Options 7 Pricing Schedule
(a) Removal of Days for Purposes of Pricing Tiers:
(1) (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 (3) below.
(2) The Exchange may exclude the following days ("Unanticipated Events") from the options tier calculations only pursuant to paragraph (3) below, specifically any day that:
(A) the market is not open for the entire trading day, (B) the Exchange instructs members in writing to route their orders to other markets,
(C) the Exchange is inaccessible to members 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.
(3) If a day is to be excluded as a result of paragraph (1)(B) or (2) above, the Exchange will exclude the day from any member'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 (3)(A), "Tier Calculations") any Scheduled Early Close or Unanticipated
Event.
provided, in each case, that the Exchange will only remove the day for members that would have a lower Tier Calculation with the day included.
(b) Fee Disputes. 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. All fee disputes must be submitted no later than sixty calendar (60)
days after receipt of a billing invoice.
(c) Definitions. For purposes of assessing fees, the following references should serve as guidance. Terms not defined in this Pricing Schedule shall have the meaning ascribed to them under Nasdaq MRX Rules. Fees and rebates are listed per contract
per leg unless otherwise noted.
An "Affiliated Entity" is a relationship between an Appointed Market Maker and an Appointed OFP for purposes of qualifying for certain pricing specified in the Pricing Schedule. 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, as specified
in the Pricing Schedule. 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 automatically renew each month until or 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 Members may not qualify as a counterparty comprising an Affiliated Entity. Each Member may qualify
for only one (1) Affiliated Entity relationship at any given time.
An "Affiliated Member" is a Member that shares at least 75% common ownership with a particular Member as reflected on the Member's Form BD, Schedule A.
An "Appointed Market Maker" is a Market Maker who has been appointed by an OFP for purposes of qualifying as an Affiliated Entity.
An "Appointed OFP" is an OFP who has been appointed by a Market Maker for purposes of qualifying as an Affiliated Entity.
A "Broker-Dealer" order is an order submitted by a Member for a broker-dealer account that is not its own proprietary account.
A "Complex Order" is any order involving the simultaneous purchase and/or sale of two or more different options series in the same underlying security, as provided in Nasdaq MRX Options 3, Section 14, as well as Stock-Option Orders.
A "Crossing Order" is an order executed in the Exchange's Facilitation Mechanism, Solicited Order Mechanism, Price Improvement Mechanism ("PIM") or submitted as a Qualified Contingent Cross order. For purposes of this Pricing Schedule, orders executed
in the Block Order Mechanism are also considered Crossing Orders.
"Customer Total Consolidated Volume" means the total volume cleared at The Options Clearing Corporation in the Customer range in equity and ETF options in that month.
An “Exposed Order” is an order that is broadcast via an order exposure alert as described within Options 5, Section 4 (Order Routing). Unless otherwise noted in Options 7, Section 3 pricing, Exposed Orders will be assessed the applicable “Taker” Fee
and any order or quote that executes against an Exposed Order during a Route Timer will be paid/assessed the applicable “Maker” Rebate/Fee.
A "Firm Proprietary" order is an order submitted by a Member for its own proprietary account.
A "Market Maker" is a market maker as defined in Nasdaq MRX Rule Options 1, Section 1(a)(21).
A "Non-Nasdaq MRX Market Maker" is a market maker as defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, registered in the same options class on another options exchange.
"Non-Penny Symbols" are options overlying all symbols excluding Penny Symbols.
An "Order Flow Provider" ("OFP") is any Member, other than a Market Maker, that submits orders, as agent or principal, to the Exchange.
"Penny Symbols" are options overlying all symbols listed on Nasdaq MRX that are in the Penny Interval Program.
A "Priority Customer" is a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s), as defined in Nasdaq MRX
Options 1, Section 1(a)(36). Unless otherwise noted, when used in this Pricing Schedule the term "Priority Customer" includes "Retail" as defined below.
A "Professional Customer" is a person or entity that is not a broker/dealer and is not a Priority Customer.
A "Regular Order" is an order that consists of only a single option series and is not submitted with a stock leg.
"Responses to Crossing Order" is any contra-side interest (i.e., orders & quotes) submitted after the commencement of an auction in the Exchange's Facilitation Mechanism, Solicited Order Mechanism, Block Order Mechanism or Price Improvement Mechanism.
A "Retail" order is a Priority Customer order that originates from a natural person, provided that no change is made to the terms of the order with respect to price or side of market and the order does not originate from a trading algorithm or any
other computerized methodology.
(d) Unrelated Market or Marketable Interest Pricing
The following applies to orders executed in the Exchange's Facilitation Mechanism (“FAC Order”), Solicited Order Mechanism (“SOL Order”), and Price Improvement Mechanism (“PIM Order”):
Ø When the FAC Order or SOL Order executes against unrelated market or marketable interest received during an auction, the FAC Order
or SOL Order will be assessed the applicable Crossing Order fees in Section 3, Table 2 below (for regular FAC Orders and SOL Orders) and applicable Complex Order fees in Section 4 below (for complex FAC Orders and SOL Orders). The unrelated market or marketable
interest received during an auction will be assessed the applicable fees for Responses to Crossing Order in Section 3, Table 2 below (for regular interest) and applicable Complex Order fees in Section 4 below (for complex interest).
Ø When the PIM Order executes against unrelated market or marketable interest received during an auction, the PIM Order will be assessed
the applicable PIM Originating Order fees or Break-up Rebates in Section 3.A below (for regular and complex PIM Orders). The unrelated market or marketable interest received during an auction will be assessed the applicable fees for Responses to PIM Orders
in Section 3.A below (for regular and complex interest).
Ø When the FAC Order, SOL Order, or PIM Order executes against unrelated market or marketable interest received prior to the commencement
of an auction, the FAC Order, SOL Order, or PIM Order would be subject to the applicable taker pricing in Section 3, Table 1 below (for regular FAC Orders, SOL Orders, and PIM Orders) and the applicable Complex Order fees in Section 4 below (for complex FAC
Orders, SOL Orders, and PIM Orders). The unrelated market or marketable interest received prior to the commencement of an auction will be assessed the applicable maker pricing in Section 3, Table 1 below (for regular interest), and the applicable Complex Order
fees in Section 4 below (for complex interest).
Adopted August 31, 2018 (SR-MRX-2018-27); amended December 21, 2018 (SR-MRX-2018-42); amended January 31, 2019 (SR-MRX-2019-02), operative February 1, 2019; amended June 12, 2019 (SR-MRX-2019-12); amended June 24, 2019 (SR-MRX-2019-14); amended June 5, 2019
(SR-MRX-2019-11), operative July 5, 2019; amended July 8, 2019 (SR-MRX-2019-15); amended Dec. 9, 2019 (SR-MRX-2019-25); amended July 1, 2020 (SR-MRX-2020-14); amended Nov. 2, 2020 (SR-MRX-2020-19); amended Nov. 6, 2020 (SR-MRX-2020-21; amended Apr. 1, 2021
(SR-MRX-2021-02); amended Apr. 13, 2021 (SR-MRX-2021-04); amended Dec. 1, 2021 (SR-MRX-2021-12); amended Oct. 12, 2022 (SR-MRX-2022-21); amended Sep. 30, 2022 (SR-MRX-2022-18), operative Nov. 7, 2022; amended Sep. 14, 2023 (SR-MRX-2023-17).
Section 2. Collection of Exchange Fees and Other Claims
(a) Each Member, and all applicants for registration as such 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; provided, however, that the fees set forth in Section 7 (Market Data) of the Exchange's Pricing Schedule
shall be excluded from this Rule. 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 August 31, 2018 (SR-MRX-2018-27); amended July 8, 2019 (SR-MRX-2019-15).]
Section 3. Regular Order Fees and Rebates
Table 1
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Penny Symbols
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Market Participant
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Maker Fee
Tier 1
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Maker Fee
Tier 2
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Maker Fee/Rebate Tier 3
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Maker Fee/Rebate Tier 4
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Taker Fee
Tier 1
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Taker Fee
Tier 2
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Taker Fee Tier 3
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Taker Fee Tier 4
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Market Maker(1)(5)
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$0.10(6)
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$0.00(6)
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($0.05)(6)
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($0.10)(6)
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$0.50(2)(4)
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$0.50(2)(4)
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$0.50(2)(4)
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$0.50(2)(4)
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.47
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$0.47
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$0.47
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$0.47
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$0.50
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$0.50
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$0.50
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$0.50
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Firm Proprietary / Broker-Dealer
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$0.47
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$0.47
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$0.47
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$0.47
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$0.50
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$0.50
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$0.50
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$0.50
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Professional Customer
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$0.47
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$0.47
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$0.47
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$0.47
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$0.50
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$0.50
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$0.50
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$0.50
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Priority Customer
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$0.00
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$0.00
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$0.00
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$0.00
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$0.20(6)(7)
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$0.20(6)(7)
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$0.20(6)(7)
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$0.20(6)(7)
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Non-Penny Symbols
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Market Participant
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Maker Fee
Tier 1
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Maker Fee
Tier 2
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Maker Fee
Tier 3
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Maker Fee
Tier 4
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Taker Fee
Tier 1
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Taker Fee
Tier 2
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Taker Fee
Tier 3
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Taker Fee
Tier 4
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Market Maker(1)(5)
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$0.35
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$0.20
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$0.15
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$0.10
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$1.10(3)(4)
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$1.10(3)(4)
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$1.10(3)(4)
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$1.10(3)(4)
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.90
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$0.90
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$0.90
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$0.90
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$1.10
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$1.10
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$1.10
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$1.10
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Firm Proprietary / Broker-Dealer
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$0.90
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$0.90
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$0.90
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$0.90
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$1.10
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$1.10
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$1.10
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$1.10
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Professional Customer
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$0.90
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$0.90
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$0.90
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$0.90
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$1.10
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$1.10
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$1.10
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$1.10
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Priority Customer
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$0.00
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$0.00
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$0.00
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$0.00
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$0.40(7)
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$0.40(7)
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$0.40(7)
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$0.40(7)
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1. This fee also applies to Market Maker orders sent to the Exchange by Electronic Access Members.
2. A Taker Fee of $0.20 per contract applies instead when trading with Priority Customer orders in Penny Symbols entered by an Affiliated Member or Affiliated Entity. A Taker Fee of $0.10 per contract applies instead when trading with Priority Customer orders
in Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.20% to less than 0.75% Customer Total Consolidated Volume. A Taker Fee of $0.00 per contract applies
instead when trading with Priority Customer orders in Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.75% Customer Total Consolidated Volume or more.
3. A Taker Fee of $0.90 per contract applies instead when trading with Priority Customer orders in Non-Penny Symbols entered by an Affiliated Member or Affiliated Entity. A Taker Fee of $0.50 per contract applies instead when trading with Priority Customer
orders in Non-Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.20% to less than 0.75% Customer Total Consolidated Volume. A Taker Fee of $0.20 per
contract applies instead when trading with Priority Customer orders in Non-Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.75% Customer Total Consolidated
Volume or more.
4. Total Affiliated Member or Affiliated Entity Priority Customer ADV means all Priority Customer ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities. All eligible volume from
Affiliated Members or an Affiliated Entity will be aggregated in determining applicable tiers.
5. Market Makers may alternatively qualify for these fees if they meet the applicable tier thresholds based on Total Market Maker ADV set forth in Table 3 below.
6. Market Maker Tier 1 through Tier 4 Maker Fees/Rebates and Priority Customer Tier 1 through Tier 4 Taker Fees will be $0.00 per contract, in Penny Symbols, for the following option symbols: SPY, QQQ and IWM.
7. Members that execute Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.30% Customer Total Consolidated Volume in Regular Orders for Penny and Non-Penny Symbols which remove liquidity in a given month will be assessed: (1) a $0.10
per contract Priority Customer Taker Fee in Penny Symbols; and (2) a $0.20 per contract Priority Customer Taker Fee in Non-Penny Symbols.
Table 2
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Penny Symbols
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Market Participant
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Fee for Crossing Orders(1)
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Fee for Responses to Crossing Orders(2)
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Market Maker(4)
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$0.20
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$0.50
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.20
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$0.50
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Firm Proprietary / Broker-Dealer
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$0.20
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$0.50
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Professional Customer
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$0.20
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$0.50
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Priority Customer
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$0.00
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$0.50
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Non-Penny Symbols
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Market Participant
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Fee for Crossing Orders(1)
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Fee for Responses to Crossing Orders(2)
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Market Maker(4)
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$0.20
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$1.10
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.20
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$1.10
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Firm Proprietary / Broker-Dealer
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$0.20
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$1.10
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Professional Customer
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$0.20
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$1.10
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Priority Customer
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$0.00
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$1.10
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1. Fees apply to the originating and contra-side orders, except for PIM Orders. Regular PIM Orders are subject to separate pricing in Part A below.
2. Regular Responses to PIM Orders are subject to separate pricing in Part A below.
3. Reserved.
4. This fee also applies to Market Maker orders sent to the Exchange by Electronic Access Members.
Table 3
Qualifying Tier Thresholds
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Tiers
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Total Affiliated Member
or Affiliated Entity ADV
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OR
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Total Market Maker ADV
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Tier 1
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executes 0.00% to less than 0.75% of Customer Total Consolidated Volume
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executes up to 0.10% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
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Tier 2
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executes 0.75% to less than 1.50% of Customer Total Consolidated Volume
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executes more than 0.10% and up to 0.25% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
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Tier 3
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executes 1.50% to less than 2.25% of Customer Total Consolidated Volume
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executes more than 0.25% and up to 0.45% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
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Tier 4
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executes 2.25% or more of Customer Total Consolidated Volume
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executes more than 0.45% of Customer Total Consolidated Volume which adds liquidity in Regular Orders
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• The highest tier threshold attained applies retroactively in a given month to all eligible traded contracts and applies to all eligible market participants.
• Total Affiliated Member or Affiliated Entity ADV means all ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities. All eligible
volume from Affiliated Members or an Affiliated Entity will be aggregated in determining applicable tiers.
• Total Market Maker ADV means all Market Maker ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities. All eligible volume
from Affiliated Members or an Affiliated Entity will be aggregated in determining applicable tiers.
A. PIM Pricing for Regular and Complex Orders
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Penny Symbols
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Market Participant
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Fee for PIM Originating Orders
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Fee for PIM Contra-Side Orders
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Fee for Responses to PIM Orders
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Break-up Rebate(2)(3)
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Market Maker(4)
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$0.20
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$0.02
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$0.50
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N/A
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.20
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$0.02
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$0.50
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N/A
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Firm Proprietary / Broker-Dealer
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$0.20
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$0.02
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$0.50
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N/A
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Professional Customer
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$0.20
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$0.02
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$0.50
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N/A
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Priority Customer
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$0.00
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$0.02
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$0.50
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($0.25)
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Non-Penny Symbols
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Market Participant
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Fee for PIM Originating Orders
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Fee for PIM Contra-Side Orders
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Fee for Responses to PIM Orders
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Break-up Rebate(2)(3)
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Market Maker(4)
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$0.20
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$0.02
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$1.10
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N/A
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.20
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$0.02
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$1.10
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N/A
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Firm Proprietary / Broker-Dealer
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$0.20
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$0.02
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$1.10
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N/A
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Professional Customer
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$0.20
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$0.02
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$1.10
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N/A
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Priority Customer
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$0.00
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$0.02
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$1.10
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($0.60)
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1. Reserved.
2. Break-up Rebates apply only to Regular PIM Orders of 500 or fewer contracts and to Complex PIM Orders where the largest leg is 500 or fewer contracts.
3. Break-up Rebates are provided for an originating Priority Customer PIM Order that executes with any response (order or quote) other than the PIM contra-side order. Members that are not in an Affiliated Member or Affiliated Entity relationship and that
execute 0.05% or greater of Customer Total Consolidated Volume which adds liquidity in non-PIM Priority Customer contracts within a month will receive an additional rebate of: (i) $0.20 per contract in Penny Symbols for Complex PIM Orders only, (ii) $0.15
per contract in Penny Symbols for Regular PIM Orders only, and (iii) $0.45 per contract in Non-Penny Symbols for both Regular and Complex PIM Orders. Alternatively, Affiliated Members or Affiliated Entities will be eligible to receive the rebates in this note
3 without any additional volume requirements. The Exchange will provide the rebate to the OFP arm of an Affiliated Member relationship, or the Appointed OFP arm of an Affiliated Entity relationship.
4. This fee also applies to Market Maker orders sent to the Exchange by Electronic Access Members.
Adopted August 31, 2018 (SR-MRX-2018-27); amended December 21, 2018 (SR-MRX-2018-42); amended January 31, 2019 (SR-MRX-2019-02), operative February 1, 2019; amended February 29, 2019 (SR-MRX-2019-04), operative March 1, 2019; amended March 7, 2019 (SR-MRX-2019-05);
amended June 5, 2019 (SR-MRX-2019-11), operative July 5, 2019; amended Jan. 2, 2020 (SR-MRX-2020-01); amended Jan. 13, 2020 (SR-MRX-2020-02); amended June 1, 2020 (SR-MRX-2020-11); amended Nov. 2, 2020 (SR-MRX-2020-19); amended Nov. 2, 2020 (SR-MRX-2020-20);
amended Nov. 6, 2020 (SR-MRX-2020-21; amended Nov. 13, 2020 (SR-MRX-2020-18); amended Apr. 1, 2021 (SR-MRX-2021-02); amended Apr. 13, 2021 (SR-MRX-2021-04); amended Jan. 3, 2023 (SR-MRX-2023-01); amended Jan. 17, 2023 (SR-MRX-2023-02); amended Jan. 30, 2023
(SR-MRX-2023-04); amended Apr. 24, 2023 (SR-MRX-2023-08); amended Jun. 1, 2023 (SR-MRX-2023-09); amended Jun. 12, 2023 (SR-MRX-2023-11); amended Aug. 1, 2023 (SR-MRX-2023-13); amended Aug. 9, 2023 (SR-MRX-2023-15); amended Sep. 14, 2023 (SR-MRX-2023-17); amended
Mar. 1, 2024 (SR-MRX-2024-06); amended Mar. 12, 2024 (SR-MRX-2024-08).
The following Complex Order fees will be assessed for Complex Order transactions in the Complex Order Book as well as Complex Orders submitted into the Complex Facilitation Mechanism, Complex Solicited Order Mechanism or an order submitted as a Complex Customer
Cross Order, Complex Qualified Contingent Cross ("QCC") Order or a Complex QCC with Stock Order. Fees apply to an originating order, contra-side order and responses entered into MRX's Complex Facilitation Mechanism, Complex Solicited Order Mechanism and orders
entered as a Complex Customer Cross Order, Complex QCC Order or Complex QCC with Stock Order.(1) Interest on the Regular Order Book that interacts with a Complex Order is subject to Regular Order Book fees within Options 7, Section 3. Complex PIM
Orders are subject to separate pricing in Options 7, Section 3.A.
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Capacity of Market Participant
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Fee per contract – Penny Symbols
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Fee per contract – Non-Penny Symbols
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Market Maker
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$0.35(2)
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$0.85(2)
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Non-Nasdaq MRX Market Maker (FarMM)
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$0.35
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$0.85
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Firm Proprietary / Broker-Dealer
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$0.35
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$0.85
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Professional Customer
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$0.35
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$0.85
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Priority Customer
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$0.00
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$0.00
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(1) MRX will assess a Stock Handling Fee of $0.0010 per share (capped at a maximum of $50 per trade) for the stock leg of Stock-Option Orders executed against other Stock- Option Orders in the Complex Order Book. This fee will be in addition to the above-referenced
fees for Complex Orders.
(2) A Complex Order Market Maker fee of $0.00 per contract applies instead of the above-referenced Complex Order fee in Penny and Non-Penny Symbols, when the Market Maker trades against Priority Customer orders that originate from an Affiliated Member or
an Affiliated Entity.
Adopted June 12, 2019 (SR-MRX-2019-12); amended June 24, 2019 (SR-MRX-2019-14); amended June 1, 2020 (SR-MRX-2020-11); amended Nov. 6, 2020 (SR-MRX-2020-21; amended Jan. 3, 2023 (SR-MRX-2023-01); amended Jan. 17, 2023 (SR-MRX-2023-02); amended Jan. 30, 2023
(SR-MRX-2023-03).
Section 5. Other Options Fees and Rebates
A. Route-Out Fees 1.
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Market Participant
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Penny Symbols
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Non-Penny Symbols
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All Market Participants
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$0.60
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$1.20
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1. Fee applies to executions of orders that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan.
B. Marketing Fee
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Market Participant
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Penny Symbols
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Non-Penny Symbols
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Market Maker
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$0.00*
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$0.00*
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* No marketing fees are charged for Penny and Non-Penny Symbols. If the Exchange determines to charge a marketing fee in the future, it will do so pursuant to a rule filing.
» Marketing fees apply to Market Makers for each Regular Priority Customer contract executed except as noted below.
» Marketing fees are waived for Market Maker orders that take liquidity from the order book.
» Marketing fees are waived for Crossing Orders and Responses to Crossing Orders.
» Marketing fees are waived for Complex Orders.
» The marketing fee will be rebated proportionately to the Members that paid the fee such that on a monthly basis the marketing fee fund balance administered by a Primary Market Maker for a Group of
options established under Rule 802(b) does not exceed $100,000 and the marketing fee fund balance administered by a preferenced Competitive Market Maker for such a Group does not exceed $100,000. A preferenced Competitive Market Maker that elects not to administer
a fund will not be charged the marketing fee. The Exchange assesses an administrative fee of .45% on the total amount of the funds collected each month.
C. Options Regulatory Fee
The ORF is $0.0004 per contract side.
The Options Regulatory Fee ("ORF") is assessed by MRX to each MRX Member for options transactions cleared by The Options Clearing Corporation ("OCC") in the customer range where: (1) the execution occurs on MRX or (2) the execution occurs on another exchange
and is cleared by a MRX Member. The ORF is collected by OCC on behalf of MRX from (1) MRX clearing members for all customer transactions they clear or (2) non-members for all customer transactions they clear that were executed on MRX. MRX uses reports from
OCC when assessing and collecting ORF. The Exchange will notify Members 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.
D. FINRA Web CRD Fees
Changes have been approved that are not yet operative. To view the implementation schedule, see the
attached document.
These fees are collected and retained by FINRA via the Web CRD registration system for the registration of associated persons of member organizations of the Exchange that are not FINRA members. FINRA, on behalf of the Exchange, will bill and collect these
fees.
General Registration Fees:
$125-For each initial Form U4 filed for the registration of a representative or principal.
$155-For the additional processing of each initial or amended Form U4, Form U5 or Form BD that includes the initial reporting, amendment or certification of one or more disclosure events or proceedings.
$70-FINRA Annual System Processing Fee Assessed only during Renewals.
Fingerprint Processing Fees:
$31.25-Initial Submission (Electronic)
$41.25-Initial Submission (Paper)
$20.00-Second Submission (Electronic)
$30.00-Second Submission (Paper)
$31.25-Third Submission (Electronic)
$41.25-Third Submission (Paper)
$30.00-FINRA Processing Fee for Fingerprint Results Submitted by Self-Regulatory Organizations other than FINRA.
Continuing Education Fee:
The Continuing Education Fee will be assessed as to each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Exchange General 4, Section 1240. This fee is paid directly to FINRA.
$55 Continuing Education Regulatory Element Session Fee for each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Exchange General 4, Section 1240. This fee will be amended on January 1,
2023 as noted below.
Maintaining Qualifications Program (“MQP”) Fee: $100 fee for each individual electing to participate in the continuing education program under FINRA Rule 1240(c) for each year that such individual is participating in the program. Individuals who elect
to participate in the program within two years from the termination of a registration would also be assessed any accrued annual fee. This fee is paid directly to FINRA.
The below Continuing Education Regulatory Element Session Fee will be assessed by FINRA commencing on January 1, 2023
$18 Continuing Education Regulatory Element Session Fee for all Registrations. This fee will be assessed as to each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Exchange General 4, Section
1240. This fee is paid directly to FINRA.
E. Access Fees
MRX Members would pay each applicable Access Fee below.
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Electronic Access Member
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$200 per month
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Market Maker (Primary Market Maker or Competitive Market Maker)
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$200 per month
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F. CMM Trading Right Fees
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First Trading Right
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$850 per month
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Each additional Trading Right
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$500 per month
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Adopted August 31, 2018 (SR-MRX-2018-27); amended February 1, 2019 (SR-MRX-2019-03); amended June 12, 2019 (SR-MRX-2019-12); amended June 24, 2019 (SR-MRX-2019-14); amended July 8, 2019 (SR-MRX-2019-15); amended June 1, 2020 (SR-MRX-2020-11); amended July
1, 2020 (SR-MRX-2020-14); amended Nov. 6, 2020 (SR-MRX-2020-21; amended Apr. 1, 2021 (SR-MRX-2021-02); amended Apr. 13, 2021 (SR-MRX-2021-04); amended November 5, 2021 (SR-MRX-2021-11), operative January 2, 2022; amended Jan. 11, 2022 (SR-MRX-2022-01), operative
Jan. 31, 2022); amended May. 2, 2022 (SR-MRX-2022-04); amended Jun. 29, 2022 (SR-MRX-2022-07), operative Jun. 29, 2022; amended Aug. 25, 2022 (SR-MRX-2022-13); amended Oct. 5, 2022 (SR-MRX-2022-19); amended Nov. 1, 2022 (SR-MRX-2022-24); amended Sep. 30, 2022
(SR-MRX-2022-18), operative Nov. 7, 2022; amended Nov. 29, 2022 (SR-MRX-2022-26); amended Dec. 7, 2022 (SR-MRX-2022-26); amended Nov. 1, 2023 (SR-MRX-2023-20).
Section 6. Ports and Other Services
The below charges are assessed by MRX for connectivity to MRX.
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 prorated for the first month of service under this section.
Upon cancellation, market participants are required to pay for service for the remainder of the month, regardless of whether it is the first month of service.
(i) The following order and quote protocols are available on MRX.
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Port Fee
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Production
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Disaster Recovery
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(1) FIX Port Fee
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$650 per port, per month, per account number2, 3
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$50 per port, per month, per account number2, 3
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(2) SQF Port Fee
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$1,250 per port, per month1, 4
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$50 per port, per month, per account number2, 4
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(3) SQF Purge Port Fee
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$1,250 per port, per month1
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$50 per port, per month, per account number2
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(4) OTTO Port Fee
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$650 per port, per month, per account number2
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$50 per port, per month, per account number2
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(ii) The following order and execution information is available to Members.
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Port Fee
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Production
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Disaster Recovery
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(1) CTI Port Fee
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$650 per port, per month2
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$50 per port, per month2
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(2) FIX DROP Port Fee
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$650 per port, per month2
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$50 per port, per month2
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(iii) The following data ports fees apply in connection with data subscriptions pursuant to MRX Rules at Section 7. These ports are available to non-MRX Members and MRX Members.
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Port Fee
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Production
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Disaster Recovery
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(1) Nasdaq MRX Depth of Market Data Port
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$0 per port, per month
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$0 per port, per month
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(2) Nasdaq MRX Order Feed Port
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$0 per port, per month
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$0 per port, per month
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(3) Nasdaq MRX Top Quote Feed Port
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$0 per port, per month
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$0 per port, per month
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(4) Nasdaq MRX Trades Feed Port
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$0 per port, per month
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$0 per port, per month
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(5) Nasdaq MRX Spread Feed Port
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$0 per port, per month
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$0 per port, per month
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(iv) Other ports:
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Disaster Recovery Port Fee for ports in subsections (i) - (iii)
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$0 per port, per month
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Nasdaq Testing Facility Port Fee5
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$0 per port, per month
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MRX does not assess a fee for account numbers.
1The SQF Port and the SQF Purge Port are subject to a monthly cap of $27,500, which cap is applicable to Market Makers.
2 OTTO Port, CTI Port, FIX Port, FIX Drop Port and all Disaster Recovery Ports are subject to a monthly cap of $7,500.
3 MRX will waive one FIX Port fee and one FIX Disaster Recovery Port fee per Electronic Access Member per month.
4 MRX will waive one SQF Port fee and one SQF Disaster Recovery Port fee per Market Maker per month.
5The Nasdaq Testing Facility Port Fee is applicable to all ports within this Section 6.
Adopted August 31, 2018 (SR-MRX-2018-27); amended May 31, 2019 (SR-MRX-2019-08), operative June 24, 2019; amended May. 2, 2022 (SR-MRX-2022-04); amended Jun. 29, 2022 (SR-MRX-2022-06); amended Jul. 1, 2022 (SR-MRX-2022-09); amended Aug. 25, 2022 (SR-MRX-2022-12);
amended Sep. 1, 2022 (SR-MRX-2022-15); amended Oct. 11, 2022 (SR-MRX-2022-20); amended Oct. 12, 2022 (SR-MRX-2022-21); amended Sep. 30, 2022 (SR-MRX-2022-18), operative Nov. 7, 2022; amended Dec. 8, 2022 (SR-MRX-2022-28); amended Dec. 16, 2022 (SR-MRX-2022-29);
amended Feb. 2, 2023 (SR-MRX-2023-05); amended Nov. 28, 2023 (SR-MRX-2023-23), operative Dec. 1, 2023; amended Dec. 5, 2023 (SR-MRX-2023-25); amended Jan. 16, 2024 (SR-MRX-2024-02); amended Mar. 7, 2024 (SR-MRX-2024-07).
Distributor Fees
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Monthly Charge
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Internal Distributor Fee
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External Distributor Fee
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(1) Depth of Market Feed
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$1,500
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$2,000
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(2) Order Feed
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$1,500
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$2,000
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(3) Top Feed
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$1,500
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$2,000
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(4) Trades Feed
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$750
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$1,000
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(5) Spread Feed
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$1,000
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$1,500
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Subscriber Fees
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Monthly Charge
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Professional
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$25
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Non-Professional
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$1
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Non-Display Enterprise License: Permits distribution to an unlimited number of internal non-display Subscribers without incurring additional fees for each internal Subscriber. The Non-Display
Enterprise License covers non-display Subscriber Fees for all MRX proprietary direct data feed products and is in addition to any other associated distributor fees for MRX proprietary direct data feed products.
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$7,500
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• A Non-Professional Subscriber is a natural person who is neither: (i) registered or qualified in any capacity with the Commission, the Commodities 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 201(11) of the Investment Advisors Act of 1940 (whether or not registered
or qualified under that Act); nor (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 Subscriber is any Subscriber that is not a Non-Professional Subscriber.
• The Monthly Charge per Subscriber (both Professional and Non-Professional) covers the usage of all five MRX data products and will not be assessed separately for each data product. MRX data
is comprised of Depth of Market, Order, Top of Market, Trades, and Spread data. For example, if a firm has one Professional (Non-Professional) Subscriber accessing Top of Market, Order, and Depth of Market the firm would only report the Subscriber once and
pay $25 ($1 for Non-Professional).
• A “distributor” of Nasdaq MRX data is any entity that receives a feed or data file of data directly from Nasdaq MRX or indirectly through another entity and then distributes it either internally
(within that entity) or externally (outside that entity). All distributors shall execute a Nasdaq Global Data Agreement.
Exchange Testing Facilities
Subscribers to the Testing Facility located in Carteret, New Jersey shall pay a fee of $1,055 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 $1,055 per handoff.
The connectivity provided under this rule also provides connectivity to the other markets of Nasdaq BX, Inc., Nasdaq PHLX LLC, The Nasdaq Stock Market LLC, Nasdaq ISE LLC, and Nasdaq GEMX LLC.
Adopted August 31, 2018 (SR-MRX-2018-27); amended May 31, 2019 (SR-MRX-2019-08), operative June 24, 2019; amended Nov. 6, 2020 (SR-MRX-2020-21; amended May. 2, 2022 (SR-MRX-2022-04); amended Jun. 29, 2022 (SR-MRX-2022-08); amended Aug. 25, 2022 (SR-MRX-2022-14);
amended Oct. 14, 2022 (SR-MRX-2022-22); amended Nov. 18, 2022 (SR-MRX-2022-25); amended Dec. 8, 2022 (SR-MRX-2022-27); amended Dec. 19, 2022 (SR-MRX-2022-30); amended Feb. 6, 2023 (SR-MRX-2023-06); amended Mar. 1, 2024 (SR-MRX-2024-04).