Fee Schedule Complexity

Measures of how intricate each exchange's fee schedule is, across volume commitment, targeted flow incentives, and transparency dimensions.

How the complexity model worksclick to expand

Each exchange is scored across six structural dimensions (0–5 each) plus a transparency score. Dimensions are grouped into three categories. The structural score is the average of the six structural dimensions; the overall ranking uses structural score only.

Volume Commitment

How deeply the exchange rewards participants who commit to high trade volumes.

Volume Depth
Max non-base volume tiers in any single order type.
1 tier = 0 · 2–3 = 1 · 4–6 = 2 · 7–10 = 3 · 11–15 = 4 · 16+ = 5
Threshold Diversity
Variety of threshold types: shares, ADV%, CADV%, NBBO time, etc.
1 type = 0 · 2 = 1 · 3 = 2 · 4 = 3 · 5 = 4 · 6+ = 5
Targeted Flow Incentives

How many specialized paths exist to qualify for favored rates and the breadth of distinct fee categories.

Qualifying Path Complexity
Tiers that require satisfying multiple alternative conditions simultaneously.
0 paths = 0 · 1–2 = 1 · 3–5 = 2 · 6–10 = 3 · 11–20 = 4 · 21+ = 5
Feature Richness
Count of special pricing programs: sub-dollar, venue-specific, auction, supplemental, retail, pre/post-market.
0 features = 0 · 1 = 1 · 2 = 2 · 3 = 3 · 4 = 4 · 5–6 = 5
Tape Fragmentation
Tier positions with different rates per tape (A/B/C) or security type.
0 = 0 · 1–5 = 1 · 6–15 = 2 · 16–30 = 3 · 31–50 = 4 · 51+ = 5
Structural Breadth
Total distinct order-type × fee-type combinations the exchange supports.
≤5 = 0 · 6–12 = 1 · 13–22 = 2 · 23–38 = 3 · 39–60 = 4 · 61+ = 5
Transparency

How accessible and machine-readable the fee schedule is.

Transparency
Source quality of the fee data.
5 = CSV/JSON download · 4 = HTML table · 3 = structured PDF · 2 = unstructured PDF · 1 = multi-source · 0 = regulatory filing only
32
Exchanges
1.9/5
Avg Structural
3.9/5
Avg Transparency
7
High Complexity
1
Low Transparency

Structural Complexity Breakdown

Each bar shows the six structural dimensions. Sorted by total structural complexity.

Volume DepthThreshold DiversityQualifying Path ComplexityFeature RichnessTape FragmentationStructural Breadth

Dimension Comparison

All 7 dimensions on a single chart. Select up to 6 exchanges to compare. Click to toggle.

NYSENYSE ArcaNasdaq

Volume Commitment vs. Targeted Flow

X = Volume Commitment score · Y = Targeted Flow Incentives score · bubble size = Transparency score

Larger bubbles = more transparent fee schedules (easier to parse/download)

Exchange Detail

#1NYSE4.8 structural🟦 5 transparency
Volume Depth56 tiers max
5.0
Threshold Diversity20 distinct volume thresholds
5.0
Qualifying Path Complexity113 multi-condition paths
5.0
Feature Richness4 distinct features
4.0
Tape Fragmentation69 tier positions with tape-specific rates
5.0
Structural Breadth30 order-type × fee-type groups
5.0
TransparencyDirect CSV/JSON download
5.0
  • •High volume depth — 56 tiers max
  • •High structural breadth — 30 order-type × fee-type groups
  • •Excellent transparency — Direct CSV/JSON download
  • •Features: sub-$1 pricing, venue-specific codes, auction fees
Sub-$1 pricingVenue-specific codesAuction feesRetail program

NYSE Summary of Equity Rates and Tiers XLSX — monthly publication covering all NYSE markets; contains actual Pillar liquidity codes, all tier levels, and effective date

#7NYSE American3.0 structural🟦 5 transparency
Volume Depth27 tiers max
5.0
Threshold Diversity2 distinct volume thresholds
1.0
Qualifying Path Complexity9 multi-condition paths
2.0
Feature Richness4 distinct features
4.0
Tape Fragmentation5 tier positions with tape-specific rates
2.0
Structural Breadth20 order-type × fee-type groups
4.0
TransparencyDirect CSV/JSON download
5.0
  • •High volume depth — 27 tiers max
  • •High structural breadth — 20 order-type × fee-type groups
  • •Excellent transparency — Direct CSV/JSON download
  • •Features: sub-$1 pricing, venue-specific codes, auction fees
Sub-$1 pricingVenue-specific codesAuction feesRetail program

NYSE Summary of Equity Rates and Tiers XLSX

#8NYSE National2.8 structural🟦 5 transparency
Volume Depth36 tiers max
5.0
Threshold Diversity7 distinct volume thresholds
3.0
Qualifying Path Complexity9 multi-condition paths
2.0
Feature Richness3 distinct features
3.0
Tape Fragmentation2 tier positions with tape-specific rates
1.0
Structural Breadth16 order-type × fee-type groups
3.0
TransparencyDirect CSV/JSON download
5.0
  • •High volume depth — 36 tiers max
  • •High structural breadth — 16 order-type × fee-type groups
  • •Excellent transparency — Direct CSV/JSON download
  • •Features: sub-$1 pricing, venue-specific codes, retail program
Sub-$1 pricingVenue-specific codesRetail program

NYSE Summary of Equity Rates and Tiers XLSX; inverted taker-maker model (add pays fee, remove earns rebate)

#9CBOE BYX2.5 structural🟩 4 transparency
Volume Depth12 tiers max
4.0
Threshold Diversity4 distinct volume thresholds
2.0
Qualifying Path Complexity6 multi-condition paths
2.0
Feature Richness3 distinct features
3.0
Tape Fragmentation1 tier position with tape-specific rates
1.0
Structural Breadth13 order-type × fee-type groups
3.0
TransparencyStructured HTML table
4.0
  • •High volume depth — 12 tiers max
  • •High structural breadth — 13 order-type × fee-type groups
  • •Features: auction fees, supplemental credits, retail program
Auction feesSupplemental creditsRetail program

Live HTML fee schedule on cboe.com (inverted market); 3-column fee code table; one Add/Remove Volume Tiers table with 5 add tiers for displayed codes B/V/Y and auction code AD

#10IEX2.5 structural🟩 4 transparency
Volume Depth16 tiers max
5.0
Threshold Diversity8 distinct volume thresholds
3.0
Qualifying Path Complexity0 multi-condition paths
0.0
Feature Richness3 distinct features
3.0
Tape Fragmentation0 tier positions with tape-specific rates
0.0
Structural Breadth19 order-type × fee-type groups
4.0
TransparencyStructured HTML table
4.0
  • •High volume depth — 16 tiers max
  • •High structural breadth — 19 order-type × fee-type groups
  • •Features: sub-$1 pricing, auction fees, retail program
Sub-$1 pricingAuction feesRetail program

Live HTML fee schedule (static Webflow page); 4-column main code table parsed by 'Fee Code' header detection; add tier table (ML/MLB, 8 tiers) and remove tier table (TL/TLB, 2 tiers) identified by 3-column Tier/Criteria/Fee structure; footnote superscripts stripped from code cell text; Tape B codes carry 'B' suffix (MLB, TLB, MIB, TIB); sub-dollar rates emitted where they differ from above-dollar

#16Nasdaq PSX2.0 structural🟩 4 transparency
Volume Depth36 tiers max
5.0
Threshold Diversity6 distinct volume thresholds
3.0
Qualifying Path Complexity6 multi-condition paths
2.0
Feature Richness1 distinct feature
1.0
Tape Fragmentation0 tier positions with tape-specific rates
0.0
Structural Breadth5 order-type × fee-type groups
1.0
TransparencyStructured HTML table
4.0
  • •High volume depth — 36 tiers max
  • •High threshold diversity — 6 distinct volume thresholds
  • •Features: sub-$1 pricing
Sub-$1 pricing

Live HTML fee schedule page on NasdaqTrader.com; 3-column tables (condition | rate | code)

#17Nasdaq Texas2.0 structural🟩 4 transparency
Volume Depth12 tiers max
4.0
Threshold Diversity5 distinct volume thresholds
2.0
Qualifying Path Complexity3 multi-condition paths
1.0
Feature Richness2 distinct features
2.0
Tape Fragmentation2 tier positions with tape-specific rates
1.0
Structural Breadth8 order-type × fee-type groups
2.0
TransparencyStructured HTML table
4.0
  • •High volume depth — 12 tiers max
  • •High structural breadth — 8 order-type × fee-type groups
  • •Features: sub-$1 pricing, retail program
Sub-$1 pricingRetail program

Live HTML fee schedule on NasdaqTrader.com (NTX_pricing); 5-column table (condition | Tape A | Tape B | Tape C | code); section headers are colspan=5 rows; all rates uniform across tapes

#1924X1.3 structural⬛ 0 transparency
Volume Depth7 tiers max
3.0
Threshold Diversity0 distinct volume thresholds
0.0
Qualifying Path Complexity2 multi-condition paths
1.0
Feature Richness2 distinct features
2.0
Tape Fragmentation0 tier positions with tape-specific rates
0.0
Structural Breadth9 order-type × fee-type groups
2.0
TransparencyFederal Register / regulatory filing
0.0
  • •High volume depth — 7 tiers max
  • •High structural breadth — 9 order-type × fee-type groups
  • •Low transparency — Federal Register / regulatory filing
  • •Features: sub-$1 pricing, retail program
Sub-$1 pricingRetail program

Multiple investor circulars (PDFs) combined with Federal Register filings required to reconstruct current rates

#21NYSE Texas1.3 structural🟦 5 transparency
Volume Depth0 tiers max
0.0
Threshold Diversity0 distinct volume thresholds
0.0
Qualifying Path Complexity0 multi-condition paths
0.0
Feature Richness3 distinct features
3.0
Tape Fragmentation7 tier positions with tape-specific rates
2.0
Structural Breadth15 order-type × fee-type groups
3.0
TransparencyDirect CSV/JSON download
5.0
  • •High structural breadth — 15 order-type × fee-type groups
  • •High feature richness — 3 distinct features
  • •Excellent transparency — Direct CSV/JSON download
  • •Features: sub-$1 pricing, venue-specific codes, auction fees
Sub-$1 pricingVenue-specific codesAuction fees

NYSE Summary of Equity Rates and Tiers XLSX; standard maker-taker model

#22CBOE EDGA1.2 structural🟩 4 transparency
Volume Depth0 tiers max
0.0
Threshold Diversity0 distinct volume thresholds
0.0
Qualifying Path Complexity0 multi-condition paths
0.0
Feature Richness3 distinct features
3.0
Tape Fragmentation0 tier positions with tape-specific rates
0.0
Structural Breadth17 order-type × fee-type groups
4.0
TransparencyStructured HTML table
4.0
  • •High structural breadth — 17 order-type × fee-type groups
  • •High feature richness — 3 distinct features
  • •Features: sub-$1 pricing, auction fees, supplemental credits
Sub-$1 pricingAuction feesSupplemental credits

Live HTML fee schedule on cboe.com; 4-column table (Fee Code | Description | Fee/(Rebate) | Sub-Dollar Fee/(Rebate)); no tier tables — all flat rates; routing codes filtered by description

#27LTSE0.5 structural🟦 5 transparency
Volume Depth3 tiers max
1.0
Threshold Diversity0 distinct volume thresholds
0.0
Qualifying Path Complexity0 multi-condition paths
0.0
Feature Richness1 distinct feature
1.0
Tape Fragmentation0 tier positions with tape-specific rates
0.0
Structural Breadth5 order-type × fee-type groups
1.0
TransparencyDirect CSV/JSON download
5.0
  • •Excellent transparency — Direct CSV/JSON download
  • •Features: sub-$1 pricing
Sub-$1 pricing

Direct CSV download of liquidity code to fee mapping; CSV URL is date-stamped and auto-discovered at runtime from the LTSE fee schedules page (ltse.com/trading/fee-schedules); filters for 'Liquidity' in href to avoid picking up the LIP Enhanced Securities CSV also on that page