119(b).

(2) Extranet Providers that establish a connection with the Exchange to offer direct access connectivity to market data feeds shall be assessed a monthly access and redistribution fee of $1,000 per Equipment Configuration. If an Extranet Provider uses multiple Equipment Configurations to provide Exchange market data feeds to recipients, the access and redistribution fee shall apply to each such Equipment Configuration. Extranet Providers that use the same Equipment Configuration for the receipt of equities and options Exchange market data feeds will be assessed a single fee for that Equipment Configuration.

(3) Distributors (other than Extranet Providers) that utilize a Direct Circuit Connection to the Exchange pursuant to General 8, Section 2 to receive Exchange market data feeds shall be assessed a monthly access and redistribution fee of $1,000 per Direct Circuit Connection. If a Distributor (other than an Extranet Provider) uses multiple Direct Circuit Connections to receive Exchange market data feeds, the monthly fee shall apply to each. Distributors that use the same Direct Circuit Connection for the receipt of equities and options Exchange market data feeds will be assessed a single fee for that Direct Circuit Connection.

(4) The access and redistribution fees set forth above will not be charged for connectivity to market data feeds containing only consolidated data. For purposes of this Section, consolidated data is data disseminated by the Securities Information Processor for the Options Price Regulatory Authority.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 29, 2012 (SR-BX-2012-049), operative July 2, 2012; amended Dec. 15, 2014 (SR-BX-2014-060), operative Jan. 2, 2015; amended Jan. 2, 2015 (SR-BX-2015-002); amended Jan. 12, 2016 (SR-BX-2016-003), operative Jan. 4, 2016; amended Nov. 30, 2016 (SR-BX-2016-066); amended Feb. 1, 2017 (SR-BX-2017-005); amended Feb. 8, 2017 (SR-BX-2017-009); amended Feb. 21, 2017 (SR-BX-2017-015); amended Sep. 29, 2017 (SR-BX-2017-041); amended Oct. 2, 2017 (SR-BX-2017-042); amended Oct. 12, 2017 (SR-BX-2017-043); amended Oct. 25, 2017 (SR-BX-2017-048); amended Apr. 27, 2018 (SR-BX-2018-017); amended June 13, 2018 (SR-BX-2018-024); amended Sept. 17, 2018 (SR-BX-2018-046); amended Nov. 27, 2018 (SR-BX-2018-060); July 15, 2019 (SR-BX-2019-027); amended Aug. 6, 2020 (SR-BX-2020-021); amended Aug. 12, 2020 (SR-BX-2020-022); amended Sep. 30, 2020 (SR-BX-2020-028), operative Oct. 1, 2020; amended Dec. 1, 2020 (SR-BX-2020-037).

Section 4 BX Options Market Data Distributor Fees

(a) The charges to be paid by recipients of BX Top and BX Depth options data feeds shall be:

 

 

 

 

 

Monthly Internal Distributor Fee

Monthly External Distributor Fee

Monthly Non-Display Enterprise License Fee

BX Top and BX Depth *

$1,500/firm

$2,000/firm

$2,500/firm

* One Distributor fee allows access to both the BX Top and BX Depth data feeds.

 

 

 

Monthly Per Subscriber Fee

BX Top

$5/professional Subscriber $1/non-professional Subscriber

BX Depth

$10 professional Subscriber $1/non-professional Subscriber

(b) A "Distributor" of BX options market data is any entity that receives a feed or data file of BX data directly from the Exchange or indirectly through another entity and then distributes the data either internally (within that entity) or externally (outside that entity). All Distributors shall execute a Distributor agreement with the Exchange. BX itself is a vendor of its data feed(s) and has executed a Distributor agreement and pays the associated charges.

(c) An "Non-Display Enterprise License" entitles a Distributor to provide BX Top or BX Depth market data pursuant to this Section to an unlimited number of non-display devices within the firm without any per Subscriber charge associated with those devices.

(d) BX Top of Market (BX Top) is data that includes the BX Options Market ("BX") Best Bid and Offer and last sale information for trades executed on BX.

(e) BX Depth of Market (BX Depth) is data feed that includes quotation information for individual orders on the BX book, last sale information for trades executed on BX, and Order Imbalance Information as set forth in BX Rules Options 3, Section 8.

(f) The term "Non-Professional" shall have the same meaning as in BX Equity 7, Section 123(b)(2).

(g) 30-Day Free Trial Offer. BX may offer all new individual (non-firm) Subscribers and potential new individual Subscribers a 30-day waiver of the Subscriber fees for Nasdaq options market data pursuant to this Section. This fee waiver period shall be applied on a rolling basis, determined by the date on which a new individual Subscriber is first entitled by a Distributor to receive access to BX options market data. A Distributor may only provide this waiver to a specific individual Subscriber once.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 11, 2013 (SR-BX-2013-040); amended Sept. 17, 2018 (SR-BX-2018-046); amended October 23, 2019 (SR-BX-2019-039).

Section 5 BX Options Regulatory Fee

BX Participants will be assessed an Options Regulatory Fee of $0.0005 per contract side.

The Options Regulatory Fee ("ORF") is assessed by BX to each BX Participant for options transactions cleared by OCC in the Customer range where: (1) the execution occurs on BX or (2) the execution occurs on another exchange and is cleared by a BX Participant. The ORF is collected by OCC on behalf of BX from (1) BX clearing members for all Customer transactions they clear or (2) non-members for all Customer transactions they clear that were executed on BX. BX uses reports from OCC when assessing and collecting ORF. The Exchange will notify Participants via an Options Trader Alert of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Jan. 21, 2016 (SR-BX-2016-007), operative Feb. 1, 2016; amended July 6, 2016 (SR-BX-2016-043), operative Aug. 1, 2016; amended July 26, 2017 (SR-BX-2017-032), operative Aug. 1, 2017; amended Oct. 2, 2017 (SR-BX-2017-040); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 6 BX Options Maintenance Tool

The BX Options Maintenance Tool will be available to each subscriber for a subscription fee of $200 per month, per user.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended June 29, 2012 (SR-BX-2012-049), operative July 2, 2012; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 7 BX Options Fee Disputes

(a) All fee disputes concerning fees which are billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation.

(b) All fee disputes must be submitted no later than sixty (60) days after receipt of a billing invoice.

(c) This Section applies to the following BX Options market fees:

(1) Section 2 "BX Options Market - Fees";

(2) Section 3 "BX Options Market - Ports and other Services" ; and

(3) Section 5 "BX Options Regulatory Fee."

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Nov. 30, 2016 (SR-BX-2016-066); amended Sept. 17, 2018 (SR-BX-2018-046); amended Sep. 30, 2020 (SR-BX-2020-028), operative Oct. 1, 2020.

Section 8 Sales Fee - Options

A Sales Fee is assessed by BX to each member for sales of securities through BX transaction execution systems in the following circumstances:

(a) When a sale in option securities occurs with respect to which BX is obligated to pay a fee to the SEC under Section 31 of the Act;

(b) When a sell order in option securities is routed for execution at a market other than the BX Options market, resulting in a covered sale on that market and an obligation of the routing facility of BX to pay the related sales fee of that market;

The Sales Fee is collected indirectly from members through their clearing firms by a designated clearing agency, as defined by the Act, on behalf of BX. The amount of the Sales Fee is equal to (i) the Section 31 fee rate multiplied by (ii) the member's aggregate dollar amount of covered sales resulting from transactions through BX transaction execution systems during any computational period.

Adopted by SR-BX-2012-030 eff. June 26, 2012; amended Sept. 17, 2018 (SR-BX-2018-046).

Section 9 Testing Facilities

The Exchange operates a test environment in Carteret, New Jersey. References to the "Testing Facility" refers to this test environment.

Subscribers to the Testing Facility shall pay a fee of $1,000 per hand-off, per month for connection to the Testing Facility. The hand-off fee includes either a 1Gb or 10Gb switch port and a cross connect to the Testing Facility. Subscribers shall also pay a one-time installation fee of $1,000 per hand-off.

The connectivity provided under this Section also provides connectivity to the other test environments of The Nasdaq Stock Market LLC and Nasdaq PHLX LLC. Additionally, the connectivity may be utilized for either equities or options testing.

Adopted Oct. 16, 2015 (SR-BX-2015-059), operative Oct. 26, 2015; amended Oct. 18, 2017 (SR-BX-2017-045); amended Sept. 17, 2018 (SR-BX-2018-046).

Section 10 Participant Fee - Options

BX Options Participants will be subject to a Participant Fee of $500 per month.

Adopted Dec. 17, 2015 (SR-BX-2015-083), operative Jan. 4, 2016; amended Sept. 17, 2018 (SR-BX-2018-046).

 
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