OREANDA-NEWS. Effective Tuesday, September 1, 2015, the following pricing updates will be in place for transactions on PSX, BX, and Nasdaq:

Updates to PSX Pricing

A rebate of \\$0.0023 per share executed will be provided for orders with midpoint pegging (see Equity Trader Alert #2015 – 91 for details on the new Midpoint Peg Post-Only order type).

The fee for removing liquidity in Tape B securities will be reduced from \\$0.0027 to \\$0.0026 per share executed.

The rebate for adding for non-displayed order orders, other than midpoint pegging orders, will be reduced from \\$0.0005 to \\$0.0000 per share executed.

Updates to BX Pricing

The September 1, 2015 BX pricing schedule is as follows:

Shares Executed At or Above \\$1.00
 Per Share Executed
 Liquidity Code
Rebate to Remove Liquidity 


Firms removing at least 0.20% TCV
 \\$0.0017
 R
Firms removing at least 0.15% TCV
 \\$0.0016 R
Firms removing at least 0.10% TCV
 \\$0.0015
 R
Firms removing at least 0.05% TCV
 \\$0.0008 R
All other firms
\\$0.0006 R
Rebate to Remove Midpoint Liquidity

Order with Midpoint Pegging that removes liquidity
 \\$0.0000 m
Order receives price improvement and removes from Order with Midpoint Pegging
 \\$0.0000 m
Fee to Add Displayed Liquidity

Firms meeting the QMM criteria (below)
 \\$0.0014 A or 7 or 8
Firms (i) adding at least 0.25% TCV and (ii) adding and removing at least 0.50% TCV
 \\$0.0016 A or 7 or 8
Firms that add at least 0.20% TCV
 \\$0.0018 A or 7 or 8
Firms that add at least 0.10% TCV
 \\$0.0019 A or 7 or 8
All other firms
 \\$0.0020  A or 7 or 8
Fee to Add Liquidity using Order with Midpoint Pegging

Firms adding at least 0.02% TCV of non-displayed liquidity
 \\$0.0005 k
All other firms adding non-displayed liquidity
 \\$0.0015 k
Fee to Add Other Non-Displayed Liquidity

Firms adding at least 0.06% TCV of non-displayed liquidity
 \\$0.0024 J
All other firms adding non-displayed added liquidity
 \\$0.0030 J
Retail Price Improvement (RPI) Program

Rebate for Retail Order that removes RPI liquidity
 \\$0.0025 rebate r
Retail Order that receives price improvement and accesses non-Retail Price Improvement Order with Midpoint Pegging
 \\$0.0000 rebate q or m
Retail Order that accesses other liquidity on the Exchange book
 \\$0.0017 rebate t or R
Rebates and Fees for Retail orders that route
 Standard route rates apply Standard Codes
Fee for RPI Order that provides liquidity
 \\$0.0025 fee J
Shares Executed Below \\$1.00
 Per Share Executed
 Liquidity Code
Rebate to Add Liquidity
\\$0.0000 A or 7 or 8
Fee to Remove Liquidity
 0.10% (i.e. 10 basis points) of total dollar volume R

BX Qualified Market Maker (QMM) Program Criteria

  • Firm has at least one MPID which quotes at least 200 securities at the National Best Bid or Offer (NBBO) at least 50% of the month.
  • Firm has a total BX Add volume greater than 0.20% of Consolidated Volume.

Updates to Nasdaq Pricing

The following pricing updates will be effective on September 1, 2015 on Nasdaq:

NBBO Program

Nasdaq will provide a rebate per share executed with respect to all other displayed orders (other than Designated Retail Orders, as defined in Rule 7018) in securities priced at \\$1 or more per share that provide liquidity and establish the NBBO. The rebate will be in addition to any rebate or credit payable under Rule 7018 and Rule 7014.

To qualify for the \\$0.0004 per share executed NBBO Program rebate in Tape A and Tape B and a \\$0.0002 per share executed NBBO Program rebate in Tape C a member must either:

(1) Execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.50% or more of Consolidated Volume during the month, or

(2) Add NOM Market Maker liquidity, as defined in Chapter XV, Section 2 of the Nasdaq Options Market rules, in Penny Pilot Options and/or Non-Penny Pilot Options above 0.90% of total industry customer equity and ETF option ADV contracts per day in a month.

New Rebate Tiers

Member firm adds greater than 0.60% TCV added of which 0.15% TCV are Tape B securities: \\$0.0030 per share executed

The rebate for Designated Retail Orders will be increased from \\$0.0033 to \\$0.0034 per share executed

As announced in Equity Trader Alert #2015 - 136, Nasdaq will make pricing modifications applicable to Tapes A, B, and C on Tuesday, September 1, 2015.