SUMMARY OF FEE CHANGES AT EXCHANGES

SUMMARY OF FEE
CH ANGES AT E XCH ANGES
WEEK COMMENCING 24 NOVEMBER 2014
NAME OF
EXCHANGE
SUMMARY OF
CHANGE
NEW FEE
CHANGED FROM
EFFECTIVE
DATE
BATS
Exchange
Adopts pricing for
Supplemental Peg
Orders
Rebate of $0.0017 per share for all Supplemental Peg Orders executed on the Exchange that
add liquidity in securities priced $1.00 and above.
N/A
Immediately
Supplemental Peg Orders in securities priced below $1.00 would
not receive a liquidity rebate.
Adopts fees for
ROUT and ROUX
strategies
$0.0029 per share for orders in securities priced
$1.00 and above executed through ROUT and
ROUX at a venue other than a dark liquidity
venue
Immediately
Any execution through DRT routing at a dark liquidity venue will
continue to be charged $0.0020
per share
Adopts fees for the
INET routing strategy
$0.0029 per share
N/A
Immediately
Fees are based on existing pricing
for similar orders.
Adopts fees for the
ROLF routing strategy
$0.0030 per share for any ROLF routed execution at LavaFlow ECN.
N/A
Immediately
Fees are based on existing pricing
for similar orders.
Adopts fees for the
Post to Away routing
strategy
Add liquidity at BYX through Post to Away routing: $0.0018 charge per share; at EDGX: $0.0020
rebate per share; at EDGA: $0.0005 charge per
share; at NYSE through Post to Away, RDOT
or RDOX routing: $0.0015 rebate per share; at
NYSE ARCA through Post to Away routing for
Tape B: $0.0022 rebate per share; at NYSE ARCA
through Post to Away routing for Tapes A and C:
$0.0021 rebate per share; at NYSE MKT: $0.0015
rebate per share; at NASDAQ through Post to
Away or INET routing: $0.0015 rebate per share;
at NASDAQ BX: $0.0020 charge per share.
N/A
Immediately
These are the same fees and
rebates charged and provided by
the Exchange’s affiliates, EDGA
and EDGX, for identical routing
strategies that post to away market
venues.
Adopts pricing for
Supplemental Peg
Orders
$0.0024 per share for all Supplemental Peg
Orders executed on the Exchange that add
liquidity in securities priced $1.00 and above.
N/A
Immediately
Supplemental Peg Orders in securities priced below $1.00 would
not receive a liquidity rebate.
Adopts fees for
ROUT and ROUX
strategies
$0.0029 per share for orders in securities priced
$1.00 and above executed through ROUT and
ROUX at a venue other than a dark liquidity
venue.
N/A
Immediately
Fees are identical to the fees
charged for executions through
similar routing strategies offered
by the Exchange, namely Parallel D
and Parallel 2D.
Adopts fees for the
INET routing strategy
$0.0029 per share
N/A
Immediately
Fees are based on existing pricing
for similar orders.
Adopts fees for the
ROLF routing strategy
$0.0030 per share
N/A
Immediately
Fees are based on existing pricing
for similar orders.
Adopts fees for the
Post to Away routing
strategy
Add liquidity at BZX through Post to Away routing: $0.0020 rebate per share; at EDGX: $0.0020
rebate per share; at EDGA: $0.0005 charge per
share; at NYSE through Post to Away, RDOT
or RDOX routing: $0.0015 rebate per share;
at NYSE ARCA through Post to Away routing
for Tape B: $0.0022 rebate per share; at NYSE
ARCA through Post to Away routing for Tapes A
and C: $0.0021 rebate per share; at NYSE MKT
through Post to Away routing: $0.0015 rebate
per share; at NASDAQ through Post to Away
or INET routing: $0.0015 rebate per share; at
NASDAQ BX through Post to Away routing:
$0.0020 charge per share.
N/A
Immediately
These are the same fees and
rebates charged and provided by
the Exchange’s affiliates, EDGA
and EDGX, for identical routing
strategies that post to away market
venues.
CBOE
Amends Order Handling System Order
Cancellation Fee
$0.00
$2.00
Immediately
The Exchange believes it is reasonable to waive the cancellation fee
because it will merely result in
Trading Permit Holders no longer
being subject to this fee.
Direct Edge
Decreases the fee for
orders yielding Flag K,
which routes to PSX
using ROUC or ROUE
routing strategies
$0.0024 per share
$0.0026 per share
Immediately
The proposed change is in response to PSX’s November 2014
fee change where PSX decreased
the fee to remove liquidity via
routable order types it charges its
customers.
International
Securities
Exchange
Eliminates special
fees for Singly Listed
Symbols
$0.00
$0.20 per contract for regular and Crossing
Orders, including PIM orders of 100 or fewer
contracts
Immediately
These will now be subject to
the same fees as other Priority
Customer orders in Non-Select
Symbols.
ISE Gemini
Amends fees to
introduce a new higher
maker rebate for
certain Market Maker
orders.
Market Makers that achieve Tier 2 and execute
an ADV of 100,000 to 124,999 contracts in a
given month, including both maker and taker
volume, will qualify for a maker rebate of $0.33
per contract in Penny Symbols and SPY, and
$0.43 per contract in Non-Penny Symbols.
In Penny Symbols and SPY: $0.30 per
contract for Tier 1, $0.32 per contract for Tier
2, $0.34 per contract for Tier 3, $0.37 per
contract for Tier 4, and $0.38 per contract
for Tier 5. In Non-Penny Symbols: $0.40 per
contract for Tier 1, $0.42 per contract for Tier
2, and $0.44 per contract for Tier 3, $0.47 per
contract for Tier 4, and $0.49 per contract
for Tier 5.
Immediately
The new maker rebate is designed
to attract additional volume from
Market Makers that do not qualify
for Tier 3 or higher maker rebates.
Nasdaq OMX
BX
Amends fees for
remote MITCH Wave
Ports for clients colocated at other thirdparty data centers
$5,000: installation fee; $7,500: monthly recurring fee
$2,500: installation fee; $5,000: monthly
recurring fee
Immediately
BX will be providing a direct
connection to NYSE’s data center
in Mahwah, which is significantly
farther from Carteret.
Amends routing fees
$0.99 per contract Non-Customer routing fee
to any options exchange; $0.13 per contract
customer routing fee for option orders routed
to The NASDAQ Options Market and NASDAQ OMX PHLX; $0.23 per contract customer
routing fee for option orders routed to all other
options exchanges; $0.13 per contract routing
fee if the away market pays a rebate.
$0.97 per contract Non-Customer routing
fee to any options exchange; $0.12 per
contract customer routing fee for option
orders routed to The NASDAQ Options
Market and NASDAQ OMX PHLX; $0.22
per contract customer routing fee for option
orders routed to all other options exchanges;
$0.12 per contract routing fee if the away
market pays a rebate.
Nov.3
The Exchange desires to recoup
an additional portion of the cost it
incurs when routing orders.
Increases a credit
provided to member
firms applicable to
transactions in securities priced at $1 or
more
$0.0005 per share
$0.0003 per share
Nov.3
The proposed increase should
encourage firms to access more
resting midpoint liquidity before
routing to other destinations for
price improvement opportunities.
Amends routing fees
$0.99 per contract Non-Customer routing fee
to any options exchange; $0.13 per contract
customer routing fee for option orders routed
to The NASDAQ Options Market and NASDAQ OMX PHLX; $0.23 per contract customer
routing fee for option orders routed to all other
options exchanges; $0.13 per contract routing
fee if the away market pays a rebate.
$0.97 per contract Non-Customer routing
fee to any options exchange; $0.12 per
contract customer routing fee for option
orders routed to The NASDAQ Options
Market and NASDAQ OMX PHLX; $0.22
per contract customer routing fee for option
orders routed to all other options exchanges;
$0.12 per contract routing fee if the away
market pays a rebate.
Nov.3
The Exchange desires to recoup
an additional portion of the cost it
incurs when routing orders.
Amends Initiating
Order Fee for PIXL
Executions in SPY
$0.00 if the Customer PIXL Order is greater
than 399 contracts
$0.05 per contract
Nov.3
The proposed pricing will encourage market participants to send an
even greater amount of orders to
the Exchange through PIXL.
Amends fees in PIXL
Pricing for Initiating
Orders that is contra
to a Customer PIXL
order
$0.00 if the Customer PIXL Order is greater
than 999 contracts
$0.07 per contract or $0.05 per contract if
the Customer Rebate Program Threshold
Volume is greater than 100,000 contracts per
day in a month
Nov.3
The Exchange believes that this
amendment to PIXL pricing will
encourage a greater number of
PIXL Orders on the Exchange,
thereby increasing liquidity.
Amends the Active
SQF Port Fee
$2,500: for 1 Active SQF Port, $4,000: for 2-6
ports; $15,000: for 7 or more ports. Active SQF
Port Fees are capped at $42,000 per month.
$350: for 0-4 ports, $1,350: for 5-18 ports;
$2,500: for 19 or more ports. Active SQF
Port Fees are capped at $41,000 per month.
Apr.1 2015
The Active SQF Fixed Fee will be
assessed on a monthly basis to
these Specialists and Market Makers, for their current ports, from 1
December 2014 through 31 March
2015. Any new ports utilized by
Specialists or Market Makers,
that are being assessed the Fixed
Fee, will not be subject to any
additional fees through 31 March
2015 beyond the Fixed Fee. The
Exchange proposes to not assess
Specialists or Market Makers for
new ports assigned in connection
with XL refresh during the time
period from 1 December 2014
through 31 March 2015.
Modifies fees assessed
for execution and
routing securities listed
on NASDAQ (Tape
C), NYSE (Tape A) and
on exchanges other
than NASDAQ and
the NYSE (Tape B)
$0.0030 per share across all the tapes
$0.0027 per share across all the tapes
Immediately
NASDAQ is seeking to harmonize
the remove rate for orders
whether or not they execute
against the midpoint so that the
remove rate for orders is certain
before the order is entered.
Eliminates rebate for
all the Tapes.
$0.00
$0.00293 per share executed rebate for a
member with shares of liquidity provided
in all securities through one or more of its
Nasdaq Market Center MPIDs that represent
more than 0.10% of Consolidated Volume
during the month, with shares executed
in the Opening and Closing Cross that
represent more than 0.20% of Consolidated
Volume and orders entered through a single
Nasdaq Market Center MPID that represent
more than 0.50% of Consolidated Volume
during the month.
Immediately
NASDAQ believes that the elimination of this rebate is warranted
since it has failed to increase
liquidity in Tape A, B or C securities
or to provide members with
additional incentive to improve
market quality.
Adds rebates across
the Tapes.
$0.0025 per share executed for midpoint
orders; $0.0010 per share executed for Tape
C securities; $0.0033 per share for Designated
Retail Orders liquidity; $0.0034 per share
executed if the member adds Customer and/or
Professional liquidity in Penny Pilot Options and/
or Non-Penny Pilot Options of 1.40% or more
of national customer volume in multiply-listed
equity and ETF options classes
$0.0014 per share executed for Tape C
securities; $0.0033 per share for Designated
Retail Orders liquidity
Immediately
The reduced remove rate for
receiving a midpoint execution for
Tape C securities is no longer necessary because the reduction did
not result in a meaningful change in
midpoint activity.
Amends fees assessed
for executions received
in the Opening and
Closing Crosses.
$0.0004 per share
$0.0003 per share
Immediately
The proposed will help the
Exchange recapture some of the
costs it incurs operating the cross
system, while maintaining very low
fees for the execution of orders in
these crosses.
Amends Level-2
Professional Subscriber
fee
$50 for display usage based upon direct or
indirect access, or for non-display usage based
upon indirect access only
$45 for display usage based upon direct or
indirect access, or for non-display usage based
upon indirect access only
Jan.1 2015
The change will not affect the pricing of the NASDAQ OpenView
Non-Professional and Professional
Subscriber fee
Amend the NYSE
Amex Options fee
schedule related to the
use of ports
$450 per Port, per month for the first 40 Ports ;
$150 per Port, per month for any Port in excess
of 40 for which an ATP Holder is authorized
Ports 1-5: no charge; Ports 6-100: $200 per
port per month; Ports 101 and greater: $100
per port per month
Nov.3
Any NYSE Amex Options Market
Maker that executes 50% or more
of their market maker volume in
open outcry shall receive a discount on their monthly port fees
of 60%, not to exceed a maximum
dollar discount of $10,000 per
month.
Adds fees for the
NYSE Arcabook
for Amex Options
Complex Feed
Access Fee: $1,500 per month; Redistribution
Fee: $1,000 per month for ArcaBook for Amex
Options – Complex; and fees of $20 per month
for each Professional User and $1 per month for
each Non-Professional User.
Access fee: $3,000 per month; Redistribution
Fee: $2,000 per month; Professional User Fee:
$50 per month for each Professional User;
and a Non-Professional User Fee of $1 per
month for each Non-Professional User
Nov.1
There is a Non-Professional User
Fee Cap of $5,000 per month
per Redistributor. The fee for
non-display use of all six Amex
Options Products is $5,000 per
data recipient for each category of
organization
Proposes to charge
a Non-Display Fee
for non-display use of
ArcaBook for Amex
Options
$1,000 per data recipient for each category of
organization
N/A
Nov.1
Data recipients would not be liable
for Category 2 Non-Display fees
for which they are also paying
Category 1 Non-Display fees; and
similarly, Category 3 fees would be
capped at $3,000.
Amends fees NonDisplay Use of NYSE
Arca Integrated Feed,
NYSE ArcaBook, NYSE
Arca BBO, and NYSE
Arca Trades
NYSE Arca Integrated Feed Non-Display
Category 1: $7,000; NYSE Arca Integrated Feed
Non-Display Category 2: $7,000; NYSE Arca Integrated Feed Non-Display Category 3: $7,000;
NYSE ArcaBook Non-Display Category 1:
$5,000; NYSE ArcaBook Non-Display Category
2: $5,000; NYSE ArcaBook Non-Display Category 3: $5,000; NYSE Arca BBO Non-Display
Category 3: $1,000, capped at $3,000; NYSE
Arca Trades Non-Display Category 1: $2,000;
NYSE Arca Trades Non-Display Category 2:
$2,000; NYSE Arca Trades Non-Display Category 3: $2,000.
NYSE Arca Integrated Feed Non-Display
Category 1: $5,000; NYSE Arca Integrated
Feed Non-Display Category 2: $5,000; NYSE
Arca Integrated Feed Non-Display Category
3: $5,000; NYSE ArcaBook Non-Display
Category 1: $4,000; NYSE ArcaBook NonDisplay Category 2: $4,000; NYSE ArcaBook
Non-Display Category 3: $4,000; NYSE Arca
BBO Non-Display Category 3: $1,000; NYSE
Arca Trades Non-Display Category 1: $1,000;
NYSE Arca Trades Non-Display Category
2: $1,000; NYSE Arca Trades Non-Display
Category 3: $1,000.
Immediately
Category 1 Fees would apply
when a data recipient’s Non-Display use of real-time market data is
on its own behalf; Category 2 Fees
would apply to a data recipient’s
Non-Display use of real-time market data on behalf of their clients;
Category 3 Fees would apply to
data recipients’ Non-Display Use
of real-time market data for the
purpose of internally matching
buy and sell orders within an
organization
Amends current fees
for managed nondisplay services
NYSE Arca Integrated Feed Managed NonDisplay: $2,500; NYSE ArcaBook Managed NonDisplay: $1,800; NYSE Arca Trades Managed
Non-Display: $800
NYSE Arca Integrated Feed Managed NonDisplay: $1,750; NYSE ArcaBook Managed
Non-Display: $1,500; NYSE Arca Trades
Managed Non-Display: $400
Immediately
The managed non-display services
fee would only apply if a data
recipient is receiving real-time
Exchange market data for NonDisplay Use from a third party
Redistributor that is approved by
the Exchange.
Establishes fee for
managed non-display
services for NYSE
Arca BBO
$200
N/A
Immediately
The managed non-display services
fee would only apply if a data
recipient is receiving real-time
Exchange market data for NonDisplay Use from a third party
Redistributor that is approved by
the Exchange.
Amends fees for
non-display use of
NYSE Arca Options
market data
Non-display Category 1: $5,000; Non-display
Category 2: $5,000; Non-display Category 3:
$5,000, capped at $15,000
Non-display Category 1: $1,000; Non-display
Category 2: $1,000; Non-display Category 3:
$1,000 or $0 if Category 1 or 2 fees paid
Immediately
Non-display fees would apply to
the Non-Display Use of the data
product as part of automated calculations or algorithms to support
trading decision-making processes
or the operation of trading platforms. Data recipients will not be
liable for Category 2 Non-Display
fees for which they are also paying
Category 1 Non-Display fees.
Amends the NYSE
Arca Equities schedule
of fees and charges
for exchange services
to change the pricing
for the Retail Liquidity
Program and the qualification requirement
for the existing Retail
Order Tier
Credit of $0.0030 per share for Retail Orders
that provide liquidity
Credit of $0.0033 per share under the Retail
Order Tier for Retail Orders that provide liquidity on the Exchange in Tape A, Tape B and
Tape C securities ; $0.0020 per share for an
ETP Holder that submits Retail Orders that
provide liquidity, but does not qualify for the
Retail Order Tier or a separate Tiered rate.
Immediately
The Exchange believes that
providing a credit would further
incentivize submission of RPIs for
interaction with Retail Orders and
therefore could result in greater
price improvement for Retail
Orders.
BATS
Y-Exchange
Nasdaq OMX
PHLX
Nasdaq Stock
Market
NYSE Amex
NYSE Arca
EXPLANATION
SOURCE: EXCHANGE RULE FILINGS
DISCLAIMER: Most fee changes are effective upon filing. WSL notes fee highlights here, but additional changes may be made post publication. Please visit
exchange websites for the latest fee changes.

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