Current Fees

1,000 active fee records across all exchanges.

Exchange

Fee Type

Security Type

Sub-dollar

Exchange	Type	Security	Liq. Code	Liq. Group	Tier	Rate/Share	Sub-$1	Volume Req.	Conditions	Date
24X	maker	All Tapes	`63`	["Add hidden/non-displayed liquidity with midpoint peg; Sub-$1.00: 0.065% of dollar value"]	Base	$-0.00250		—	Add hidden/non-displayed liquidity with midpoint peg; Sub-$1.00: 0.065% of dollar value	2026-03-18
24X	maker	All Tapes	`151`	["Add non-displayed volume (retail); retail program; Sub-$1.00: 0.065% of dollar value"]	Base	$-0.00250		—	Add non-displayed volume (retail); retail program; Sub-$1.00: 0.065% of dollar value	2026-03-18
24X	maker	All Tapes	`53`	["Add displayed liquidity \u2013 order sets new NBBO; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00340		—	Add displayed liquidity – order sets new NBBO; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`101`	["Add displayed volume (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00380		—	Add displayed volume (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`152`	["Add midpoint (retail); retail program; Sub-$1.00: 0.065% of dollar value"]	Midpoint	$-0.00250		—	Add midpoint (retail); retail program; Sub-$1.00: 0.065% of dollar value	2026-03-18
24X	maker	All Tapes	`153`	["Add displayed volume \u2013 NBBO improved (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	NBBO Improved	$-0.00380		—	Add displayed volume – NBBO improved (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`154`	["Add displayed volume \u2013 NBBO joined (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	NBBO Joined	$-0.00380		—	Add displayed volume – NBBO joined (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`54`	["Add displayed liquidity \u2013 order joins current NBBO; Sub-$1.00: 0.15% of dollar value"]	NBBO Joined	$-0.00340		—	Add displayed liquidity – order joins current NBBO; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`162`	["Add displayed volume \u2013 price improvement (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	Price Improvement	$-0.00380		—	Add displayed volume – price improvement (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`62`	["Add displayed liquidity \u2013 order provides price improvement; Sub-$1.00: 0.15% of dollar value"]	Price Improvement	$-0.00340		—	Add displayed liquidity – order provides price improvement; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	maker	All Tapes	`163`	["Add non-displayed volume \u2013 price improvement (retail); retail program; Sub-$1.00: 0.065% of dollar value"]	Price Improvement	$-0.00250		—	Add non-displayed volume – price improvement (retail); retail program; Sub-$1.00: 0.065% of dollar value	2026-03-18
24X	taker	All Tapes	`102`	["Remove volume (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	Base	$0.00295		—	Remove volume (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	taker	All Tapes	`103`	["Routed remove volume; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00300		—	Routed remove volume; Sub-$1.00: 0.30% of dollar value	2026-03-18
24X	taker	All Tapes	`61`	["Remove liquidity \u2013 immediate midpoint remove on entry; Sub-$1.00: 0.15% of dollar value"]	Base	$0.00295		—	Remove liquidity – immediate midpoint remove on entry; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	taker	All Tapes	`161`	["Remove volume \u2013 immediate midpoint removed (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	Midpoint Remove	$0.00295		—	Remove volume – immediate midpoint removed (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
24X	taker	All Tapes	`160`	["Remove volume on entry (retail); retail program; Sub-$1.00: 0.15% of dollar value"]	Remove on Entry	$0.00295		—	Remove volume on entry (retail); retail program; Sub-$1.00: 0.15% of dollar value	2026-03-18
CBOE BYX	auction	Tape A	`OO`	["BYX Opening or Re-opening"]	Base	$0.00000		—	BYX Opening or Re-opening	2026-03-18
CBOE BYX	auction	Tape A	`AD`	["Displayed auction order"]	Base	$0.00200		—	Displayed auction order	2026-03-18
CBOE BYX	auction	Tape A	`AU`	["Periodic Auction Only/Eligible order"]	Base	$0.00040		—	Periodic Auction Only/Eligible order	2026-03-18
CBOE BYX	auction	Tape A	`AH`	["Non-displayed auction order"]	Base	$0.00100		—	Non-displayed auction order	2026-03-18
CBOE BYX	auction	Tape A	`AD`	["Displayed auction order"]	Tier 1	$0.00160		0.075% ADV	Displayed auction, tier 1	2026-03-18
CBOE BYX	auction	Tape A	`AH`	["Non-displayed auction order"]	Tier 1	$0.00050		0.03% ADV	Non-displayed auction, tier 1	2026-03-18
CBOE BYX	auction	Tape A	`AD`	["Displayed auction order"]	Tier 2	$0.00140		0.1% ADV	Displayed auction, tier 2	2026-03-18
CBOE BYX	auction	Tape A	`AD`	["Displayed auction order"]	Tier 3	$0.00130		0.3% ADV	Displayed auction, tier 3	2026-03-18
CBOE BYX	auction	Tape A	`AD`	["Displayed auction order"]	Tier 4	$0.00120		0.6% ADV	Displayed auction, tier 4 \| Displayed auction, tier 5	2026-03-18
CBOE BYX	auction	Tape B	`AH`	["Non-displayed auction order"]	Base	$0.00100		—	Non-displayed auction order	2026-03-18
CBOE BYX	auction	Tape B	`AD`	["Displayed auction order"]	Base	$0.00200		—	Displayed auction order	2026-03-18
CBOE BYX	auction	Tape B	`OO`	["BYX Opening or Re-opening"]	Base	$0.00000		—	BYX Opening or Re-opening	2026-03-18
CBOE BYX	auction	Tape B	`AU`	["Periodic Auction Only/Eligible order"]	Base	$0.00040		—	Periodic Auction Only/Eligible order	2026-03-18
CBOE BYX	auction	Tape B	`AD`	["Displayed auction order"]	Tier 1	$0.00160		0.075% ADV	Displayed auction, tier 1	2026-03-18
CBOE BYX	auction	Tape B	`AH`	["Non-displayed auction order"]	Tier 1	$0.00050		0.03% ADV	Non-displayed auction, tier 1	2026-03-18
CBOE BYX	auction	Tape B	`AD`	["Displayed auction order"]	Tier 2	$0.00140		0.1% ADV	Displayed auction, tier 2	2026-03-18
CBOE BYX	auction	Tape B	`AD`	["Displayed auction order"]	Tier 3	$0.00130		0.3% ADV	Displayed auction, tier 3	2026-03-18
CBOE BYX	auction	Tape B	`AD`	["Displayed auction order"]	Tier 4	$0.00120		0.6% ADV	Displayed auction, tier 4 \| Displayed auction, tier 5	2026-03-18
CBOE BYX	auction	Tape C	`AH`	["Non-displayed auction order"]	Base	$0.00100		—	Non-displayed auction order	2026-03-18
CBOE BYX	auction	Tape C	`AD`	["Displayed auction order"]	Base	$0.00200		—	Displayed auction order	2026-03-18
CBOE BYX	auction	Tape C	`OO`	["BYX Opening or Re-opening"]	Base	$0.00000		—	BYX Opening or Re-opening	2026-03-18
CBOE BYX	auction	Tape C	`AU`	["Periodic Auction Only/Eligible order"]	Base	$0.00040		—	Periodic Auction Only/Eligible order	2026-03-18
CBOE BYX	auction	Tape C	`AD`	["Displayed auction order"]	Tier 1	$0.00160		0.075% ADV	Displayed auction, tier 1	2026-03-18
CBOE BYX	auction	Tape C	`AH`	["Non-displayed auction order"]	Tier 1	$0.00050		0.03% ADV	Non-displayed auction, tier 1	2026-03-18
CBOE BYX	auction	Tape C	`AD`	["Displayed auction order"]	Tier 2	$0.00140		0.1% ADV	Displayed auction, tier 2	2026-03-18
CBOE BYX	auction	Tape C	`AD`	["Displayed auction order"]	Tier 3	$0.00130		0.3% ADV	Displayed auction, tier 3	2026-03-18
CBOE BYX	auction	Tape C	`AD`	["Displayed auction order"]	Tier 4	$0.00120		0.6% ADV	Displayed auction, tier 4 \| Displayed auction, tier 5	2026-03-18
CBOE BYX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Base	$0.00100		—	Midpoint peg - Base	2026-03-18
CBOE BYX	maker	Tape A	`HA`	["Non-displayed order"]	Base	$0.00240		—	Non-displayed order	2026-03-18
CBOE BYX	maker	Tape A	`VI`	["Displayed with price sliding/improvement"]	Base	$0.00300		—	Displayed with price sliding/improvement	2026-03-18
CBOE BYX	maker	Tape A	`ZP`	["Retail price improving order"]	Base	$0.00160		—	Retail price improving order	2026-03-18
CBOE BYX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Base	$0.00200		—	Add displayed liquidity - Base	2026-03-18
CBOE BYX	maker	Tape A	`RP`	["Supplemental peg"]	Base	$0.00240		—	Supplemental peg	2026-03-18
CBOE BYX	maker	Tape A	`HI`	["Non-displayed with price improvement"]	Base	$0.00300		—	Non-displayed with price improvement	2026-03-18
CBOE BYX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 1	$0.00160		0.075% ADV	Combined Auction ADV + ADAV ≥0.075% TCV	2026-03-18
CBOE BYX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Tier 1	$0.00050		0.03% ADV	Midpoint peg, combined ADV ≥0.03% TCV	2026-03-18
CBOE BYX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 2	$0.00140		0.1% ADV	Combined Auction ADV + ADAV ≥0.10% TCV	2026-03-18
CBOE BYX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 3	$0.00130		0.3% ADV	Combined Auction ADV + ADAV ≥0.30% TCV	2026-03-18
CBOE BYX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 4	$0.00120		0.6% ADV	Combined Auction ADV + ADAV ≥0.60% TCV \| MPID combined Auction ADV + ADAV ≥0.55% TCV	2026-03-18
CBOE BYX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Base	$0.00200		—	Add displayed liquidity - Base	2026-03-18
CBOE BYX	maker	Tape B	`HI`	["Non-displayed with price improvement"]	Base	$0.00300		—	Non-displayed with price improvement	2026-03-18
CBOE BYX	maker	Tape B	`VI`	["Displayed with price sliding/improvement"]	Base	$0.00300		—	Displayed with price sliding/improvement	2026-03-18
CBOE BYX	maker	Tape B	`RP`	["Supplemental peg"]	Base	$0.00240		—	Supplemental peg	2026-03-18
CBOE BYX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Base	$0.00100		—	Midpoint peg - Base	2026-03-18
CBOE BYX	maker	Tape B	`HA`	["Non-displayed order"]	Base	$0.00240		—	Non-displayed order	2026-03-18
CBOE BYX	maker	Tape B	`ZP`	["Retail price improving order"]	Base	$0.00160		—	Retail price improving order	2026-03-18
CBOE BYX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Tier 1	$0.00050		0.03% ADV	Midpoint peg, combined ADV ≥0.03% TCV	2026-03-18
CBOE BYX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 1	$0.00160		0.075% ADV	Combined Auction ADV + ADAV ≥0.075% TCV	2026-03-18
CBOE BYX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 2	$0.00140		0.1% ADV	Combined Auction ADV + ADAV ≥0.10% TCV	2026-03-18
CBOE BYX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 3	$0.00130		0.3% ADV	Combined Auction ADV + ADAV ≥0.30% TCV	2026-03-18
CBOE BYX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 4	$0.00120		0.6% ADV	Combined Auction ADV + ADAV ≥0.60% TCV \| MPID combined Auction ADV + ADAV ≥0.55% TCV	2026-03-18
CBOE BYX	maker	Tape C	`RP`	["Supplemental peg"]	Base	$0.00240		—	Supplemental peg	2026-03-18
CBOE BYX	maker	Tape C	`VI`	["Displayed with price sliding/improvement"]	Base	$0.00300		—	Displayed with price sliding/improvement	2026-03-18
CBOE BYX	maker	Tape C	`ZP`	["Retail price improving order"]	Base	$0.00160		—	Retail price improving order	2026-03-18
CBOE BYX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Base	$0.00200		—	Add displayed liquidity - Base	2026-03-18
CBOE BYX	maker	Tape C	`HI`	["Non-displayed with price improvement"]	Base	$0.00300		—	Non-displayed with price improvement	2026-03-18
CBOE BYX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Base	$0.00100		—	Midpoint peg - Base	2026-03-18
CBOE BYX	maker	Tape C	`HA`	["Non-displayed order"]	Base	$0.00240		—	Non-displayed order	2026-03-18
CBOE BYX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Tier 1	$0.00050		0.03% ADV	Midpoint peg, combined ADV ≥0.03% TCV	2026-03-18
CBOE BYX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 1	$0.00160		0.075% ADV	Combined Auction ADV + ADAV ≥0.075% TCV	2026-03-18
CBOE BYX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 2	$0.00140		0.1% ADV	Combined Auction ADV + ADAV ≥0.10% TCV	2026-03-18
CBOE BYX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 3	$0.00130		0.3% ADV	Combined Auction ADV + ADAV ≥0.30% TCV	2026-03-18
CBOE BYX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 4	$0.00120		0.6% ADV	Combined Auction ADV + ADAV ≥0.60% TCV \| MPID combined Auction ADV + ADAV ≥0.55% TCV	2026-03-18
CBOE BYX	taker	Tape A	`W`	["Remove liquidity - Base"]	Base	$0.00020		—	Remove liquidity - Base	2026-03-18
CBOE BYX	taker	Tape A	`ZR`	["Retail order removes liquidity"]	Base	$-0.00150		—	Retail order removes liquidity	2026-03-18
CBOE BYX	taker	Tape A	`MT`	["Remove midpoint peg liquidity"]	Base	$0.00000		—	Remove midpoint peg liquidity	2026-03-18
CBOE BYX	taker	Tape A	`W`	["Remove liquidity - Base"]	Tier 1	$-0.00130		0.08% ADV	Combined Auction ADV + ADV ≥0.08% TCV; ADAV ≥3.5M	2026-03-18
CBOE BYX	taker	Tape A	`W`	["Remove liquidity - Base"]	Tier 2	$-0.00150		0.1% ADV	Combined Auction ADV + ADV ≥0.10% TCV; ADAV ≥7M	2026-03-18
CBOE BYX	taker	Tape B	`MT`	["Remove midpoint peg liquidity"]	Base	$0.00000		—	Remove midpoint peg liquidity	2026-03-18
CBOE BYX	taker	Tape B	`BB`	["Remove liquidity - Base"]	Base	$0.00020		—	Remove liquidity - Base	2026-03-18
CBOE BYX	taker	Tape B	`ZR`	["Retail order removes liquidity"]	Base	$-0.00150		—	Retail order removes liquidity	2026-03-18
CBOE BYX	taker	Tape B	`BB`	["Remove liquidity - Base"]	Tier 1	$-0.00130		0.08% ADV	Combined Auction ADV + ADV ≥0.08% TCV; ADAV ≥3.5M	2026-03-18
CBOE BYX	taker	Tape B	`BB`	["Remove liquidity - Base"]	Tier 2	$-0.00150		0.1% ADV	Combined Auction ADV + ADV ≥0.10% TCV; ADAV ≥7M	2026-03-18
CBOE BYX	taker	Tape C	`N`	["Remove liquidity - Base"]	Base	$0.00020		—	Remove liquidity - Base	2026-03-18
CBOE BYX	taker	Tape C	`MT`	["Remove midpoint peg liquidity"]	Base	$0.00000		—	Remove midpoint peg liquidity	2026-03-18
CBOE BYX	taker	Tape C	`ZR`	["Retail order removes liquidity"]	Base	$-0.00150		—	Retail order removes liquidity	2026-03-18
CBOE BYX	taker	Tape C	`N`	["Remove liquidity - Base"]	Tier 1	$-0.00130		0.08% ADV	Combined Auction ADV + ADV ≥0.08% TCV; ADAV ≥3.5M	2026-03-18
CBOE BYX	taker	Tape C	`N`	["Remove liquidity - Base"]	Tier 2	$-0.00150		0.1% ADV	Combined Auction ADV + ADV ≥0.10% TCV; ADAV ≥7M	2026-03-18
CBOE BZX	maker	All Tapes	`VI`	["Order with price improvement, adds liquidity"]	Base	$0.00000		—	Order with price improvement, adds liquidity	2026-03-18
CBOE BZX	maker	All Tapes	`RP`	["Non-displayed order using Supplemental Peg"]	Base	$-0.00080		—	Non-displayed order using Supplemental Peg	2026-03-18
CBOE BZX	maker	All Tapes	`HI`	["Order with price improvement, adds liquidity"]	Base	$0.00000		—	Order with price improvement, adds liquidity	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Base	$-0.00160		—	Displayed order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape A	`HV`	["Non-displayed order, adds liquidity"]	Base	$-0.00080		—	Non-displayed order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape A	`ZV`	["Retail order, adds liquidity"]	Base	$-0.00320		—	Retail order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape A	`HV`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 1	$-0.00180		0.06% ADV	Add ≥0.06% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape A	`HV`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 2	$-0.00200		0.1% ADV	Add ≥0.1% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape A	`HV`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 3	$-0.00250		0.15% ADV	Add ≥0.15% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape A	`HV`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 4	$-0.00270		0.2% ADV	Add ≥0.2% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Tier 1	$-0.00200		0.06% ADV	ADAV ≥ 0.06% TCV or Ex-Subdollar ADAV ≥ 0.06%	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Tier 2	$-0.00230		0.2% ADV	ADAV ≥ 0.20% TCV or Ex-Subdollar ADAV ≥ 0.20%	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Tier 3	$-0.00280		0.25% ADV	ADAV ≥ 0.25% TCV or Ex-Subdollar ADAV ≥ 0.25%	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Tier 4	$-0.00290		0.35% ADV	ADAV ≥ 0.35% TCV or Ex-Subdollar ADAV ≥ 0.35%	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Tier 5	$-0.00300		0.6% ADV	ADAV ≥ 0.60% TCV or Ex-Subdollar ADAV ≥ 0.60%	2026-03-18
CBOE BZX	maker	Tape A	`V`	["Displayed order, adds liquidity"]	Tier 6	$-0.00310		1% ADV	ADAV ≥ 1.00% TCV or Ex-Subdollar ADAV ≥ 1.00%	2026-03-18
CBOE BZX	maker	Tape B	`HB`	["Non-displayed order, adds liquidity"]	Base	$-0.00080		—	Non-displayed order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape B	`ZB`	["Retail order, adds liquidity"]	Base	$-0.00320		—	Retail order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Base	$-0.00160		—	Displayed order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape B	`HB`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 1	$-0.00180		0.06% ADV	Add ≥0.06% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape B	`HB`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 2	$-0.00200		0.1% ADV	Add ≥0.1% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape B	`HB`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 3	$-0.00250		0.15% ADV	Add ≥0.15% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape B	`HB`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 4	$-0.00270		0.2% ADV	Add ≥0.2% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Tier 1	$-0.00200		0.06% ADV	ADAV ≥ 0.06% TCV or Ex-Subdollar ADAV ≥ 0.06%	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Tier 2	$-0.00230		0.2% ADV	ADAV ≥ 0.20% TCV or Ex-Subdollar ADAV ≥ 0.20%	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Tier 3	$-0.00280		0.25% ADV	ADAV ≥ 0.25% TCV or Ex-Subdollar ADAV ≥ 0.25%	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Tier 4	$-0.00290		0.35% ADV	ADAV ≥ 0.35% TCV or Ex-Subdollar ADAV ≥ 0.35%	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Tier 5	$-0.00300		0.6% ADV	ADAV ≥ 0.60% TCV or Ex-Subdollar ADAV ≥ 0.60%	2026-03-18
CBOE BZX	maker	Tape B	`B`	["Displayed order, adds liquidity"]	Tier 6	$-0.00310		1% ADV	ADAV ≥ 1.00% TCV or Ex-Subdollar ADAV ≥ 1.00%	2026-03-18
CBOE BZX	maker	Tape C	`HY`	["Non-displayed order, adds liquidity"]	Base	$-0.00080		—	Non-displayed order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Base	$-0.00160		—	Displayed order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape C	`ZY`	["Retail order, adds liquidity"]	Base	$-0.00320		—	Retail order, adds liquidity	2026-03-18
CBOE BZX	maker	Tape C	`HY`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 1	$-0.00180		0.06% ADV	Add ≥0.06% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape C	`HY`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 2	$-0.00200		0.1% ADV	Add ≥0.1% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape C	`HY`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 3	$-0.00250		0.15% ADV	Add ≥0.15% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape C	`HY`	["Non-displayed order, adds liquidity"]	Non-Displayed Add Volume Tier 4	$-0.00270		0.2% ADV	Add ≥0.2% TCV as Non-Displayed orders	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Tier 1	$-0.00200		0.06% ADV	ADAV ≥ 0.06% TCV or Ex-Subdollar ADAV ≥ 0.06%	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Tier 2	$-0.00230		0.2% ADV	ADAV ≥ 0.20% TCV or Ex-Subdollar ADAV ≥ 0.20%	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Tier 3	$-0.00280		0.25% ADV	ADAV ≥ 0.25% TCV or Ex-Subdollar ADAV ≥ 0.25%	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Tier 4	$-0.00290		0.35% ADV	ADAV ≥ 0.35% TCV or Ex-Subdollar ADAV ≥ 0.35%	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Tier 5	$-0.00300		0.6% ADV	ADAV ≥ 0.60% TCV or Ex-Subdollar ADAV ≥ 0.60%	2026-03-18
CBOE BZX	maker	Tape C	`Y`	["Displayed order, adds liquidity"]	Tier 6	$-0.00310		1% ADV	ADAV ≥ 1.00% TCV or Ex-Subdollar ADAV ≥ 1.00%	2026-03-18
CBOE BZX	taker	All Tapes	`S`	["Directed ISO"]	Base	$0.00330		—	Directed ISO	2026-03-18
CBOE BZX	taker	All Tapes	`ZR`	["Retail order, removes liquidity"]	Base	$0.00300		—	Retail order, removes liquidity	2026-03-18
CBOE BZX	taker	Tape A	`W`	["Removes liquidity from BZX"]	Base	$0.00300		—	Removes liquidity from BZX	2026-03-18
CBOE BZX	taker	Tape B	`BB`	["Removes liquidity from BZX"]	Base	$0.00300		—	Removes liquidity from BZX	2026-03-18
CBOE BZX	taker	Tape C	`N`	["Removes liquidity from BZX"]	Base	$0.00300		—	Removes liquidity from BZX	2026-03-18
CBOE EDGA	auction	Tape A	`OO`	["EDGA Opening or Re-opening"]	Base	$0.00000		—	EDGA Opening or Re-opening	2026-03-18
CBOE EDGA	auction	Tape B	`OO`	["EDGA Opening or Re-opening"]	Base	$0.00000		—	EDGA Opening or Re-opening	2026-03-18
CBOE EDGA	auction	Tape C	`OO`	["EDGA Opening or Re-opening"]	Base	$0.00000		—	EDGA Opening or Re-opening	2026-03-18
CBOE EDGA	maker	Tape A	`V`	["Add displayed liquidity"]	Base	$-0.00270		—	Add displayed liquidity	2026-03-18
CBOE EDGA	maker	Tape A	`DN`	["Non-displayed MidPoint Discretionary"]	Base	$-0.00200		—	Non-displayed MidPoint Discretionary	2026-03-18
CBOE EDGA	maker	Tape A	`DQ`	["QDP usage, adds liquidity"]	Base	$-0.00200		—	QDP usage, adds liquidity	2026-03-18
CBOE EDGA	maker	Tape A	`DM`	["MidPoint Discretionary within range"]	Base	$-0.00200		—	MidPoint Discretionary within range	2026-03-18
CBOE EDGA	maker	Tape A	`3`	["Add liquidity, pre/post market"]	Base	$-0.00270		—	Add liquidity, pre/post market	2026-03-18
CBOE EDGA	maker	Tape A	`HA`	["Non-displayed order"]	Base	$-0.00250		—	Non-displayed order	2026-03-18
CBOE EDGA	maker	Tape A	`MM`	["Midpoint peg"]	Base	$-0.00250		—	Midpoint peg	2026-03-18
CBOE EDGA	maker	Tape A	`RP`	["Supplemental peg"]	Base	$-0.00250		—	Supplemental peg	2026-03-18
CBOE EDGA	maker	Tape A	`DD`	["Displayed MidPoint Discretionary, not within range"]	Base	$-0.00270		—	Displayed MidPoint Discretionary, not within range	2026-03-18
CBOE EDGA	maker	Tape A	`SS`	["Sets Setter NBBO on non-excluded symbols"]	NBBO Setter	$-0.00300		—	Sets Setter NBBO on non-excluded symbols	2026-03-18
CBOE EDGA	maker	Tape B	`B`	["Add displayed liquidity"]	Base	$-0.00270		—	Add displayed liquidity	2026-03-18
CBOE EDGA	maker	Tape B	`DQ`	["QDP usage, adds liquidity"]	Base	$-0.00200		—	QDP usage, adds liquidity	2026-03-18
CBOE EDGA	maker	Tape B	`DN`	["Non-displayed MidPoint Discretionary"]	Base	$-0.00200		—	Non-displayed MidPoint Discretionary	2026-03-18
CBOE EDGA	maker	Tape B	`DM`	["MidPoint Discretionary within range"]	Base	$-0.00200		—	MidPoint Discretionary within range	2026-03-18
CBOE EDGA	maker	Tape B	`DD`	["Displayed MidPoint Discretionary, not within range"]	Base	$-0.00270		—	Displayed MidPoint Discretionary, not within range	2026-03-18
CBOE EDGA	maker	Tape B	`RP`	["Supplemental peg"]	Base	$-0.00250		—	Supplemental peg	2026-03-18
CBOE EDGA	maker	Tape B	`MM`	["Midpoint peg"]	Base	$-0.00250		—	Midpoint peg	2026-03-18
CBOE EDGA	maker	Tape B	`HA`	["Non-displayed order"]	Base	$-0.00250		—	Non-displayed order	2026-03-18
CBOE EDGA	maker	Tape B	`4`	["Add liquidity, pre/post market"]	Base	$-0.00270		—	Add liquidity, pre/post market	2026-03-18
CBOE EDGA	maker	Tape B	`SS`	["Sets Setter NBBO on non-excluded symbols"]	NBBO Setter	$-0.00300		—	Sets Setter NBBO on non-excluded symbols	2026-03-18
CBOE EDGA	maker	Tape C	`MM`	["Midpoint peg"]	Base	$-0.00250		—	Midpoint peg	2026-03-18
CBOE EDGA	maker	Tape C	`DD`	["Displayed MidPoint Discretionary, not within range"]	Base	$-0.00270		—	Displayed MidPoint Discretionary, not within range	2026-03-18
CBOE EDGA	maker	Tape C	`RP`	["Supplemental peg"]	Base	$-0.00250		—	Supplemental peg	2026-03-18
CBOE EDGA	maker	Tape C	`DQ`	["QDP usage, adds liquidity"]	Base	$-0.00200		—	QDP usage, adds liquidity	2026-03-18
CBOE EDGA	maker	Tape C	`DN`	["Non-displayed MidPoint Discretionary"]	Base	$-0.00200		—	Non-displayed MidPoint Discretionary	2026-03-18
CBOE EDGA	maker	Tape C	`DM`	["MidPoint Discretionary within range"]	Base	$-0.00200		—	MidPoint Discretionary within range	2026-03-18
CBOE EDGA	maker	Tape C	`Y`	["Add displayed liquidity"]	Base	$-0.00270		—	Add displayed liquidity	2026-03-18
CBOE EDGA	maker	Tape C	`3`	["Add liquidity, pre/post market"]	Base	$-0.00270		—	Add liquidity, pre/post market	2026-03-18
CBOE EDGA	maker	Tape C	`HA`	["Non-displayed order"]	Base	$-0.00250		—	Non-displayed order	2026-03-18
CBOE EDGA	maker	Tape C	`SS`	["Sets Setter NBBO on non-excluded symbols"]	NBBO Setter	$-0.00300		—	Sets Setter NBBO on non-excluded symbols	2026-03-18
CBOE EDGA	taker	Tape A	`HR`	["Remove non-displayed liquidity"]	Base	$0.00300		—	Remove non-displayed liquidity	2026-03-18
CBOE EDGA	taker	Tape A	`6`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
CBOE EDGA	taker	Tape A	`DX`	["QDP usage, removes liquidity"]	Base	$0.00300		—	QDP usage, removes liquidity	2026-03-18
CBOE EDGA	taker	Tape A	`MT`	["Remove midpoint peg liquidity"]	Base	$0.00300		—	Remove midpoint peg liquidity	2026-03-18
CBOE EDGA	taker	Tape A	`W`	["Remove liquidity"]	Base	$0.00300		—	Remove liquidity	2026-03-18
CBOE EDGA	taker	Tape B	`DX`	["QDP usage, removes liquidity"]	Base	$0.00300		—	QDP usage, removes liquidity	2026-03-18
CBOE EDGA	taker	Tape B	`MT`	["Remove midpoint peg liquidity"]	Base	$0.00300		—	Remove midpoint peg liquidity	2026-03-18
CBOE EDGA	taker	Tape B	`HR`	["Remove non-displayed liquidity"]	Base	$0.00300		—	Remove non-displayed liquidity	2026-03-18
CBOE EDGA	taker	Tape B	`BB`	["Remove liquidity"]	Base	$0.00300		—	Remove liquidity	2026-03-18
CBOE EDGA	taker	Tape B	`6`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
CBOE EDGA	taker	Tape C	`6`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
CBOE EDGA	taker	Tape C	`MT`	["Remove midpoint peg liquidity"]	Base	$0.00300		—	Remove midpoint peg liquidity	2026-03-18
CBOE EDGA	taker	Tape C	`N`	["Remove liquidity"]	Base	$0.00300		—	Remove liquidity	2026-03-18
CBOE EDGA	taker	Tape C	`HR`	["Remove non-displayed liquidity"]	Base	$0.00300		—	Remove non-displayed liquidity	2026-03-18
CBOE EDGA	taker	Tape C	`DX`	["QDP usage, removes liquidity"]	Base	$0.00300		—	QDP usage, removes liquidity	2026-03-18
CBOE EDGX	auction	Tape A	`OO`	["EDGX Opening or Re-opening"]	Base	$0.00100		—	EDGX Opening or Re-opening	2026-03-18
CBOE EDGX	auction	Tape B	`OO`	["EDGX Opening or Re-opening"]	Base	$0.00100		—	EDGX Opening or Re-opening	2026-03-18
CBOE EDGX	auction	Tape C	`OO`	["EDGX Opening or Re-opening"]	Base	$0.00100		—	EDGX Opening or Re-opening	2026-03-18
CBOE EDGX	maker	Tape A	`DQ`	["QDP usage, adds liquidity - FEE"]	Base	$0.00040		—	QDP usage, adds liquidity - FEE	2026-03-18
CBOE EDGX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Base	$-0.00080		—	Midpoint peg - Base	2026-03-18
CBOE EDGX	maker	Tape A	`RP`	["Supplemental peg - Base"]	Base	$-0.00080		—	Supplemental peg - Base	2026-03-18
CBOE EDGX	maker	Tape A	`DM`	["MidPoint Discretionary within range"]	Base	$-0.00080		—	MidPoint Discretionary within range	2026-03-18
CBOE EDGX	maker	Tape A	`HA`	["Non-displayed order - Base"]	Base	$-0.00080		—	Non-displayed order - Base	2026-03-18
CBOE EDGX	maker	Tape A	`3`	["Add displayed liquidity, pre/post market"]	Base	$-0.00160		—	Add displayed liquidity, pre/post market	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Base	$-0.00160		—	Add displayed liquidity - Base	2026-03-18
CBOE EDGX	maker	Tape A	`HI`	["Non-displayed with price improvement"]	Base	$0.00000		—	Non-displayed with price improvement	2026-03-18
CBOE EDGX	maker	Tape A	`VI`	["Displayed with price sliding/improvement"]	Base	$0.00000		—	Displayed with price sliding/improvement	2026-03-18
CBOE EDGX	maker	Tape A	`ZA`	["Retail order, adds liquidity"]	Base	$-0.00320		—	Retail order, adds liquidity	2026-03-18
CBOE EDGX	maker	Tape A	`ZO`	["Retail order, adds liquidity, pre/post market"]	Base	$-0.00320		—	Retail order, adds liquidity, pre/post market	2026-03-18
CBOE EDGX	maker	Tape A	`V+XA`	["Tape B+C ADAV \u22656M; SPY Add ADV on EDGX Options \u22650.70% OCV"]	Cross Asset Tier	$-0.00290		6,000,000 shares/day	Tape B+C ADAV ≥6M; SPY Add ADV on EDGX Options ≥0.70% OCV	2026-03-18
CBOE EDGX	maker	Tape A	`V+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 1	$-0.00250		0.5% ADV	Add or Remove ADV ≥0.50% TCV; Retail Remove ≥800K; Non-Retail Remove ≥0.08% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`V+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 2	$-0.00280		0.25% ADV	Add ADV ≥0.25% TCV; Non-Displayed Add ≥0.12% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`V+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 3	$-0.00300		0.3% ADV	Add ADV ≥0.30% TCV (excluding ZA/ZO); Non-Displayed ≥0.11% TCV; Tape B ≥0.40% Tape B TCV	2026-03-18
CBOE EDGX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape A	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape A	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape A	`ZA`	["Retail order, adds liquidity"]	Retail Tier 1	$-0.00340		0.25% ADV	Retail Order ADV ≥0.25% TCV; ADAV (B/V/Y) ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`ZO`	["Retail order, adds liquidity, pre/post market"]	Retail Tier 1	$-0.00340		0.25% ADV	Retail Order ADV ≥0.25% TCV; ADAV (B/V/Y) ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`ZO`	["Retail order, adds liquidity, pre/post market"]	Retail Tier 2	$-0.00370		0.4% ADV	Retail Order ADV ≥0.40% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`ZA`	["Retail order, adds liquidity"]	Retail Tier 2	$-0.00370		0.4% ADV	Retail Order ADV ≥0.40% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 1	$-0.00200		0.15% ADV	ADAV (excluding ZA/ZO) ≥0.15% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 2	$-0.00250		0.18% ADV	ADAV (excluding ZA/ZO) ≥0.18% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 3	$-0.00270		0.25% ADV	ADAV (excluding ZA/ZO) ≥0.25% TCV \| Remove ADV ≥0.40% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 4	$-0.00290		0.65% ADV	ADAV (excluding ZA/ZO) ≥0.65% TCV \| Retail Order ADV (ZA/ZO) ≥0.45% TCV	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 5	$-0.00310		20,000,000 shares/day	MPID ADV (excluding ZA/ZO) ≥20M; QDP ADV ≥3.5M	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 6	$-0.00330		27,500,000 shares/day	MPID ADV (excluding ZA/ZO) ≥27.5M; QDP ADV ≥3.5M	2026-03-18
CBOE EDGX	maker	Tape A	`V`	["Add displayed liquidity - Base"]	Tier 7	$-0.00340		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape B	`DQ`	["QDP usage, adds liquidity - FEE"]	Base	$0.00040		—	QDP usage, adds liquidity - FEE	2026-03-18
CBOE EDGX	maker	Tape B	`VI`	["Displayed with price sliding/improvement"]	Base	$0.00000		—	Displayed with price sliding/improvement	2026-03-18
CBOE EDGX	maker	Tape B	`ZA`	["Retail order, adds liquidity"]	Base	$-0.00320		—	Retail order, adds liquidity	2026-03-18
CBOE EDGX	maker	Tape B	`ZO`	["Retail order, adds liquidity, pre/post market"]	Base	$-0.00320		—	Retail order, adds liquidity, pre/post market	2026-03-18
CBOE EDGX	maker	Tape B	`HI`	["Non-displayed with price improvement"]	Base	$0.00000		—	Non-displayed with price improvement	2026-03-18
CBOE EDGX	maker	Tape B	`DM`	["MidPoint Discretionary within range"]	Base	$-0.00080		—	MidPoint Discretionary within range	2026-03-18
CBOE EDGX	maker	Tape B	`RP`	["Supplemental peg - Base"]	Base	$-0.00080		—	Supplemental peg - Base	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Base	$-0.00160		—	Add displayed liquidity - Base	2026-03-18
CBOE EDGX	maker	Tape B	`4`	["Add displayed liquidity, pre/post market"]	Base	$-0.00160		—	Add displayed liquidity, pre/post market	2026-03-18
CBOE EDGX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Base	$-0.00080		—	Midpoint peg - Base	2026-03-18
CBOE EDGX	maker	Tape B	`HA`	["Non-displayed order - Base"]	Base	$-0.00080		—	Non-displayed order - Base	2026-03-18
CBOE EDGX	maker	Tape B	`B+XA`	["Tape B+C ADAV \u22656M; SPY Add ADV on EDGX Options \u22650.70% OCV"]	Cross Asset Tier	$-0.00290		6,000,000 shares/day	Tape B+C ADAV ≥6M; SPY Add ADV on EDGX Options ≥0.70% OCV	2026-03-18
CBOE EDGX	maker	Tape B	`B+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 1	$-0.00250		0.5% ADV	Add or Remove ADV ≥0.50% TCV; Retail Remove ≥800K; Non-Retail Remove ≥0.08% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`B+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 2	$-0.00280		0.25% ADV	Add ADV ≥0.25% TCV; Non-Displayed Add ≥0.12% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`B+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 3	$-0.00300		0.3% ADV	Add ADV ≥0.30% TCV (excluding ZA/ZO); Non-Displayed ≥0.11% TCV; Tape B ≥0.40% Tape B TCV	2026-03-18
CBOE EDGX	maker	Tape B	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape B	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape B	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape B	`ZA`	["Retail order, adds liquidity"]	Retail Tier 1	$-0.00340		0.25% ADV	Retail Order ADV ≥0.25% TCV; ADAV (B/V/Y) ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`ZO`	["Retail order, adds liquidity, pre/post market"]	Retail Tier 1	$-0.00340		0.25% ADV	Retail Order ADV ≥0.25% TCV; ADAV (B/V/Y) ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`ZA`	["Retail order, adds liquidity"]	Retail Tier 2	$-0.00370		0.4% ADV	Retail Order ADV ≥0.40% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`ZO`	["Retail order, adds liquidity, pre/post market"]	Retail Tier 2	$-0.00370		0.4% ADV	Retail Order ADV ≥0.40% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 1	$-0.00200		0.15% ADV	ADAV (excluding ZA/ZO) ≥0.15% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 2	$-0.00250		0.18% ADV	ADAV (excluding ZA/ZO) ≥0.18% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 3	$-0.00270		0.25% ADV	ADAV (excluding ZA/ZO) ≥0.25% TCV \| Remove ADV ≥0.40% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 4	$-0.00290		0.65% ADV	ADAV (excluding ZA/ZO) ≥0.65% TCV \| Retail Order ADV (ZA/ZO) ≥0.45% TCV	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 5	$-0.00310		20,000,000 shares/day	MPID ADV (excluding ZA/ZO) ≥20M; QDP ADV ≥3.5M	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 6	$-0.00330		27,500,000 shares/day	MPID ADV (excluding ZA/ZO) ≥27.5M; QDP ADV ≥3.5M	2026-03-18
CBOE EDGX	maker	Tape B	`B`	["Add displayed liquidity - Base"]	Tier 7	$-0.00340		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape C	`HI`	["Non-displayed with price improvement"]	Base	$0.00000		—	Non-displayed with price improvement	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Base	$-0.00160		—	Add displayed liquidity - Base	2026-03-18
CBOE EDGX	maker	Tape C	`3`	["Add displayed liquidity, pre/post market"]	Base	$-0.00160		—	Add displayed liquidity, pre/post market	2026-03-18
CBOE EDGX	maker	Tape C	`ZO`	["Retail order, adds liquidity, pre/post market"]	Base	$-0.00320		—	Retail order, adds liquidity, pre/post market	2026-03-18
CBOE EDGX	maker	Tape C	`ZA`	["Retail order, adds liquidity"]	Base	$-0.00320		—	Retail order, adds liquidity	2026-03-18
CBOE EDGX	maker	Tape C	`HA`	["Non-displayed order - Base"]	Base	$-0.00080		—	Non-displayed order - Base	2026-03-18
CBOE EDGX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Base	$-0.00080		—	Midpoint peg - Base	2026-03-18
CBOE EDGX	maker	Tape C	`RP`	["Supplemental peg - Base"]	Base	$-0.00080		—	Supplemental peg - Base	2026-03-18
CBOE EDGX	maker	Tape C	`DM`	["MidPoint Discretionary within range"]	Base	$-0.00080		—	MidPoint Discretionary within range	2026-03-18
CBOE EDGX	maker	Tape C	`VI`	["Displayed with price sliding/improvement"]	Base	$0.00000		—	Displayed with price sliding/improvement	2026-03-18
CBOE EDGX	maker	Tape C	`DQ`	["QDP usage, adds liquidity - FEE"]	Base	$0.00040		—	QDP usage, adds liquidity - FEE	2026-03-18
CBOE EDGX	maker	Tape C	`Y+XA`	["Tape B+C ADAV \u22656M; SPY Add ADV on EDGX Options \u22650.70% OCV"]	Cross Asset Tier	$-0.00290		6,000,000 shares/day	Tape B+C ADAV ≥6M; SPY Add ADV on EDGX Options ≥0.70% OCV	2026-03-18
CBOE EDGX	maker	Tape C	`Y+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 1	$-0.00250		0.5% ADV	Add or Remove ADV ≥0.50% TCV; Retail Remove ≥800K; Non-Retail Remove ≥0.08% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`Y+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 2	$-0.00280		0.25% ADV	Add ADV ≥0.25% TCV; Non-Displayed Add ≥0.12% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`Y+MQ`	["Add or Remove ADV \u22650.50% TCV; Retail Remove \u2265800K; Non-Retail Remove \u22650.08% TCV"]	Market Quality Tier 3	$-0.00300		0.3% ADV	Add ADV ≥0.30% TCV (excluding ZA/ZO); Non-Displayed ≥0.11% TCV; Tape B ≥0.40% Tape B TCV	2026-03-18
CBOE EDGX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 1	$-0.00150		0.07% ADV	Non-Displayed ADAV ≥0.07% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 2	$-0.00220		0.1% ADV	Non-Displayed ADAV ≥0.10% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 3	$-0.00250		0.15% ADV	Non-Displayed ADAV ≥0.15% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`HA`	["Non-displayed order - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape C	`RP`	["Supplemental peg - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape C	`MM`	["Midpoint peg - Base"]	Non-Displayed Tier 5	$-0.00260		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	maker	Tape C	`ZO`	["Retail order, adds liquidity, pre/post market"]	Retail Tier 1	$-0.00340		0.25% ADV	Retail Order ADV ≥0.25% TCV; ADAV (B/V/Y) ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`ZA`	["Retail order, adds liquidity"]	Retail Tier 1	$-0.00340		0.25% ADV	Retail Order ADV ≥0.25% TCV; ADAV (B/V/Y) ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`ZA`	["Retail order, adds liquidity"]	Retail Tier 2	$-0.00370		0.4% ADV	Retail Order ADV ≥0.40% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`ZO`	["Retail order, adds liquidity, pre/post market"]	Retail Tier 2	$-0.00370		0.4% ADV	Retail Order ADV ≥0.40% TCV \| Remove ADV ≥0.37% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 1	$-0.00200		0.15% ADV	ADAV (excluding ZA/ZO) ≥0.15% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 2	$-0.00250		0.18% ADV	ADAV (excluding ZA/ZO) ≥0.18% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 3	$-0.00270		0.25% ADV	ADAV (excluding ZA/ZO) ≥0.25% TCV \| Remove ADV ≥0.40% TCV; Hidden Primary Peg ≥1M; Hidden Midpoint ≥5M	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 4	$-0.00290		0.65% ADV	ADAV (excluding ZA/ZO) ≥0.65% TCV \| Retail Order ADV (ZA/ZO) ≥0.45% TCV	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 5	$-0.00310		20,000,000 shares/day	MPID ADV (excluding ZA/ZO) ≥20M; QDP ADV ≥3.5M	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 6	$-0.00330		27,500,000 shares/day	MPID ADV (excluding ZA/ZO) ≥27.5M; QDP ADV ≥3.5M	2026-03-18
CBOE EDGX	maker	Tape C	`Y`	["Add displayed liquidity - Base"]	Tier 7	$-0.00340		0.8% ADV	Retail ADV ≥0.80% TCV or ≥80M; Remove ADV ≥0.80% TCV or ≥80M	2026-03-18
CBOE EDGX	taker	Tape A	`6`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
CBOE EDGX	taker	Tape A	`W`	["Remove liquidity - Base"]	Base	$0.00300		—	Remove liquidity - Base	2026-03-18
CBOE EDGX	taker	Tape A	`ZM`	["Retail Day/RHO or GTX, removes on arrival"]	Base	$0.00000		—	Retail Day/RHO or GTX, removes on arrival	2026-03-18
CBOE EDGX	taker	Tape A	`DX`	["QDP usage, removes liquidity"]	Base	$0.00150		—	QDP usage, removes liquidity	2026-03-18
CBOE EDGX	taker	Tape A	`ZR`	["Retail order removes liquidity"]	Base	$0.00300		—	Retail order removes liquidity	2026-03-18
CBOE EDGX	taker	Tape A	`W`	["Remove liquidity - Base"]	Remove Tier 1	$0.00285		0.45% ADV	Retail Order ADV ≥0.45% TCV \| ADAV ≥0.30% TCV or ≥35M; Remove ≥0.40% or ≥40M; Retail PM ≥1.5M	2026-03-18
CBOE EDGX	taker	Tape B	`BB`	["Remove liquidity - Base"]	Base	$0.00300		—	Remove liquidity - Base	2026-03-18
CBOE EDGX	taker	Tape B	`ZM`	["Retail Day/RHO or GTX, removes on arrival"]	Base	$0.00000		—	Retail Day/RHO or GTX, removes on arrival	2026-03-18
CBOE EDGX	taker	Tape B	`ZR`	["Retail order removes liquidity"]	Base	$0.00300		—	Retail order removes liquidity	2026-03-18
CBOE EDGX	taker	Tape B	`DX`	["QDP usage, removes liquidity"]	Base	$0.00150		—	QDP usage, removes liquidity	2026-03-18
CBOE EDGX	taker	Tape B	`6`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
CBOE EDGX	taker	Tape B	`BB`	["Remove liquidity - Base"]	Remove Tier 1	$0.00285		0.45% ADV	Retail Order ADV ≥0.45% TCV \| ADAV ≥0.30% TCV or ≥35M; Remove ≥0.40% or ≥40M; Retail PM ≥1.5M	2026-03-18
CBOE EDGX	taker	Tape C	`N`	["Remove liquidity - Base"]	Base	$0.00300		—	Remove liquidity - Base	2026-03-18
CBOE EDGX	taker	Tape C	`6`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
CBOE EDGX	taker	Tape C	`ZR`	["Retail order removes liquidity"]	Base	$0.00300		—	Retail order removes liquidity	2026-03-18
CBOE EDGX	taker	Tape C	`ZM`	["Retail Day/RHO or GTX, removes on arrival"]	Base	$0.00000		—	Retail Day/RHO or GTX, removes on arrival	2026-03-18
CBOE EDGX	taker	Tape C	`DX`	["QDP usage, removes liquidity"]	Base	$0.00150		—	QDP usage, removes liquidity	2026-03-18
CBOE EDGX	taker	Tape C	`N`	["Remove liquidity - Base"]	Remove Tier 1	$0.00285		0.45% ADV	Retail Order ADV ≥0.45% TCV \| ADAV ≥0.30% TCV or ≥35M; Remove ≥0.40% or ≥40M; Retail PM ≥1.5M	2026-03-18
IEX	auction	All Tapes	`CD`	["Displayed order executes in Closing auction; free"]	Base	$0.00000		—	Displayed order executes in Closing auction; free	2026-03-18
IEX	auction	All Tapes	`OD`	["Displayed order executes in Opening auction; free"]	Base	$0.00000		—	Displayed order executes in Opening auction; free	2026-03-18
IEX	auction	All Tapes	`P`	["Pre-market/IPO auction; \u2265$1.00: $0.0003/share; <$1.00: 0.30% of TDV"]	Base	$0.00030		—	Pre-market/IPO auction; ≥$1.00: $0.0003/share; <$1.00: 0.30% of TDV	2026-03-18
IEX	auction	All Tapes	`H`	["Halt auction; \u2265$1.00: $0.0003/share; <$1.00: 0.30% of TDV"]	Base	$0.00030		—	Halt auction; ≥$1.00: $0.0003/share; <$1.00: 0.30% of TDV	2026-03-18
IEX	auction	All Tapes	`C`	["Closing auction; \u2265$1.00: $0.0003/share; <$1.00: 0.30% of TDV"]	Base	$0.00030		—	Closing auction; ≥$1.00: $0.0003/share; <$1.00: 0.30% of TDV	2026-03-18
IEX	auction	All Tapes	`O`	["Opening auction; \u2265$1.00: $0.0003/share; <$1.00: 0.30% of TDV"]	Base	$0.00030		—	Opening auction; ≥$1.00: $0.0003/share; <$1.00: 0.30% of TDV	2026-03-18
IEX	auction	All Tapes	`XD`	["Displayed order executes in Opening Process; free"]	Base	$0.00000		—	Displayed order executes in Opening Process; free	2026-03-18
IEX	auction	All Tapes	`X`	["Opening Process for non-listed securities; \u2265$1.00: $0.0010/share; <$1.00: 0.10% of TDV"]	Base	$0.00100		—	Opening Process for non-listed securities; ≥$1.00: $0.0010/share; <$1.00: 0.10% of TDV	2026-03-18
IEX	maker	All Tapes	`MIA`	["Retail Liquidity Provider (RLP) adds non-displayed liquidity; free"]	Base	$0.00000		—	Retail Liquidity Provider (RLP) adds non-displayed liquidity; free	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Base	$0.00000		—	Displayed add; <3M displayed ADV; free base rate; ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`MI`	["Non-displayed order adds liquidity; \u2265$1.00: $0.0010/share; <$1.00: 0.10% of TDV"]	Base	$0.00100		—	Non-displayed order adds liquidity; ≥$1.00: $0.0010/share; <$1.00: 0.10% of TDV	2026-03-18
IEX	maker	All Tapes	`MLY`	["Post Only order adds liquidity vs. resting non-displayed order"]	Base	$0.00000		—	Post Only order adds liquidity vs. resting non-displayed order	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 1	$-0.00100		5,000,000 non-disp shares/day	Displayed add; ≥5M non-displayed ADV (and <10M non-displayed ADV); ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 2	$-0.00140		3,000,000 disp shares/day	Displayed add; ≥3M displayed ADV (and <10M) OR ≥10M non-displayed ADV OR 50% NBBO Time (250+ ETPs); ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 3	$-0.00160		10,000,000 disp shares/day	Displayed add; ≥10M displayed ADV (and <15M) OR 50% NBBO Time (750+ ETPs); ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 4	$-0.00180		15,000,000 disp shares/day	Displayed add; ≥15M displayed ADV (and <20M) OR ≥15M non-displayed ADV; ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 5	$-0.00200		20,000,000 disp shares/day	Displayed add; ≥20M displayed ADV (and <30M) OR ≥20M non-displayed ADV; ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 6	$-0.00220		30,000,000 disp shares/day	Displayed add; ≥30M displayed ADV OR (≥25M displayed AND ≥30M non-displayed ADV); ≥$1.00 securities	2026-03-18
IEX	maker	All Tapes	`ML`	["Displayed add; <3M displayed ADV; free base rate; \u2265$1.00 securities"]	Tier 7	$-0.00230		40,000,000 disp shares/day	Displayed add; ≥40M displayed ADV; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Base	$0.00000		—	Displayed add; <3M displayed ADV; free base rate; Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLYB`	["Post Only order adds liquidity vs. resting non-displayed order; securities"]	Base	$0.00000		—	Post Only order adds liquidity vs. resting non-displayed order; Tape B securities	2026-03-18
IEX	maker	Tape B	`MIB`	["Non-displayed order adds liquidity;; \u2265$1.00: $0.0010/share; <$1.00: 0.10% of TDV"]	Base	$0.00100		—	Non-displayed order adds liquidity; Tape B; ≥$1.00: $0.0010/share; <$1.00: 0.10% of TDV	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 1	$-0.00100		5,000,000 non-disp shares/day	Displayed add; ≥5M non-displayed ADV (and <10M non-displayed ADV); Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 2	$-0.00140		3,000,000 disp shares/day	Displayed add; ≥3M displayed ADV (and <10M) OR ≥10M non-displayed ADV OR 50% NBBO Time (250+ ETPs); Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 3	$-0.00160		10,000,000 disp shares/day	Displayed add; ≥10M displayed ADV (and <15M) OR 50% NBBO Time (750+ ETPs); Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 4	$-0.00180		15,000,000 disp shares/day	Displayed add; ≥15M displayed ADV (and <20M) OR ≥15M non-displayed ADV; Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 5	$-0.00200		20,000,000 disp shares/day	Displayed add; ≥20M displayed ADV (and <30M) OR ≥20M non-displayed ADV; Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 6	$-0.00220		30,000,000 disp shares/day	Displayed add; ≥30M displayed ADV OR (≥25M displayed AND ≥30M non-displayed ADV); Tape B securities; ≥$1.00 securities	2026-03-18
IEX	maker	Tape B	`MLB`	["Displayed add; <3M displayed ADV; free base rate; securities; \u2265$1.00 securities"]	Tier 7	$-0.00230		40,000,000 disp shares/day	Displayed add; ≥40M displayed ADV; Tape B securities; ≥$1.00 securities	2026-03-18
IEX	routing	All Tapes	`Alpha`	["Routed order removes liquidity at away venue; cost pass-through + $0.0001/share surcharge"]	Base	$0.00010		—	Routed order removes liquidity at away venue; cost pass-through + $0.0001/share surcharge	2026-03-18
IEX	taker	All Tapes	`TL`	["Remove displayed; <25K ADV displayed; \u2265$1.00: $0.0030/share; <$1.00: 0.15% of TDV"]	Base	$0.00300		—	Remove displayed; <25K ADV displayed; ≥$1.00: $0.0030/share; <$1.00: 0.15% of TDV	2026-03-18
IEX	taker	All Tapes	`TLW`	["Resting non-displayed order removes vs. Post Only; $0.0024/share"]	Base	$0.00240		—	Resting non-displayed order removes vs. Post Only; $0.0024/share	2026-03-18
IEX	taker	All Tapes	`TLY`	["Post Only order removes displayed liquidity; $0.0024/share"]	Base	$0.00240		—	Post Only order removes displayed liquidity; $0.0024/share	2026-03-18
IEX	taker	All Tapes	`TLR`	["Retail order removes displayed liquidity; free"]	Base	$0.00000		—	Retail order removes displayed liquidity; free	2026-03-18
IEX	taker	All Tapes	`TI`	["Non-displayed removal; \u2265$1.00: $0.0010/share; <$1.00: 0.10% of TDV"]	Base	$0.00100		—	Non-displayed removal; ≥$1.00: $0.0010/share; <$1.00: 0.10% of TDV	2026-03-18
IEX	taker	All Tapes	`TIR`	["Retail order removes non-displayed liquidity; free"]	Base	$0.00000		—	Retail order removes non-displayed liquidity; free	2026-03-18
IEX	taker	All Tapes	`TL`	["Remove displayed; <25K ADV displayed; \u2265$1.00: $0.0030/share; <$1.00: 0.15% of TDV"]	Tier 1	$0.00240		25,000 disp shares/day	Remove displayed; ≥25K displayed ADV; ≥$1.00: $0.0024/share; <$1.00: 0.20% of TDV	2026-03-18
IEX	taker	Tape B	`TLYB`	["Post Only order removes displayed liquidity;; $0.0024/share"]	Base	$0.00240		—	Post Only order removes displayed liquidity; Tape B; $0.0024/share	2026-03-18
IEX	taker	Tape B	`TLBK`	["Discretionary or Peg order removes displayed liquidity;; $0.0024/share"]	Base	$0.00240		—	Discretionary or Peg order removes displayed liquidity; Tape B; $0.0024/share	2026-03-18
IEX	taker	Tape B	`TLB`	["Remove displayed; <25K ADV displayed; \u2265$1.00: $0.0030/share; <$1.00: 0.15% of TDV; securities"]	Base	$0.00300		—	Remove displayed; <25K ADV displayed; ≥$1.00: $0.0030/share; <$1.00: 0.15% of TDV; Tape B securities	2026-03-18
IEX	taker	Tape B	`TLWB`	["Resting non-displayed order removes vs. Post Only;; $0.0024/share"]	Base	$0.00240		—	Resting non-displayed order removes vs. Post Only; Tape B; $0.0024/share	2026-03-18
IEX	taker	Tape B	`TIB`	["Non-displayed removal;; \u2265$1.00: $0.0010/share; <$1.00: 0.10% of TDV"]	Base	$0.00100		—	Non-displayed removal; Tape B; ≥$1.00: $0.0010/share; <$1.00: 0.10% of TDV	2026-03-18
IEX	taker	Tape B	`TIYB`	["Non-displayed removal (Y+B combo);; $0.0010/share"]	Base	$0.00100		—	Non-displayed removal (Y+B combo); Tape B; $0.0010/share	2026-03-18
IEX	taker	Tape B	`TLB`	["Remove displayed; <25K ADV displayed; \u2265$1.00: $0.0030/share; <$1.00: 0.15% of TDV; securities"]	Tier 1	$0.00240		25,000 disp shares/day	Remove displayed; ≥25K displayed ADV; ≥$1.00: $0.0024/share; <$1.00: 0.20% of TDV; Tape B securities	2026-03-18
LTSE	maker	All Tapes	`62`	["Add displayed liquidity"]	Base	$-0.00200		—	Add displayed liquidity	2026-03-18
LTSE	maker	All Tapes	`1`	["Add displayed liquidity"]	Base	$-0.00200		—	Add displayed liquidity	2026-03-18
LTSE	maker	All Tapes	`54`	["Add displayed liquidity - NBBO Joiner"]	NBBO Joiner	$-0.00150	Sub-$1	—	Add displayed liquidity - NBBO Joiner; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	maker	All Tapes	`54`	["Add displayed liquidity - NBBO Joiner"]	NBBO Joiner	$-0.00230		—	Add displayed liquidity - NBBO Joiner	2026-03-18
LTSE	maker	All Tapes	`53`	["Add displayed liquidity - NBBO Setter"]	NBBO Setter	$-0.00150	Sub-$1	—	Add displayed liquidity - NBBO Setter; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	maker	All Tapes	`53`	["Add displayed liquidity - NBBO Setter"]	NBBO Setter	$-0.00230		—	Add displayed liquidity - NBBO Setter	2026-03-18
LTSE	maker	All Tapes	`63`	["Add non-displayed liquidity"]	Non-Displayed	$-0.00140		—	Add non-displayed liquidity	2026-03-18
LTSE	maker	All Tapes	`63`	["Add non-displayed liquidity"]	Non-Displayed	$0.00000	Sub-$1	—	Add non-displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	maker	All Tapes	`51`	["Add non-displayed liquidity"]	Non-Displayed	$-0.00140		—	Add non-displayed liquidity	2026-03-18
LTSE	maker	All Tapes	`52`	["Add non-displayed liquidity"]	Non-Displayed	$-0.00140		—	Add non-displayed liquidity	2026-03-18
LTSE	maker	All Tapes	`52`	["Add non-displayed liquidity"]	Non-Displayed	$0.00000	Sub-$1	—	Add non-displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	maker	All Tapes	`51`	["Add non-displayed liquidity"]	Non-Displayed	$0.00000	Sub-$1	—	Add non-displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	maker	All Tapes	`1`	["Add displayed liquidity"]	Standard	$-0.00150	Sub-$1	—	Add displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	maker	All Tapes	`62`	["Add displayed liquidity"]	Standard	$-0.00150	Sub-$1	—	Add displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	taker	All Tapes	`2`	["Remove displayed liquidity"]	Base	$0.00300		—	Remove displayed liquidity	2026-03-18
LTSE	taker	All Tapes	`61`	["Remove displayed liquidity"]	Base	$0.00300		—	Remove displayed liquidity	2026-03-18
LTSE	taker	All Tapes	`2`	["Remove displayed liquidity"]	Standard	$0.00200	Sub-$1	—	Remove displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
LTSE	taker	All Tapes	`61`	["Remove displayed liquidity"]	Standard	$0.00200	Sub-$1	—	Remove displayed liquidity; rate is per dollar value (Dollar Value)	2026-03-18
MEMX	maker	All Tapes	`S1`	["NBBO Setter; ADAV (Code B) \u2265 0.05% TCV; +$0.0003 additive rebate; appended to base code on invoice"]	Additive Credit	$-0.00030		0.05% CADV	NBBO Setter; ADAV (Code B) ≥ 0.05% TCV; +$0.0003 additive rebate; appended to base code on invoice	2026-03-18
MEMX	maker	All Tapes	`P`	["Display-Price Sliding order adds liquidity; \u2265$1.00: $0.0025/share; <$1.00: 0.15%"]	Base	$-0.00250		—	Display-Price Sliding order adds liquidity; ≥$1.00: $0.0025/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`M`	["Midpoint Peg (M); non-displayed order adds liquidity; \u2265$1.00: $0.0025/share; <$1.00: 0.15%"]	Base	$-0.00250		—	Midpoint Peg (M); non-displayed order adds liquidity; ≥$1.00: $0.0025/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`H`	["Midpoint Peg; non-displayed order adds liquidity; \u2265$1.00: $0.0025/share; <$1.00: 0.15%"]	Base	$-0.00250		—	Midpoint Peg; non-displayed order adds liquidity; ≥$1.00: $0.0025/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`I`	["No volume qualifier; base rate; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Base	$-0.00150		—	No volume qualifier; base rate; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	All Tapes	`IO1`	["Options ADAV (Customer/Professional) \u2265 20K contracts; \u2265$1.00: $0.0026/share; <$1.00: 0.15%"]	Cross-Asset Tier 1	$-0.00260		20000	Options ADAV (Customer/Professional) ≥ 20K contracts; ≥$1.00: $0.0026/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`Iq1`	["NBBO Time \u226550% in avg. 1,000 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 1	$-0.00320		50	NBBO Time ≥50% in avg. 1,000 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`Iq2`	["NBBO Time \u226525% in avg. 500 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 2	$-0.00260		25	NBBO Time ≥25% in avg. 500 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`P1`	["Display-Price Sliding ADAV \u2265 5M shares (excl. Retail); rate = highest otherwise achieved rebate (up to $0.0033); \u2265$1.00: rate/share; <$1.00: 0.15%"]	DPS Tier 1	$-0.00330		5,000,000 shares/day	Display-Price Sliding ADAV ≥ 5M shares (excl. Retail); rate = highest otherwise achieved rebate (up to $0.0033); ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`P1`	["Display-Price Sliding ADAV \u2265 5M shares (excl. Retail); rate = highest otherwise achieved rebate (up to $0.0033); \u2265$1.00: rate/share; <$1.00: 0.15%"]	Non-Displayed Tier 1	$-0.00280		6,000,000 non-disp shares/day	Non-Displayed ADAV ≥ 6M shares; ≥$1.00: $0.0028/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`M1`	["Non-Displayed ADAV \u2265 6M shares; \u2265$1.00: $0.0028/share; <$1.00: 0.15%"]	Non-Displayed Tier 1	$-0.00280		6,000,000 non-disp shares/day	Non-Displayed ADAV ≥ 6M shares; ≥$1.00: $0.0028/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`H1`	["Non-Displayed ADAV \u2265 6M shares; \u2265$1.00: $0.0028/share; <$1.00: 0.15%"]	Non-Displayed Tier 1	$-0.00280		6,000,000 non-disp shares/day	Non-Displayed ADAV ≥ 6M shares; ≥$1.00: $0.0028/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	All Tapes	`I4`	["ADAV \u2265 0.09% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00280		0.09% CADV	ADAV ≥ 0.09% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	All Tapes	`I3`	["ADAV \u2265 0.20% TCV (\u2265$1.00); OR ADAV \u2265 0.175% TCV; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00290		0.2% CADV	ADAV ≥ 0.20% TCV (≥$1.00); OR ADAV ≥ 0.175% TCV; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	All Tapes	`I1`	["ADAV \u2265 0.40% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00330		0.4% CADV	ADAV ≥ 0.40% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	All Tapes	`I5`	["ADAV \u2265 0.06% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00240		0.06% CADV	ADAV ≥ 0.06% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	All Tapes	`I2`	["ADAV \u2265 0.20% TCV AND ADV \u2265 0.50% TCV; OR ADAV \u2265 0.20% (\u2265$1.00) AND Non-Displayed ADAV \u2265 6M shares; OR ADAV \u2265 0.10% TCV AND Step-Up \u2265 0.05% (expires 2026-06-30); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00310		0.2% CADV	ADAV ≥ 0.20% TCV AND ADV ≥ 0.50% TCV; OR ADAV ≥ 0.20% (≥$1.00) AND Non-Displayed ADAV ≥ 6M shares; OR ADAV ≥ 0.10% TCV AND Step-Up ≥ 0.05% (expires 2026-06-30); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape A	`a`	["Tape A Quoting; NBBO Time \u226525% in avg. 500 secs/day; +$0.0002 additive rebate"]	Additive Credit	$-0.00020		25	Tape A Quoting; NBBO Time ≥25% in avg. 500 Tape A secs/day; +$0.0002 additive rebate	2026-03-18
MEMX	maker	Tape A	`Jr`	["Retail order adds displayed liquidity; \u2265$1.00: $0.0034/share; <$1.00: 0.15%"]	Base	$-0.00340		—	Retail order adds displayed liquidity; ≥$1.00: $0.0034/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape A	`J`	["No volume qualifier; base rate; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Base	$-0.00150		—	No volume qualifier; base rate; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape A	`JO1`	["Options ADAV (Customer/Professional) \u2265 20K contracts; \u2265$1.00: $0.0026/share; <$1.00: 0.15%"]	Cross-Asset Tier 1	$-0.00260		20000	Options ADAV (Customer/Professional) ≥ 20K contracts; ≥$1.00: $0.0026/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape A	`Jq1`	["NBBO Time \u226550% in avg. 1,000 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 1	$-0.00320		50	NBBO Time ≥50% in avg. 1,000 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape A	`Jq2`	["NBBO Time \u226525% in avg. 500 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 2	$-0.00260		25	NBBO Time ≥25% in avg. 500 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape A	`Jr1`	["Retail Order ADAV \u2265 0.20% TCV; OR Retail ADAV \u2265 1M shares Pre/Post-Market; \u2265$1.00: $0.0037/share; <$1.00: 0.15%"]	Retail Tier 1	$-0.00370		0.2% CADV	Retail Order ADAV ≥ 0.20% TCV; OR Retail ADAV ≥ 1M shares Pre/Post-Market; ≥$1.00: $0.0037/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape A	`J5`	["ADAV \u2265 0.06% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00240		0.06% CADV	ADAV ≥ 0.06% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape A	`J1`	["ADAV \u2265 0.40% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00330		0.4% CADV	ADAV ≥ 0.40% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape A	`J2`	["ADAV \u2265 0.20% TCV AND ADV \u2265 0.50% TCV; OR ADAV \u2265 0.20% (\u2265$1.00) AND Non-Displayed ADAV \u2265 6M shares; OR ADAV \u2265 0.10% TCV AND Step-Up \u2265 0.05% (expires 2026-06-30); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00310		0.2% CADV	ADAV ≥ 0.20% TCV AND ADV ≥ 0.50% TCV; OR ADAV ≥ 0.20% (≥$1.00) AND Non-Displayed ADAV ≥ 6M shares; OR ADAV ≥ 0.10% TCV AND Step-Up ≥ 0.05% (expires 2026-06-30); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape A	`J3`	["ADAV \u2265 0.20% TCV (\u2265$1.00); OR ADAV \u2265 0.175% TCV; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00290		0.2% CADV	ADAV ≥ 0.20% TCV (≥$1.00); OR ADAV ≥ 0.175% TCV; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape A	`J4`	["ADAV \u2265 0.09% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00280		0.09% CADV	ADAV ≥ 0.09% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape B	`b2`	["Tape B Volume Tier 2; ADAV \u2265 0.25% TCV (excl. Retail); +$0.0002 additive rebate"]	Additive Credit	$-0.00020		0.25% CADV	Tape B Volume Tier 2; Tape B ADAV ≥ 0.25% Tape B TCV (excl. Retail); +$0.0002 additive rebate	2026-03-18
MEMX	maker	Tape B	`b1`	["Tape B Volume Tier 1; ADAV \u2265 0.40% TCV (excl. Retail) AND Non-Display ADAV \u2265 8M shares; +$0.0004 additive rebate"]	Additive Credit	$-0.00040		0.4% CADV	Tape B Volume Tier 1; Tape B ADAV ≥ 0.40% Tape B TCV (excl. Retail) AND Non-Display ADAV ≥ 8M shares; +$0.0004 additive rebate	2026-03-18
MEMX	maker	Tape B	`B`	["No volume qualifier; base rate; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Base	$-0.00150		—	No volume qualifier; base rate; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape B	`Br`	["Retail order adds displayed liquidity; \u2265$1.00: $0.0034/share; <$1.00: 0.15%"]	Base	$-0.00340		—	Retail order adds displayed liquidity; ≥$1.00: $0.0034/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape B	`BO1`	["Options ADAV (Customer/Professional) \u2265 20K contracts; \u2265$1.00: $0.0026/share; <$1.00: 0.15%"]	Cross-Asset Tier 1	$-0.00260		20000	Options ADAV (Customer/Professional) ≥ 20K contracts; ≥$1.00: $0.0026/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape B	`Bq1`	["NBBO Time \u226550% in avg. 1,000 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 1	$-0.00320		50	NBBO Time ≥50% in avg. 1,000 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape B	`Bq2`	["NBBO Time \u226525% in avg. 500 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 2	$-0.00260		25	NBBO Time ≥25% in avg. 500 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape B	`Br1`	["Retail Order ADAV \u2265 0.20% TCV; OR Retail ADAV \u2265 1M shares Pre/Post-Market; \u2265$1.00: $0.0037/share; <$1.00: 0.15%"]	Retail Tier 1	$-0.00370		0.2% CADV	Retail Order ADAV ≥ 0.20% TCV; OR Retail ADAV ≥ 1M shares Pre/Post-Market; ≥$1.00: $0.0037/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape B	`B4`	["ADAV \u2265 0.09% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00280		0.09% CADV	ADAV ≥ 0.09% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape B	`B2`	["ADAV \u2265 0.20% TCV AND ADV \u2265 0.50% TCV; OR ADAV \u2265 0.20% (\u2265$1.00) AND Non-Displayed ADAV \u2265 6M shares; OR ADAV \u2265 0.10% TCV AND Step-Up \u2265 0.05% (expires 2026-06-30); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00310		0.2% CADV	ADAV ≥ 0.20% TCV AND ADV ≥ 0.50% TCV; OR ADAV ≥ 0.20% (≥$1.00) AND Non-Displayed ADAV ≥ 6M shares; OR ADAV ≥ 0.10% TCV AND Step-Up ≥ 0.05% (expires 2026-06-30); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape B	`B5`	["ADAV \u2265 0.06% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00240		0.06% CADV	ADAV ≥ 0.06% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape B	`B3`	["ADAV \u2265 0.20% TCV (\u2265$1.00); OR ADAV \u2265 0.175% TCV; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00290		0.2% CADV	ADAV ≥ 0.20% TCV (≥$1.00); OR ADAV ≥ 0.175% TCV; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape B	`B1`	["ADAV \u2265 0.40% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00330		0.4% CADV	ADAV ≥ 0.40% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape C	`c`	["Tape C Quoting; NBBO Time \u226550% in avg. 500 secs/day; +$0.0002 additive rebate"]	Additive Credit	$-0.00020		50	Tape C Quoting; NBBO Time ≥50% in avg. 500 Tape C secs/day; +$0.0002 additive rebate	2026-03-18
MEMX	maker	Tape C	`Dr`	["Retail order adds displayed liquidity; \u2265$1.00: $0.0034/share; <$1.00: 0.15%"]	Base	$-0.00340		—	Retail order adds displayed liquidity; ≥$1.00: $0.0034/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape C	`D`	["No volume qualifier; base rate; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Base	$-0.00150		—	No volume qualifier; base rate; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape C	`DO1`	["Options ADAV (Customer/Professional) \u2265 20K contracts; \u2265$1.00: $0.0026/share; <$1.00: 0.15%"]	Cross-Asset Tier 1	$-0.00260		20000	Options ADAV (Customer/Professional) ≥ 20K contracts; ≥$1.00: $0.0026/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape C	`Dq1`	["NBBO Time \u226550% in avg. 1,000 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 1	$-0.00320		50	NBBO Time ≥50% in avg. 1,000 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape C	`Dq2`	["NBBO Time \u226525% in avg. 500 secs/day; parallel to volume tiers; \u2265$1.00: rate/share; <$1.00: 0.15%"]	DLI Tier 2	$-0.00260		25	NBBO Time ≥25% in avg. 500 secs/day; parallel to volume tiers; ≥$1.00: rate/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape C	`Dr1`	["Retail Order ADAV \u2265 0.20% TCV; OR Retail ADAV \u2265 1M shares Pre/Post-Market; \u2265$1.00: $0.0037/share; <$1.00: 0.15%"]	Retail Tier 1	$-0.00370		0.2% CADV	Retail Order ADAV ≥ 0.20% TCV; OR Retail ADAV ≥ 1M shares Pre/Post-Market; ≥$1.00: $0.0037/share; <$1.00: 0.15%	2026-03-18
MEMX	maker	Tape C	`D4`	["ADAV \u2265 0.09% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00280		0.09% CADV	ADAV ≥ 0.09% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape C	`D5`	["ADAV \u2265 0.06% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00240		0.06% CADV	ADAV ≥ 0.06% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape C	`D3`	["ADAV \u2265 0.20% TCV (\u2265$1.00); OR ADAV \u2265 0.175% TCV; \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00290		0.2% CADV	ADAV ≥ 0.20% TCV (≥$1.00); OR ADAV ≥ 0.175% TCV; ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape C	`D1`	["ADAV \u2265 0.40% TCV (excl. Retail); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00330		0.4% CADV	ADAV ≥ 0.40% TCV (excl. Retail); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	maker	Tape C	`D2`	["ADAV \u2265 0.20% TCV AND ADV \u2265 0.50% TCV; OR ADAV \u2265 0.20% (\u2265$1.00) AND Non-Displayed ADAV \u2265 6M shares; OR ADAV \u2265 0.10% TCV AND Step-Up \u2265 0.05% (expires 2026-06-30); \u2265$1.00: rate/share; <$1.00: 0.15% of dollar value"]	Tier 1	$-0.00310		0.2% CADV	ADAV ≥ 0.20% TCV AND ADV ≥ 0.50% TCV; OR ADAV ≥ 0.20% (≥$1.00) AND Non-Displayed ADAV ≥ 6M shares; OR ADAV ≥ 0.10% TCV AND Step-Up ≥ 0.05% (expires 2026-06-30); ≥$1.00: rate/share; <$1.00: 0.15% of dollar value	2026-03-18
MEMX	routing	All Tapes	`Z`	["Routed to another market; \u2265$1.00: $0.0030/share; <$1.00: 0.30%"]	Base	$0.00300		—	Routed to another market; ≥$1.00: $0.0030/share; <$1.00: 0.30%	2026-03-18
MEMX	taker	All Tapes	`Rr0`	["Retail order removes liquidity upon entry (no posting); free; \u2265$1.00: free; <$1.00: free"]	Retail On-Entry	$0.00000		—	Retail order removes liquidity upon entry (no posting); free; ≥$1.00: free; <$1.00: free	2026-03-18
MEMX	taker	Tape A	`RrA`	["Retail order removes displayed liquidity;; \u2265$1.00: $0.0029/share; <$1.00: 0.28%"]	Base	$0.00290		—	Retail order removes displayed liquidity; Tape A; ≥$1.00: $0.0029/share; <$1.00: 0.28%	2026-03-18
MEMX	taker	Tape A	`Ra`	["Removes displayed liquidity;; \u2265$1.00: $0.0030/share; <$1.00: 0.28%"]	Base	$0.00300		—	Removes displayed liquidity; Tape A; ≥$1.00: $0.0030/share; <$1.00: 0.28%	2026-03-18
MEMX	taker	Tape A	`Ra1`	["Tape A ADAV \u2265 10M shares; \u2265$1.00: $0.0029/share; <$1.00: 0.28%"]	Tape A Tier 1	$0.00290		10,000,000 disp shares/day	Tape A ADAV ≥ 10M shares; ≥$1.00: $0.0029/share; <$1.00: 0.28%	2026-03-18
MEMX	taker	Tape B	`Rb`	["Removes displayed liquidity;; \u2265$1.00: $0.0030/share; <$1.00: 0.28%"]	Base	$0.00300		—	Removes displayed liquidity; Tape B; ≥$1.00: $0.0030/share; <$1.00: 0.28%	2026-03-18
MEMX	taker	Tape C	`Rc`	["Removes displayed liquidity;; \u2265$1.00: $0.0030/share; <$1.00: 0.28%"]	Base	$0.00300		—	Removes displayed liquidity; Tape C; ≥$1.00: $0.0030/share; <$1.00: 0.28%	2026-03-18
MIAX Pearl	auction	All Tapes	`O`	["Opening and re-opening process; $0.00 for sub-$1.00 as well"]	Base	$0.00000		—	Opening and re-opening process; $0.00 for sub-$1.00 as well	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP1A`	["NBBO Setter Plus: Tier 1 Level A; ADAV \u22650.0% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Base	$-0.00160		0% CADV	NBBO Setter Plus: Tier 1 Level A; ADAV ≥0.0% of TCV (Method 1); other methods also qualify; Base – no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`Ap`	["Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00200		—	Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`MQP`	["Market Quoting Program: requires \u226550% NBBO time in \u2265900 multi-listed securities; applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC; member receives higher of MQP or NBBO Setter Plus tier rebate"]	Base	$-0.00260		—	Market Quoting Program: requires ≥50% NBBO time in ≥900 multi-listed securities; applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC; member receives higher of MQP or NBBO Setter Plus tier rebate	2026-03-18
MIAX Pearl	maker	All Tapes	`AR`	["Retail order, adds displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00370		—	Retail order, adds displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`Ar`	["Retail order, adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00200		—	Retail order, adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`Ep`	["Adds liquidity at midpoint, non-displayed midpoint peg order; Sub-$1.00: 0.15% of dollar value"]	Early Session	$-0.00200		—	Adds liquidity at midpoint, non-displayed midpoint peg order; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`Fp`	["Adds liquidity at midpoint, non-displayed midpoint peg order; Sub-$1.00: 0.15% of dollar value"]	Late Session	$-0.00200		—	Adds liquidity at midpoint, non-displayed midpoint peg order; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP-FJ`	["Additive rebate for NBBO first joiners; requires \u22650.015% NBBO Set Volume % of TCV; Regular Trading Session only"]	NBBO First Joiner Additive	$-0.00010		0.015% CADV	Additive rebate for NBBO first joiners; requires ≥0.015% NBBO Set Volume % of TCV; Regular Trading Session only	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP-SA`	["Additive rebate stacked on top of NBBO Setter Plus tier; requires \u22650.015% NBBO Set Volume % of TCV; Regular Trading Session only; applies to AA, AB, AC only (not retail codes)"]	NBBO Setter Additive	$-0.00035		0.015% CADV	Additive rebate stacked on top of NBBO Setter Plus tier; requires ≥0.015% NBBO Set Volume % of TCV; Regular Trading Session only; applies to AA, AB, AC only (not retail codes)	2026-03-18
MIAX Pearl	maker	All Tapes	`Er`	["Retail order, adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Retail Early	$-0.00200		—	Retail order, adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`ER`	["Retail order, adds displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Retail Early	$-0.00370		—	Retail order, adds displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`Fr`	["Retail order, adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Retail Late	$-0.00200		—	Retail order, adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`FR`	["Retail order, adds displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Retail Late	$-0.00370		—	Retail order, adds displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`Ap`	["Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value"]	Tier 1	$-0.00250		500,000 non-disp shares/day	Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP1B`	["NBBO Setter Plus: Tier 1 Level B; ADAV \u22650.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 1 Level B	$-0.00165		0% CADV	NBBO Setter Plus: Tier 1 Level B; ADAV ≥0.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP1C`	["NBBO Setter Plus: Tier 1 Level C; ADAV \u22650.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 1 Level C	$-0.00170		0% CADV	NBBO Setter Plus: Tier 1 Level C; ADAV ≥0.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`Ap`	["Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value"]	Tier 2	$-0.00270		1,000,000 non-disp shares/day	Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP2A`	["NBBO Setter Plus: Tier 2 Level A; ADAV \u22650.15% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 2 Level A	$-0.00245		0.15% CADV	NBBO Setter Plus: Tier 2 Level A; ADAV ≥0.15% of TCV (Method 1); other methods also qualify; Base – no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP2B`	["NBBO Setter Plus: Tier 2 Level B; ADAV \u22650.15% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 2 Level B	$-0.00250		0.15% CADV	NBBO Setter Plus: Tier 2 Level B; ADAV ≥0.15% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP2C`	["NBBO Setter Plus: Tier 2 Level C; ADAV \u22650.15% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 2 Level C	$-0.00255		0.15% CADV	NBBO Setter Plus: Tier 2 Level C; ADAV ≥0.15% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`Ap`	["Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value"]	Tier 3	$-0.00290		1,500,000 non-disp shares/day	Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP3A`	["NBBO Setter Plus: Tier 3 Level A; ADAV \u22650.18% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 3 Level A	$-0.00265		0.18% CADV	NBBO Setter Plus: Tier 3 Level A; ADAV ≥0.18% of TCV (Method 1); other methods also qualify; Base – no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP3B`	["NBBO Setter Plus: Tier 3 Level B; ADAV \u22650.18% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 3 Level B	$-0.00270		0.18% CADV	NBBO Setter Plus: Tier 3 Level B; ADAV ≥0.18% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP3C`	["NBBO Setter Plus: Tier 3 Level C; ADAV \u22650.18% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 3 Level C	$-0.00275		0.18% CADV	NBBO Setter Plus: Tier 3 Level C; ADAV ≥0.18% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP4A`	["NBBO Setter Plus: Tier 4 Level A; ADAV \u22650.25% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 4 Level A	$-0.00285		0.25% CADV	NBBO Setter Plus: Tier 4 Level A; ADAV ≥0.25% of TCV (Method 1); other methods also qualify; Base – no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP4B`	["NBBO Setter Plus: Tier 4 Level B; ADAV \u22650.25% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 4 Level B	$-0.00290		0.25% CADV	NBBO Setter Plus: Tier 4 Level B; ADAV ≥0.25% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP4C`	["NBBO Setter Plus: Tier 4 Level C; ADAV \u22650.25% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 4 Level C	$-0.00295		0.25% CADV	NBBO Setter Plus: Tier 4 Level C; ADAV ≥0.25% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP5A`	["NBBO Setter Plus: Tier 5 Level A; ADAV \u22650.6% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 5 Level A	$-0.00310		0.6% CADV	NBBO Setter Plus: Tier 5 Level A; ADAV ≥0.6% of TCV (Method 1); other methods also qualify; Base – no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP5B`	["NBBO Setter Plus: Tier 5 Level B; ADAV \u22650.6% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 5 Level B	$-0.00315		0.6% CADV	NBBO Setter Plus: Tier 5 Level B; ADAV ≥0.6% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP5C`	["NBBO Setter Plus: Tier 5 Level C; ADAV \u22650.6% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 5 Level C	$-0.00325		0.6% CADV	NBBO Setter Plus: Tier 5 Level C; ADAV ≥0.6% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP6A`	["NBBO Setter Plus: Tier 6 Level A; ADAV \u22651.0% of TCV (Method 1); other methods also qualify; Base \u2013 no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 6 Level A	$-0.00325		1% CADV	NBBO Setter Plus: Tier 6 Level A; ADAV ≥1.0% of TCV (Method 1); other methods also qualify; Base – no NBBO requirement; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP6B`	["NBBO Setter Plus: Tier 6 Level B; ADAV \u22651.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 6 Level B	$-0.00330		1% CADV	NBBO Setter Plus: Tier 6 Level B; ADAV ≥1.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >25% and <50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	All Tapes	`NSP6C`	["NBBO Setter Plus: Tier 6 Level C; ADAV \u22651.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in \u2265200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC"]	Tier 6 Level C	$-0.00335		1% CADV	NBBO Setter Plus: Tier 6 Level C; ADAV ≥1.0% of TCV (Method 1); other methods also qualify; NBBO quoting time >50% in ≥200 MQ Securities; Applies to displayed add codes AA, EA, FA, AB, EB, FB, AC, EC, FC	2026-03-18
MIAX Pearl	maker	Tape A	`Aa`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape A	`AA`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Base	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape A	`Ea`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Early Session	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape A	`EA`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Early Session	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape A	`Fa`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Late Session	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape A	`FA`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Late Session	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape B	`Ab`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape B	`AB`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Base	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape B	`EB`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Early Session	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape B	`Eb`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Early Session	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape B	`FB`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Late Session	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape B	`Fb`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Late Session	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape C	`Ac`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Base	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape C	`AC`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Base	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape C	`EC`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Early Session	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	maker	Tape C	`Ec`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Early Session	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape C	`Fc`	["Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value"]	Late Session	$-0.00200		—	Adds non-displayed liquidity; Sub-$1.00: 0.15% of dollar value	2026-03-18
MIAX Pearl	maker	Tape C	`FC`	["Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program"]	Late Session	$-0.00160		—	Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program	2026-03-18
MIAX Pearl	taker	All Tapes	`XI`	["Routing: Routed to NYSE American \u2013 opening/re-opening; Sub-$1.00: 0.055% of dollar value"]	Base	$0.00055		—	Routing: Routed to NYSE American – opening/re-opening; Sub-$1.00: 0.055% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XK`	["Routing: Routed to NYSE American \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"]	Base	$-0.00155		—	Routing: Routed to NYSE American – adds displayed liquidity; Sub-$1.00: 0.005% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XL`	["Routing: Routed to Cboe BZX \u2013 opening/re-opening auction; Sub-$1.00: 0.00% of dollar value"]	Base	$0.00135		—	Routing: Routed to Cboe BZX – opening/re-opening auction; Sub-$1.00: 0.00% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XM`	["Routing: Routed to Cboe BZX \u2013 closing auction; Sub-$1.00: 0.105% of dollar value"]	Base	$0.00115		—	Routing: Routed to Cboe BZX – closing auction; Sub-$1.00: 0.105% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XN`	["Routing: Routed to Cboe BZX \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"]	Base	$-0.00315		—	Routing: Routed to Cboe BZX – adds displayed liquidity; Sub-$1.00: 0.005% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XO`	["Routing: Routed to Nasdaq \u2013 opening/re-opening auction; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00155		—	Routing: Routed to Nasdaq – opening/re-opening auction; Sub-$1.00: 0.30% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XP`	["Routing: Routed to Nasdaq \u2013 closing auction; Sub-$1.00: 0.09% of dollar value"]	Base	$0.00085		—	Routing: Routed to Nasdaq – closing auction; Sub-$1.00: 0.09% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XQ`	["Routing: Routed to Nasdaq \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"]	Base	$-0.00325		—	Routing: Routed to Nasdaq – adds displayed liquidity; Sub-$1.00: 0.005% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XE`	["Routing: Routed to NYSE \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"]	Base	$-0.00215		—	Routing: Routed to NYSE – adds displayed liquidity; Sub-$1.00: 0.005% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XD`	["Routing: Routed to NYSE \u2013 closing auction; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00075		—	Routing: Routed to NYSE – closing auction; Sub-$1.00: 0.30% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XC`	["Routing: Routed to NYSE \u2013 opening/re-opening auction; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00105		—	Routing: Routed to NYSE – opening/re-opening auction; Sub-$1.00: 0.30% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XB`	["Routing: Routed \u2013 primary listing exchange execution; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00300		—	Routing: Routed – primary listing exchange execution; Sub-$1.00: 0.30% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XA`	["Routing: Re-routed by primary listing exchange; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00300		—	Routing: Re-routed by primary listing exchange; Sub-$1.00: 0.30% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`X`	["Routing: Routed order; Sub-$1.00: 0.30% of dollar value"]	Base	$0.00300		—	Routing: Routed order; Sub-$1.00: 0.30% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`Rt`	["Removes retail order liquidity (non-displayed); Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes retail order liquidity (non-displayed); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`Rr`	["Retail order, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Retail order, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`Rp`	["Removes liquidity at midpoint (non-displayed midpoint peg); Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes liquidity at midpoint (non-displayed midpoint peg); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`RT`	["Removes retail order liquidity (displayed); Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes retail order liquidity (displayed); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`RR`	["Retail order, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Retail order, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XF`	["Routing: Routed to NYSE Arca \u2013 opening/re-opening auction; Sub-$1.00: 0.105% of dollar value"]	Base	$0.00155		—	Routing: Routed to NYSE Arca – opening/re-opening auction; Sub-$1.00: 0.105% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XG`	["Routing: Routed to NYSE Arca \u2013 closing auction; Sub-$1.00: 0.105% of dollar value"]	Base	$0.00105		—	Routing: Routed to NYSE Arca – closing auction; Sub-$1.00: 0.105% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XH`	["Routing: Routed to NYSE Arca \u2013 adds displayed liquidity; Sub-$1.00: 0.005% of dollar value"]	Base	$-0.00315		—	Routing: Routed to NYSE Arca – adds displayed liquidity; Sub-$1.00: 0.005% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`XJ`	["Routing: Routed to NYSE American \u2013 closing auction; Sub-$1.00: 0.055% of dollar value"]	Base	$0.00055		—	Routing: Routed to NYSE American – closing auction; Sub-$1.00: 0.055% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`et`	["Early session, removes retail order liquidity (non-displayed); Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes retail order liquidity (non-displayed); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`ep`	["Early session, removes liquidity at midpoint; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes liquidity at midpoint; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`eT`	["Early session, removes retail order liquidity (displayed); Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes retail order liquidity (displayed); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`fT`	["Late session, removes retail order liquidity (displayed); Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes retail order liquidity (displayed); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`fp`	["Late session, removes liquidity at midpoint; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes liquidity at midpoint; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`ft`	["Late session, removes retail order liquidity (non-displayed); Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes retail order liquidity (non-displayed); Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`er`	["Early session, retail, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Retail Early	$0.00300		—	Early session, retail, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`eR`	["Early session, retail, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Retail Early	$0.00300		—	Early session, retail, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`fR`	["Late session, retail, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Retail Late	$0.00300		—	Late session, retail, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	All Tapes	`fr`	["Late session, retail, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Retail Late	$0.00300		—	Late session, retail, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape A	`Ra`	["Removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape A	`RA`	["Removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape A	`ea`	["Early session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape A	`eA`	["Early session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape A	`fa`	["Late session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape A	`fA`	["Late session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape B	`RB`	["Removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape B	`Rb`	["Removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape B	`eB`	["Early session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape B	`eb`	["Early session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape B	`fB`	["Late session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape B	`fb`	["Late session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape C	`Rc`	["Removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape C	`RC`	["Removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Base	$0.00300		—	Removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape C	`ec`	["Early session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape C	`eC`	["Early session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Early Session	$0.00300		—	Early session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape C	`fC`	["Late session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
MIAX Pearl	taker	Tape C	`fc`	["Late session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value"]	Late Session	$0.00300		—	Late session, removes non-displayed liquidity; Sub-$1.00: 0.20% of dollar value	2026-03-18
Nasdaq	auction	Tape A	`O`	["Opening Cross execution \u2014 Market-on-Open (MOO) / marketable Limit-on-Open (LOO)"]	Base	$0.00100		—	Opening Cross execution — Market-on-Open (MOO) / marketable Limit-on-Open (LOO)	2026-03-18
Nasdaq	auction	Tape A	`C`	["Closing Cross execution \u2014 Market-on-Close (MOC) / marketable Limit-on-Close (LOC)"]	Base	$0.00100		—	Closing Cross execution — Market-on-Close (MOC) / marketable Limit-on-Close (LOC)	2026-03-18
Nasdaq	auction	Tape B	`O`	["Opening Cross execution \u2014 Market-on-Open (MOO) / marketable Limit-on-Open (LOO)"]	Base	$0.00100		—	Opening Cross execution — Market-on-Open (MOO) / marketable Limit-on-Open (LOO)	2026-03-18
Nasdaq	auction	Tape B	`C`	["Closing Cross execution \u2014 Market-on-Close (MOC) / marketable Limit-on-Close (LOC)"]	Base	$0.00100		—	Closing Cross execution — Market-on-Close (MOC) / marketable Limit-on-Close (LOC)	2026-03-18
Nasdaq	auction	Tape C	`C`	["Closing Cross execution \u2014 Market-on-Close (MOC) / marketable Limit-on-Close (LOC)"]	Base	$0.00100		—	Closing Cross execution — Market-on-Close (MOC) / marketable Limit-on-Close (LOC)	2026-03-18
Nasdaq	auction	Tape C	`O`	["Opening Cross execution \u2014 Market-on-Open (MOO) / marketable Limit-on-Open (LOO)"]	Base	$0.00100		—	Opening Cross execution — Market-on-Open (MOO) / marketable Limit-on-Open (LOO)	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape A	`e`	["Designated retail add displayed"]	Base	$-0.00325		—	Designated retail add displayed	2026-03-18
Nasdaq	maker	Tape A	`5`	["Add displayed, pre/post market"]	Base	$-0.00180		—	Add displayed, pre/post market	2026-03-18
Nasdaq	maker	Tape A	`n`	["M-ELO fee"]	Base	$0.00040		—	M-ELO fee	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape A	`k`	["Add non-displayed midpoint (Tape C base)"]	Base	$-0.00140		—	Add non-displayed midpoint (base)	2026-03-18
Nasdaq	maker	Tape A	`N`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (base)	2026-03-18
Nasdaq	maker	Tape A	`9`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (base)	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape A	`2`	["Add displayed, pre/post market"]	Base	$-0.00180		—	Add displayed, pre/post market	2026-03-18
Nasdaq	maker	Tape A	`0`	["Supplemental liquidity <1M shares"]	Base	$-0.00150		—	Supplemental liquidity <1M shares	2026-03-18
Nasdaq	maker	Tape A	`J`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (base)	2026-03-18
Nasdaq	maker	Tape A	`5`	["Add displayed, pre/post market"]	Retail	$-0.00325		—	Designated retail, pre/post market	2026-03-18
Nasdaq	maker	Tape A	`2`	["Add displayed, pre/post market"]	Retail	$-0.00325		—	Designated retail, pre/post market	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape A	`9`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.03% ADV	Add ≥0.03% TCV non-displayed (incl midpoint)	2026-03-18
Nasdaq	maker	Tape A	`0`	["Supplemental liquidity <1M shares"]	Tier 1	$-0.00180		1,000,000 shares/day	Supplemental liquidity ≥1M shares	2026-03-18
Nasdaq	maker	Tape A	`N`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.03% ADV	Add ≥0.03% TCV non-displayed (incl midpoint)	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape A	`J`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.03% ADV	Add ≥0.03% TCV non-displayed (incl midpoint)	2026-03-18
Nasdaq	maker	Tape A	`e`	["Designated retail add displayed"]	Tier 1	$-0.00330		85% MPID	Retail: 85% add-to-total ratio	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape A	`k`	["Add non-displayed midpoint (Tape C base)"]	Tier 1	$-0.00180		1,000,000 shares/day	Midpoint: <1M shares ADV	2026-03-18
Nasdaq	maker	Tape A	`k`	["Add non-displayed midpoint (Tape C base)"]	Tier 2	$-0.00280		0.3% ADV	Midpoint: ≥0.30% TCV	2026-03-18
Nasdaq	maker	Tape A	`9`	["Other non-displayed (Tape C base)"]	Tier 2	$-0.00150		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape A	`N`	["Other non-displayed (Tape C base)"]	Tier 2	$-0.00150		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape A	`J`	["Other non-displayed (Tape C base)"]	Tier 2	$-0.00150		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape A	`8`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape A	`7`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape A	`A`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape A	`u`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape B	`e`	["Designated retail add displayed"]	Base	$-0.00325		—	Designated retail add displayed	2026-03-18
Nasdaq	maker	Tape B	`5`	["Add displayed, pre/post market"]	Base	$-0.00180		—	Add displayed, pre/post market	2026-03-18
Nasdaq	maker	Tape B	`2`	["Add displayed, pre/post market"]	Base	$-0.00180		—	Add displayed, pre/post market	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Base	$-0.00180		—	All other firms - Add displayed	2026-03-18
Nasdaq	maker	Tape B	`k`	["Add non-displayed midpoint (Tape C base)"]	Base	$-0.00140		—	Add non-displayed midpoint (base)	2026-03-18
Nasdaq	maker	Tape B	`n`	["M-ELO fee"]	Base	$0.00040		—	M-ELO fee	2026-03-18
Nasdaq	maker	Tape B	`0`	["Supplemental liquidity <1M shares"]	Base	$-0.00150		—	Supplemental liquidity <1M shares	2026-03-18
Nasdaq	maker	Tape B	`9`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (base)	2026-03-18
Nasdaq	maker	Tape B	`N`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (base)	2026-03-18
Nasdaq	maker	Tape B	`J`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (base)	2026-03-18
Nasdaq	maker	Tape B	`2`	["Add displayed, pre/post market"]	Retail	$-0.00325		—	Designated retail, pre/post market	2026-03-18
Nasdaq	maker	Tape B	`5`	["Add displayed, pre/post market"]	Retail	$-0.00325		—	Designated retail, pre/post market	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Supplemental Credit	$-0.00050		1,000,000 shares/day	Non-cumulative +$0.0005 bonus on qualifying tier rate: MELO ADV growth ≥1M vs Jun 2021; OR midpoint ≥3M ADV + 100% growth; OR Add ≥5M ADV through midpoint/MELO. Only best credit applies.	2026-03-18
Nasdaq	maker	Tape B	`e`	["Designated retail add displayed"]	Tier 1	$-0.00330		85% MPID	Retail: 85% add-to-total ratio	2026-03-18
Nasdaq	maker	Tape B	`9`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.03% ADV	Add ≥0.03% TCV non-displayed (incl midpoint)	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape B	`k`	["Add non-displayed midpoint (Tape C base)"]	Tier 1	$-0.00180		1,000,000 shares/day	Midpoint: <1M shares ADV	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape B	`0`	["Supplemental liquidity <1M shares"]	Tier 1	$-0.00180		1,000,000 shares/day	Supplemental liquidity ≥1M shares	2026-03-18
Nasdaq	maker	Tape B	`J`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.03% ADV	Add ≥0.03% TCV non-displayed (incl midpoint)	2026-03-18
Nasdaq	maker	Tape B	`N`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.03% ADV	Add ≥0.03% TCV non-displayed (incl midpoint)	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape B	`N`	["Other non-displayed (Tape C base)"]	Tier 2	$-0.00150		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape B	`9`	["Other non-displayed (Tape C base)"]	Tier 2	$-0.00150		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint	2026-03-18
Nasdaq	maker	Tape B	`k`	["Add non-displayed midpoint (Tape C base)"]	Tier 2	$-0.00280		0.3% ADV	Midpoint: ≥0.30% TCV	2026-03-18
Nasdaq	maker	Tape B	`J`	["Other non-displayed (Tape C base)"]	Tier 2	$-0.00150		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 2	$-0.00250		2,000,000 shares/day	Min 2M shares ADV + Remove ≥0.45% TCV	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 3	$-0.00270		0.3% ADV	Add ≥0.30% TCV \| Opening/Closing Cross imbalance + LOC after 3:55pm ≥0.01% TCV \| Add ≥0.15% TCV; Remove ≥0.40% TCV; Non-display ≥800K ADV \| Add ≥0.10% TCV; Add liquidity ≥0.40% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 4	$-0.00280		0.45% ADV	Add ≥0.45% TCV; Tape B ≥0.10% \| Add ≥0.35% TCV; Remove ≥0.75% TCV \| Add ≥0.375% TCV; MELO growth 100% vs Jun 2021; MELO ≥500K ADV	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 5	$-0.00290		0.75% ADV	Add ≥0.75% + Tape B ≥0.15%; OR Add ≥0.50% display + Tape B ≥0.10% + Non-display ≥0.15% \| Add ≥0.60% + Remove ≥0.80%; MELO ≥350K ADV; OR Add ≥0.65% + MELO growth 150% + MELO ≥750K ADV \| Add Customer/Professional/Firm liquidity ≥1.15% NOM options ADV	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 6	$-0.00300		0.7% ADV	Add ≥0.70% + Tape B ≥0.15% + Non-display ≥0.10%; OR Add ≥0.95% + Non-display ≥0.25% \| Add ≥0.875% + Midpoint ≥0.25% + Remove ≥1.35%; OR 1.00% Add + Tape B ≥0.30% + Non-display ≥0.25% \| Add ≥0.95% TCV; NOM MM ≥0.20% + Customer/Pro/Firm ≥1.50% NOM options	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 7	$-0.00295		0.65% ADV	Add ≥0.65% TCV; Retail ≥0.15%; 60% add-to-total ratio \| Add ≥0.70% TCV; Midpoint ≥0.20%; Remove ≥1.10%	2026-03-18
Nasdaq	maker	Tape B	`7`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape B	`A`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape B	`u`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape B	`8`	["All other firms - Add displayed"]	Tier 8	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE for displayed)	2026-03-18
Nasdaq	maker	Tape C	`u`	["All other firms - Add displayed"]	Base	$-0.00130		—	All other firms - Add displayed (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`2`	["Add displayed, pre/post market"]	Base	$-0.00130		—	Add displayed, pre/post market (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`A`	["All other firms - Add displayed"]	Base	$-0.00130		—	All other firms - Add displayed (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`7`	["All other firms - Add displayed"]	Base	$-0.00130		—	All other firms - Add displayed (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`8`	["All other firms - Add displayed"]	Base	$-0.00130		—	All other firms - Add displayed (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`J`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (Tape C base)	2026-03-18
Nasdaq	maker	Tape C	`k`	["Add non-displayed midpoint (Tape C base)"]	Base	$-0.00100		—	Add non-displayed midpoint (Tape C base)	2026-03-18
Nasdaq	maker	Tape C	`N`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (Tape C base)	2026-03-18
Nasdaq	maker	Tape C	`9`	["Other non-displayed (Tape C base)"]	Base	$0.00000		—	Other non-displayed (Tape C base)	2026-03-18
Nasdaq	maker	Tape C	`e`	["Designated retail add displayed"]	Base	$-0.00325		—	Designated retail add displayed	2026-03-18
Nasdaq	maker	Tape C	`0`	["Supplemental liquidity <1M shares"]	Base	$-0.00150		—	Supplemental liquidity <1M shares	2026-03-18
Nasdaq	maker	Tape C	`5`	["Add displayed, pre/post market"]	Base	$-0.00130		—	Add displayed, pre/post market (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`2`	["Add displayed, pre/post market"]	Retail	$-0.00325		—	Designated retail, pre/post market	2026-03-18
Nasdaq	maker	Tape C	`5`	["Add displayed, pre/post market"]	Retail	$-0.00325		—	Designated retail, pre/post market	2026-03-18
Nasdaq	maker	Tape C	`7`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape C	`0`	["Supplemental liquidity <1M shares"]	Tier 1	$-0.00180		1,000,000 shares/day	Supplemental liquidity ≥1M shares	2026-03-18
Nasdaq	maker	Tape C	`u`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape C	`J`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`e`	["Designated retail add displayed"]	Tier 1	$-0.00330		85% MPID	Retail: 85% add-to-total ratio	2026-03-18
Nasdaq	maker	Tape C	`N`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`A`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape C	`k`	["Add non-displayed midpoint (Tape C base)"]	Tier 1	$-0.00200		0.3% ADV	Midpoint: ≥0.30% TCV (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`9`	["Other non-displayed (Tape C base)"]	Tier 1	$-0.00100		0.1% ADV	≥0.10% TCV non-displayed + ≥0.15% TCV midpoint (Tape C)	2026-03-18
Nasdaq	maker	Tape C	`8`	["All other firms - Add displayed"]	Tier 1	$-0.00200		0.1% ADV	Add ≥0.10% TCV	2026-03-18
Nasdaq	maker	Tape C	`7`	["All other firms - Add displayed"]	Tier 2	$-0.00290		0.5% ADV	Multiple paths (see Tape A/B Tier 10)	2026-03-18
Nasdaq	maker	Tape C	`u`	["All other firms - Add displayed"]	Tier 2	$-0.00290		0.5% ADV	Multiple paths (see Tape A/B Tier 10)	2026-03-18
Nasdaq	maker	Tape C	`8`	["All other firms - Add displayed"]	Tier 2	$-0.00290		0.5% ADV	Multiple paths (see Tape A/B Tier 10)	2026-03-18
Nasdaq	maker	Tape C	`A`	["All other firms - Add displayed"]	Tier 2	$-0.00290		0.5% ADV	Multiple paths (see Tape A/B Tier 10)	2026-03-18
Nasdaq	maker	Tape C	`u`	["All other firms - Add displayed"]	Tier 3	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE)	2026-03-18
Nasdaq	maker	Tape C	`7`	["All other firms - Add displayed"]	Tier 3	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE)	2026-03-18
Nasdaq	maker	Tape C	`A`	["All other firms - Add displayed"]	Tier 3	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE)	2026-03-18
Nasdaq	maker	Tape C	`8`	["All other firms - Add displayed"]	Tier 3	$-0.00305		1.5% ADV	Add ≥1.50% TCV (BEST RATE)	2026-03-18
Nasdaq	taker	Tape A	`R`	["All MPIDs removing liquidity"]	Base	$0.00300		—	All MPIDs removing liquidity	2026-03-18
Nasdaq	taker	Tape A	`3`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
Nasdaq	taker	Tape A	`m`	["Remove midpoint liquidity"]	Base	$0.00300		—	Remove midpoint liquidity	2026-03-18
Nasdaq	taker	Tape A	`R`	["All MPIDs removing liquidity"]	QMM Discount	$0.00295		1% ADV	QMM: Execute ≥1.00% TCV (all liquidity types)	2026-03-18
Nasdaq	taker	Tape B	`m`	["Remove midpoint liquidity"]	Base	$0.00300		—	Remove midpoint liquidity	2026-03-18
Nasdaq	taker	Tape B	`3`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
Nasdaq	taker	Tape B	`R`	["All MPIDs removing liquidity"]	Base	$0.00300		—	All MPIDs removing liquidity	2026-03-18
Nasdaq	taker	Tape B	`R`	["All MPIDs removing liquidity"]	QMM Discount	$0.00295		1% ADV	QMM: Execute ≥1.00% TCV (all liquidity types)	2026-03-18
Nasdaq	taker	Tape C	`m`	["Remove midpoint liquidity"]	Base	$0.00300		—	Remove midpoint liquidity	2026-03-18
Nasdaq	taker	Tape C	`3`	["Remove liquidity, pre/post market"]	Base	$0.00300		—	Remove liquidity, pre/post market	2026-03-18
Nasdaq	taker	Tape C	`R`	["All MPIDs removing liquidity"]	Base	$0.00300		—	All MPIDs removing liquidity	2026-03-18
Nasdaq BX	maker	Tape A	`1`	["RPI order providing liquidity - Base"]	Base	$0.00250		—	RPI order providing liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape A	`A`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape A	`j`	["RPI order providing liquidity - Base"]	Base	$0.00250		—	RPI order providing liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape A	`J`	["Add other non-displayed liquidity"]	Base	$0.00300		—	Add other non-displayed liquidity	2026-03-18
Nasdaq BX	maker	Tape A	`N`	["Add midpoint with price improvement > midpoint"]	Base	$0.00300		—	Add midpoint with price improvement > midpoint	2026-03-18
Nasdaq BX	maker	Tape A	`u`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape A	`7`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape A	`8`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape A	`k`	["Add midpoint pegging - Base"]	Base	$0.00100		—	Add midpoint pegging - Base	2026-03-18
Nasdaq BX	maker	Tape A	`4`	["RPI orders, accepted price \u2265$10K"]	Base	$0.00030		—	RPI orders, accepted price ≥$10K	2026-03-18
Nasdaq BX	maker	Tape A	`A`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape A	`k`	["Add midpoint pegging - Base"]	Tier 1	$0.00050		0.02% ADV	Add ≥0.02% TCV non-displayed liquidity	2026-03-18
Nasdaq BX	maker	Tape A	`8`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape A	`j`	["RPI order providing liquidity - Base"]	Tier 1	$0.00180		0.02% ADV	RPI orders, Add ≥0.02% RPI shares/day	2026-03-18
Nasdaq BX	maker	Tape A	`7`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape A	`u`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape A	`1`	["RPI order providing liquidity - Base"]	Tier 1	$0.00180		0.02% ADV	RPI orders, Add ≥0.02% RPI shares/day	2026-03-18
Nasdaq BX	maker	Tape B	`4`	["RPI orders, accepted price \u2265$10K"]	Base	$0.00030		—	RPI orders, accepted price ≥$10K	2026-03-18
Nasdaq BX	maker	Tape B	`A`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape B	`7`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape B	`j`	["RPI order providing liquidity - Base"]	Base	$0.00250		—	RPI order providing liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape B	`1`	["RPI order providing liquidity - Base"]	Base	$0.00250		—	RPI order providing liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape B	`8`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape B	`u`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape B	`k`	["Add midpoint pegging - Base"]	Base	$0.00100		—	Add midpoint pegging - Base	2026-03-18
Nasdaq BX	maker	Tape B	`N`	["Add midpoint with price improvement > midpoint"]	Base	$0.00300		—	Add midpoint with price improvement > midpoint	2026-03-18
Nasdaq BX	maker	Tape B	`J`	["Add other non-displayed liquidity"]	Base	$0.00300		—	Add other non-displayed liquidity	2026-03-18
Nasdaq BX	maker	Tape B	`7`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape B	`u`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape B	`A`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape B	`k`	["Add midpoint pegging - Base"]	Tier 1	$0.00050		0.02% ADV	Add ≥0.02% TCV non-displayed liquidity	2026-03-18
Nasdaq BX	maker	Tape B	`1`	["RPI order providing liquidity - Base"]	Tier 1	$0.00180		0.02% ADV	RPI orders, Add ≥0.02% RPI shares/day	2026-03-18
Nasdaq BX	maker	Tape B	`8`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape B	`j`	["RPI order providing liquidity - Base"]	Tier 1	$0.00180		0.02% ADV	RPI orders, Add ≥0.02% RPI shares/day	2026-03-18
Nasdaq BX	maker	Tape C	`u`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape C	`k`	["Add midpoint pegging - Base"]	Base	$0.00100		—	Add midpoint pegging - Base	2026-03-18
Nasdaq BX	maker	Tape C	`8`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape C	`7`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape C	`A`	["Add displayed liquidity - Base"]	Base	$0.00300		—	Add displayed liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape C	`N`	["Add midpoint with price improvement > midpoint"]	Base	$0.00300		—	Add midpoint with price improvement > midpoint	2026-03-18
Nasdaq BX	maker	Tape C	`J`	["Add other non-displayed liquidity"]	Base	$0.00300		—	Add other non-displayed liquidity	2026-03-18
Nasdaq BX	maker	Tape C	`4`	["RPI orders, accepted price \u2265$10K"]	Base	$0.00030		—	RPI orders, accepted price ≥$10K	2026-03-18
Nasdaq BX	maker	Tape C	`j`	["RPI order providing liquidity - Base"]	Base	$0.00250		—	RPI order providing liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape C	`1`	["RPI order providing liquidity - Base"]	Base	$0.00250		—	RPI order providing liquidity - Base	2026-03-18
Nasdaq BX	maker	Tape C	`A`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape C	`8`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape C	`u`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	maker	Tape C	`k`	["Add midpoint pegging - Base"]	Tier 1	$0.00050		0.02% ADV	Add ≥0.02% TCV non-displayed liquidity	2026-03-18
Nasdaq BX	maker	Tape C	`j`	["RPI order providing liquidity - Base"]	Tier 1	$0.00180		0.02% ADV	RPI orders, Add ≥0.02% RPI shares/day	2026-03-18
Nasdaq BX	maker	Tape C	`1`	["RPI order providing liquidity - Base"]	Tier 1	$0.00180		0.02% ADV	RPI orders, Add ≥0.02% RPI shares/day	2026-03-18
Nasdaq BX	maker	Tape C	`7`	["Add displayed liquidity - Base"]	Tier 1	$0.00200		0.05% ADV	Add ≥0.05% TCV	2026-03-18
Nasdaq BX	taker	Tape A	`m`	["Remove midpoint/price improvement"]	Base	$0.00000		—	Remove midpoint/price improvement	2026-03-18
Nasdaq BX	taker	Tape A	`R`	["All other firms removing liquidity"]	Base	$0.00070		—	All other firms removing liquidity	2026-03-18
Nasdaq BX	taker	Tape A	`p`	["Remove midpoint/price improvement"]	Base	$0.00000		—	Remove midpoint/price improvement	2026-03-18
Nasdaq BX	taker	Tape A	`r`	["Retail order accessing RPI, <$10K"]	Base	$-0.00210		—	Retail order accessing RPI, <$10K	2026-03-18
Nasdaq BX	taker	Tape A	`6`	["Retail order accessing RPI, \u2265$10K (excluded from volume)"]	Base	$0.00000		—	Retail order accessing RPI, ≥$10K (excluded from volume)	2026-03-18
Nasdaq BX	taker	Tape A	`t`	["Retail order accessing other book liquidity"]	Base	$-0.00170		—	Retail order accessing other book liquidity	2026-03-18
Nasdaq BX	taker	Tape A	`q`	["Retail order accessing midpoint with price improvement"]	Base	$0.00000		—	Retail order accessing midpoint with price improvement	2026-03-18
Nasdaq BX	taker	Tape A	`R`	["All other firms removing liquidity"]	Tier 1	$-0.00050		50,000 shares/day	Firms adding ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape A	`R`	["All other firms removing liquidity"]	Tier 2	$-0.00100		0.05% ADV	Add+Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape A	`R`	["All other firms removing liquidity"]	Tier 3	$-0.00160		0.1% ADV	Add+Remove ≥0.10% TCV; Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape A	`R`	["All other firms removing liquidity"]	Tier 4	$-0.00180		0.15% ADV	Add+Remove ≥0.15% TCV; Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape B	`6`	["Retail order accessing RPI, \u2265$10K (excluded from volume)"]	Base	$0.00000		—	Retail order accessing RPI, ≥$10K (excluded from volume)	2026-03-18
Nasdaq BX	taker	Tape B	`r`	["Retail order accessing RPI, <$10K"]	Base	$-0.00210		—	Retail order accessing RPI, <$10K	2026-03-18
Nasdaq BX	taker	Tape B	`q`	["Retail order accessing midpoint with price improvement"]	Base	$0.00000		—	Retail order accessing midpoint with price improvement	2026-03-18
Nasdaq BX	taker	Tape B	`t`	["Retail order accessing other book liquidity"]	Base	$-0.00170		—	Retail order accessing other book liquidity	2026-03-18
Nasdaq BX	taker	Tape B	`R`	["All other firms removing liquidity"]	Base	$0.00070		—	All other firms removing liquidity	2026-03-18
Nasdaq BX	taker	Tape B	`m`	["Remove midpoint/price improvement"]	Base	$0.00000		—	Remove midpoint/price improvement	2026-03-18
Nasdaq BX	taker	Tape B	`p`	["Remove midpoint/price improvement"]	Base	$0.00000		—	Remove midpoint/price improvement	2026-03-18
Nasdaq BX	taker	Tape B	`R`	["All other firms removing liquidity"]	Tier 1	$-0.00050		50,000 shares/day	Firms adding ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape B	`R`	["All other firms removing liquidity"]	Tier 2	$-0.00100		0.05% ADV	Add+Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape B	`R`	["All other firms removing liquidity"]	Tier 3	$-0.00160		0.1% ADV	Add+Remove ≥0.10% TCV; Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape B	`R`	["All other firms removing liquidity"]	Tier 4	$-0.00180		0.15% ADV	Add+Remove ≥0.15% TCV; Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape C	`p`	["Remove midpoint/price improvement"]	Base	$0.00000		—	Remove midpoint/price improvement	2026-03-18
Nasdaq BX	taker	Tape C	`m`	["Remove midpoint/price improvement"]	Base	$0.00000		—	Remove midpoint/price improvement	2026-03-18
Nasdaq BX	taker	Tape C	`q`	["Retail order accessing midpoint with price improvement"]	Base	$0.00000		—	Retail order accessing midpoint with price improvement	2026-03-18
Nasdaq BX	taker	Tape C	`t`	["Retail order accessing other book liquidity"]	Base	$-0.00170		—	Retail order accessing other book liquidity	2026-03-18
Nasdaq BX	taker	Tape C	`6`	["Retail order accessing RPI, \u2265$10K (excluded from volume)"]	Base	$0.00000		—	Retail order accessing RPI, ≥$10K (excluded from volume)	2026-03-18
Nasdaq BX	taker	Tape C	`r`	["Retail order accessing RPI, <$10K"]	Base	$-0.00210		—	Retail order accessing RPI, <$10K	2026-03-18
Nasdaq BX	taker	Tape C	`R`	["All other firms removing liquidity"]	Base	$0.00070		—	All other firms removing liquidity	2026-03-18
Nasdaq BX	taker	Tape C	`R`	["All other firms removing liquidity"]	Tier 1	$-0.00050		50,000 shares/day	Firms adding ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape C	`R`	["All other firms removing liquidity"]	Tier 2	$-0.00100		0.05% ADV	Add+Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape C	`R`	["All other firms removing liquidity"]	Tier 3	$-0.00160		0.1% ADV	Add+Remove ≥0.10% TCV; Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq BX	taker	Tape C	`R`	["All other firms removing liquidity"]	Tier 4	$-0.00180		0.15% ADV	Add+Remove ≥0.15% TCV; Remove ≥0.05% TCV; Add ≥50K ADV	2026-03-18
Nasdaq PSX	maker	Tape A	`A`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape A	`V`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape A	`u`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape A	`V`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape A	`A`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape A	`k`	["Add non-displayed midpoint pegging"]	Base	$-0.00180		—	Add non-displayed midpoint pegging	2026-03-18
Nasdaq PSX	maker	Tape A	`J`	["Other non-displayed added liquidity"]	Base	$-0.00050		—	Other non-displayed added liquidity	2026-03-18
Nasdaq PSX	maker	Tape A	`u`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape A	`u`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`J`	["Other non-displayed added liquidity"]	Tier 1	$-0.00150		0.01% ADV	Firm adds ≥0.01% TCV of non-displayed liquidity (other than midpoint)	2026-03-18
Nasdaq PSX	maker	Tape A	`k`	["Add non-displayed midpoint pegging"]	Tier 1	$-0.00250		1,000,000 shares/day	Add midpoint pegging ≥1M shares ADV	2026-03-18
Nasdaq PSX	maker	Tape A	`V`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`A`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`A`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`u`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`V`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`V`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`u`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape A	`A`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`u`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape B	`A`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape B	`u`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape B	`A`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape B	`V`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape B	`V`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape B	`J`	["Other non-displayed added liquidity"]	Base	$-0.00050		—	Other non-displayed added liquidity	2026-03-18
Nasdaq PSX	maker	Tape B	`k`	["Add non-displayed midpoint pegging"]	Base	$-0.00180		—	Add non-displayed midpoint pegging	2026-03-18
Nasdaq PSX	maker	Tape B	`V`	["Add liquidity, shares below $1.00"]	Supplemental Credit	$-0.00005		0.1% ADV	Non-cumulative +$0.00005 bonus on qualifying tier rate: Add ≥0.10% TCV in prior month AND current month (Tape B only)	2026-03-18
Nasdaq PSX	maker	Tape B	`A`	["Add liquidity, shares below $1.00"]	Supplemental Credit	$-0.00005		0.1% ADV	Non-cumulative +$0.00005 bonus on qualifying tier rate: Add ≥0.10% TCV in prior month AND current month (Tape B only)	2026-03-18
Nasdaq PSX	maker	Tape B	`u`	["Add liquidity, shares below $1.00"]	Supplemental Credit	$-0.00005		0.1% ADV	Non-cumulative +$0.00005 bonus on qualifying tier rate: Add ≥0.10% TCV in prior month AND current month (Tape B only)	2026-03-18
Nasdaq PSX	maker	Tape B	`V`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`u`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`J`	["Other non-displayed added liquidity"]	Tier 1	$-0.00150		0.01% ADV	Firm adds ≥0.01% TCV of non-displayed liquidity (other than midpoint)	2026-03-18
Nasdaq PSX	maker	Tape B	`k`	["Add non-displayed midpoint pegging"]	Tier 1	$-0.00250		1,000,000 shares/day	Add midpoint pegging ≥1M shares ADV	2026-03-18
Nasdaq PSX	maker	Tape B	`A`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`u`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`V`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`A`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`V`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`A`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape B	`u`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`k`	["Add non-displayed midpoint pegging"]	Base	$-0.00180		—	Add non-displayed midpoint pegging	2026-03-18
Nasdaq PSX	maker	Tape C	`V`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape C	`J`	["Other non-displayed added liquidity"]	Base	$-0.00050		—	Other non-displayed added liquidity	2026-03-18
Nasdaq PSX	maker	Tape C	`A`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape C	`A`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape C	`u`	["Add liquidity, shares below $1.00"]	Base	$0.00000	Sub-$1	—	Add liquidity, shares below $1.00	2026-03-18
Nasdaq PSX	maker	Tape C	`u`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape C	`V`	["Add liquidity, shares below $1.00"]	Base	$-0.00200		—	All others - Add displayed liquidity	2026-03-18
Nasdaq PSX	maker	Tape C	`u`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`A`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`V`	["Add liquidity, shares below $1.00"]	Tier 1	$-0.00300		0.05% ADV	Firm adds ≥0.05% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`k`	["Add non-displayed midpoint pegging"]	Tier 1	$-0.00250		1,000,000 shares/day	Add midpoint pegging ≥1M shares ADV	2026-03-18
Nasdaq PSX	maker	Tape C	`J`	["Other non-displayed added liquidity"]	Tier 1	$-0.00150		0.01% ADV	Firm adds ≥0.01% TCV of non-displayed liquidity (other than midpoint)	2026-03-18
Nasdaq PSX	maker	Tape C	`u`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`V`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`A`	["Add liquidity, shares below $1.00"]	Tier 2	$-0.00320		0.07% ADV	Firm adds ≥0.07% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`A`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`u`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	maker	Tape C	`V`	["Add liquidity, shares below $1.00"]	Tier 3	$-0.00330		0.15% ADV	Firm adds ≥0.15% TCV	2026-03-18
Nasdaq PSX	taker	Tape A	`R`	["All firms removing liquidity"]	Base	$0.00300		—	All firms removing liquidity	2026-03-18
Nasdaq PSX	taker	Tape A	`R`	["All firms removing liquidity"]	Base	$0.00300	Sub-$1	—	Remove liquidity, shares below $1.00 (0.30% of total dollar volume)	2026-03-18
Nasdaq PSX	taker	Tape A	`m`	["Remove liquidity, shares below $1.00 (0.30% of total dollar volume)"]	Base	$0.00300	Sub-$1	—	Remove liquidity, shares below $1.00 (0.30% of total dollar volume)	2026-03-18
Nasdaq PSX	taker	Tape A	`m`	["Remove liquidity, shares below $1.00 (0.30% of total dollar volume)"]	Base	$0.00300		—	Remove midpoint liquidity	2026-03-18
Nasdaq PSX	taker	Tape B	`R`	["All firms removing liquidity"]	Base	$0.00300		—	All firms removing liquidity	2026-03-18
Nasdaq PSX	taker	Tape B	`R`	["All firms removing liquidity"]	Base	$0.00300	Sub-$1	—	Remove liquidity, shares below $1.00 (0.30% of total dollar volume)	2026-03-18
Nasdaq PSX	taker	Tape B	`m`	["Remove liquidity, shares below $1.00 (0.30% of total dollar volume)"]	Base	$0.00300		—	Remove midpoint liquidity	2026-03-18
Nasdaq PSX	taker	Tape B	`m`	["Remove liquidity, shares below $1.00 (0.30% of total dollar volume)"]	Base	$0.00300	Sub-$1	—	Remove liquidity, shares below $1.00 (0.30% of total dollar volume)	2026-03-18
Nasdaq PSX	taker	Tape C	`m`	["Remove liquidity, shares below $1.00 (0.30% of total dollar volume)"]	Base	$0.00300	Sub-$1	—	Remove liquidity, shares below $1.00 (0.30% of total dollar volume)	2026-03-18
Nasdaq PSX	taker	Tape C	`m`	["Remove liquidity, shares below $1.00 (0.30% of total dollar volume)"]	Base	$0.00300		—	Remove midpoint liquidity	2026-03-18
Nasdaq PSX	taker	Tape C	`R`	["All firms removing liquidity"]	Base	$0.00300	Sub-$1	—	Remove liquidity, shares below $1.00 (0.30% of total dollar volume)	2026-03-18
Nasdaq PSX	taker	Tape C	`R`	["All firms removing liquidity"]	Base	$0.00300		—	All firms removing liquidity	2026-03-18
NYSE	auction	Tape A	`C`	["LOC: MOC/LOC not meeting tier requirements"]	Base	$0.00100		0% CADV	LOC: MOC/LOC not meeting tier requirements	2026-03-18
NYSE	auction	Tape A	`CLD`	["Late D Orders (<1 min before close): All other firms"]	Base	$0.00120		—	Late D Orders (<1 min before close): All other firms	2026-03-18
NYSE	auction	Tape A	`OM`	["Executions at the Open (both sides) - $35K cap if Adding ADV \u22655M"]	Base	$0.00100		—	Executions at the Open (both sides) - $35K cap if Adding ADV ≥5M	2026-03-18
NYSE	auction	Tape A	`CM`	["MOC: MOC/LOC not meeting tier requirements"]	Base	$0.00100		0% CADV	MOC: MOC/LOC not meeting tier requirements	2026-03-18
NYSE	auction	Tape A	`CED`	["Early D Orders (>10 min before close)"]	Early D	$0.00030		—	Early D Orders (>10 min before close)	2026-03-18
NYSE	auction	Tape A	`CM`	["MOC: MOC/LOC not meeting tier requirements"]	Floor Broker	$0.00050		—	MOC Orders executed by Floor broker (unless lower tier applies)	2026-03-18
NYSE	auction	Tape A	`O`	["Floor broker executions at the Open"]	Floor Broker	$0.00030		—	Floor broker executions at the Open	2026-03-18
NYSE	auction	Tape A	`CLD`	["Late D Orders (<1 min before close): All other firms"]	Late D - Tier 1	$0.00110		—	Late D Orders (<1 min before close): 0.50% Adding + 1.75% total close	2026-03-18
NYSE	auction	Tape A	`CMD`	["Mid D Orders (1-10 min before close)"]	Mid D	$0.00070		—	Mid D Orders (1-10 min before close)	2026-03-18
NYSE	auction	Tape A	`CL`	["Orders from continuous trading swept into the close"]	Standard	$0.00080		—	Orders from continuous trading swept into the close	2026-03-18
NYSE	auction	Tape A	`CIO`	["Closing Offset (CO) Orders - No charge"]	Standard	$0.00000		—	Closing Offset (CO) Orders - No charge	2026-03-18
NYSE	auction	Tape A	`C`	["LOC: MOC/LOC not meeting tier requirements"]	Tier 1	$0.00090		0.2% CADV	LOC: MOC ≥0.20% + total close ≥0.30% + 35% MOC ratio OR 30M D Orders	2026-03-18
NYSE	auction	Tape A	`C`	["LOC: MOC/LOC not meeting tier requirements"]	Tier 2	$0.00080		0.35% CADV	LOC: MOC ≥0.35% + total close ≥0.525% CADV	2026-03-18
NYSE	auction	Tape A	`CM`	["MOC: MOC/LOC not meeting tier requirements"]	Tier 2	$0.00090		0.2% CADV	MOC: MOC ≥0.20% + total close ≥0.30% + 35% MOC ratio OR 30M D Orders	2026-03-18
NYSE	auction	Tape A	`CM`	["MOC: MOC/LOC not meeting tier requirements"]	Tier 3	$0.00080		0.35% CADV	MOC: MOC ≥0.35% + total close ≥0.525% CADV	2026-03-18
NYSE	auction	Tape A	`C`	["LOC: MOC/LOC not meeting tier requirements"]	Tier 3	$0.00070		0.45% CADV	LOC: MOC ≥0.45% + total close ≥0.7% CADV	2026-03-18
NYSE	auction	Tape A	`CM`	["MOC: MOC/LOC not meeting tier requirements"]	Tier 4	$0.00070		0.45% CADV	MOC: MOC ≥0.45% + total close ≥0.7% CADV	2026-03-18
NYSE	maker	Tape A	`FB`	["Floor broker orders adding liquidity (displayed)"]	Base	$-0.00260		—	Floor broker orders adding liquidity (displayed)	2026-03-18
NYSE	maker	Tape A	`AML`	["MPL orders adding liquidity (base)"]	Base	$-0.00100		—	MPL orders adding liquidity (base)	2026-03-18
NYSE	maker	Tape A	`ARP`	["RLP orders (Retail Price Improvement) vs Retail Order"]	Base	$-0.00030		—	RLP orders (Retail Price Improvement) vs Retail Order	2026-03-18
NYSE	maker	Tape A	`ARE`	["Orders with Retail Modifier adding liquidity"]	Base	$-0.00320		—	Orders with Retail Modifier adding liquidity	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Base	$-0.00120		—	Non-Tier Adding Credit - regular displayed orders ≥$1.00	2026-03-18
NYSE	maker	Tape A	`AND`	["Non-Displayed Limit Orders - base (no credit)"]	Base	$0.00000		—	Non-Displayed Limit Orders - base (no credit)	2026-03-18
NYSE	maker	Tape A	`AC`	["Non-RLP DMM executing RPI against Retail Order"]	DMM	$-0.00200		—	Non-RLP DMM executing RPI against Retail Order	2026-03-18
NYSE	maker	Tape A	`FB`	["Floor broker orders adding liquidity (displayed)"]	Floor Broker Tier 1	$-0.00200		0.07% CADV	Floor broker Adding ADV ≥0.07% CADV	2026-03-18
NYSE	maker	Tape A	`FB`	["Floor broker orders adding liquidity (displayed)"]	Floor Broker Tier 2	$-0.00210		0.25% CADV	Floor broker Adding ADV ≥0.25% CADV	2026-03-18
NYSE	maker	Tape A	`FB`	["Floor broker orders adding liquidity (displayed)"]	Floor Broker Tier 3	$-0.00220		0.33% CADV	Floor broker Adding ADV ≥0.33% CADV	2026-03-18
NYSE	maker	Tape A	`AND`	["Non-Displayed Limit Orders - base (no credit)"]	Non Display Tier 1	$-0.00180		0.15% CADV	Non-Displayed Adding ADV ≥0.15% Tapes A+B+C CADV (excl DMM + DMMs with 500+ Tape A issues) \| Tier 7 non-displayed orders (Tape A ≥0.175% + Tape B&C ≥0.02% non-display + Tape B&C ≥0.15% Adding)	2026-03-18
NYSE	maker	Tape A	`AND`	["Non-Displayed Limit Orders - base (no credit)"]	Non Display Tier 2	$-0.00100		0.12% CADV	Non-Displayed Adding ADV ≥0.12% Tapes A+B+C CADV (excl DMM)	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Step Up Tier 2-1	$-0.00250		0.1% CADV	1.75x July 2019 + NBBO quote 15% in 300+ securities + SLP ≥0.05% + increase ≥0.1%	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Step Up Tier 2-3	$-0.00300		0.35% CADV	1.75x July 2019 + NBBO quote 15% in 300+ securities + SLP ≥0.05% + increase ≥0.35%	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Step Up Tier 2-4	$-0.00310		0.45% CADV	1.75x July 2019 + NBBO quote 15% in 300+ securities + SLP ≥0.05% + increase ≥0.45%	2026-03-18
NYSE	maker	Tape A	`FB`	["Floor broker orders adding liquidity (displayed)"]	Supplemental Credit	$-0.00020		10,000 shares/day	Non-cumulative +$0.0002 bonus on qualifying tier rate: Floor broker ADV ≥10K shares + ≥50% Floor broker ratio	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Supplemental Credit (Step Up 5-1)	$-0.00010		1% CADV	Non-cumulative +$0.0001 bonus on qualifying tier rate: Firm ≥1.00% Tape A CADV + MPID ≥2x Jan 2021 baseline + ≥0.10% above Jan 2021 baseline	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Supplemental Credit (Step Up 5-2)	$-0.00020		1% CADV	Non-cumulative +$0.0002 bonus on qualifying tier rate: Firm ≥1.00% Tape A CADV + MPID ≥2x Jan 2021 baseline + ≥0.175% above Jan 2021 baseline	2026-03-18
NYSE	maker	Tape A	`AML`	["MPL orders adding liquidity (base)"]	Tier 1	$-0.00200		0.0075% CADV	MPL Adding ADV ≥0.0075% Tapes A+B+C CADV (excl DMM)	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 1	$-0.00150		0.22% CADV	Adding ADV ≥0.22% NYSE CADV (excl SLP/DMM); OR ≥0.15% + 0.05% above Q1 2021 \| Adding ADV ≥0.20% + ≥0.05% above Nov 2020 baseline (excl DMM)	2026-03-18
NYSE	maker	Tape A	`AML`	["MPL orders adding liquidity (base)"]	Tier 2	$-0.00250		0.015% CADV	MPL Adding ADV ≥0.015% Tapes A+B+C CADV (excl DMM)	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 2	$-0.00170		0.29% CADV	Adding ADV ≥0.29% NYSE CADV (excl SLP/DMM); OR ≥0.125% + 2x Q1 2021	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 3	$-0.00180		0.4% CADV	(A) Adding ADV ≥0.40% + MOC/LOC ≥0.05%; OR (B) Adding ≥0.30% + MOC/LOC ≥0.05% + MPL 200K	2026-03-18
NYSE	maker	Tape A	`AML`	["MPL orders adding liquidity (base)"]	Tier 3	$-0.00275		0.075% CADV	MPL Adding ADV ≥0.075% Tapes A+B+C CADV OR ≥7.25M shares (excl DMM)	2026-03-18
NYSE	maker	Tape A	`AML`	["MPL orders adding liquidity (base)"]	Tier 4	$-0.00300		20,000,000 shares/day	MPL Adding ADV ≥20M shares (excl DMM)	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 4	$-0.00190		0.35% CADV	Adding ADV ≥0.35% NYSE CADV (excl SLP and DMM) \| Adding ADV ≥0.45% + ≥0.20% above March 2019 baseline (excl DMM)	2026-03-18
NYSE	maker	Tape A	`AML`	["MPL orders adding liquidity (base)"]	Tier 5	$-0.00310		25,000,000 shares/day	MPL Adding ADV ≥25M shares (excl DMM)	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 5	$-0.00200		0.75% CADV	Adding ADV ≥0.75% NYSE CADV + MOC/LOC ≥0.10% NYSE CADV \| Adding ADV ≥0.65% + ≥0.60% above March 2019 baseline (excl DMM)	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 6	$-0.00220		1.2% CADV	Adding ADV ≥1.20% NYSE CADV + MOC/LOC ≥0.12% NYSE CADV	2026-03-18
NYSE	maker	Tape A	`A`	["Non-Tier Adding Credit - regular displayed orders \u2265$1.00"]	Tier 7	$-0.00290		0.175% CADV	Tape A ≥0.175% + Tape B&C ≥0.02% non-display + Tape B&C ≥0.15% Adding (excl SLP/DMM) \| 1.75x July 2019 + NBBO quote 15% in 300+ securities + SLP ≥0.05% + increase ≥0.2%	2026-03-18
NYSE	maker	Tape A	`ASP`	["Tier 7 + orders setting NBBO: Additional $0.0007 credit"]	Tier 7 - NBBO Setter	$-0.00070		0.175% CADV	Tier 7 + orders setting NBBO (Tape A): Additional $0.0007 credit	2026-03-18
NYSE	other	Tape A	`ZB`	["Floor broker cross trades (both sides credited)"]	Cross Trade	$-0.00060		—	Floor broker cross trades (both sides credited)	2026-03-18
NYSE	taker	Tape A	`RML`	["MPL orders removing liquidity (without Retail Modifier)"]	Base	$0.00300		—	MPL orders removing liquidity (without Retail Modifier)	2026-03-18
NYSE	taker	Tape A	`R`	["All other non-Floor broker transactions removing liquidity", "Tape A: 0.30% Adding ADV + 0.01% Adding&C"]	Base	$0.00300		—	All other non-Floor broker transactions removing liquidity \| Tape A: 0.30% Adding ADV Tape A + 0.01% Adding Tape B&C	2026-03-18
NYSE	taker	Tape A	`RDA`	["Floor broker D Orders removing liquidity (base)"]	Base	$0.00050		—	Floor broker D Orders removing liquidity (base)	2026-03-18
NYSE	taker	Tape A	`FR`	["Floor broker transactions removing liquidity"]	Base	$0.00240		—	Floor broker transactions removing liquidity	2026-03-18
NYSE	taker	Tape A	`RDA`	["Floor broker D Orders removing liquidity (base)"]	High Volume	$0.00150		500,000 shares/day	Floor broker D Orders removing: ADV ≥500K shares D Orders prior month	2026-03-18
NYSE	taker	Tape A	`RRM`	["MPL orders removing liquidity (with Retail Modifier)"]	Retail	$0.00100		—	MPL orders removing liquidity (with Retail Modifier)	2026-03-18
NYSE	taker	Tape A	`R`	["All other non-Floor broker transactions removing liquidity", "Tape A: 0.30% Adding ADV + 0.01% Adding&C"]	Tier 1	$0.00290		1.05% CADV	1.05% Adding ADV Tape A + 0.01% Tape B&C; OR 0.05% Tape A + DMM in 25+ securities	2026-03-18
NYSE American	maker	All Tapes	`N/A`	["Formerly AMEX"]	High Volume (>0.35% ADV)	$-0.00220		—	Formerly AMEX	2026-03-18
NYSE American	maker	Tape A	`N/A`	["Formerly AMEX"]	Standard	$-0.00170		—	Formerly AMEX	2026-03-18
NYSE American	maker	Tape B	`N/A`	["Formerly AMEX"]	Standard	$-0.00200		—	Formerly AMEX	2026-03-18
NYSE American	maker	Tape C	`N/A`	["Formerly AMEX"]	Standard	$-0.00200		—	Formerly AMEX	2026-03-18
NYSE American	taker	All Tapes	`N/A`	["Formerly AMEX"]	High Volume (>0.35% ADV)	$0.00280		—	Formerly AMEX	2026-03-18
NYSE American	taker	Tape A	`N/A`	["Formerly AMEX"]	Standard	$0.00300		—	Formerly AMEX	2026-03-18
NYSE American	taker	Tape B	`N/A`	["Formerly AMEX"]	Standard	$0.00300		—	Formerly AMEX	2026-03-18
NYSE American	taker	Tape C	`N/A`	["Formerly AMEX"]	Standard	$0.00300		—	Formerly AMEX	2026-03-18
NYSE Arca	auction	All Tapes	`OPN`	["Opening Orders \u2265$1.00 ($20K cap/month/ETP ID)"]	Base	$0.00150		—	Opening Orders ≥$1.00 ($20K cap/month/ETP ID)	2026-03-18
NYSE Arca	auction	All Tapes	`CLO`	["Closing Orders \u2265$1.00"]	Base	$0.00120		—	Closing Orders ≥$1.00	2026-03-18
NYSE Arca	auction	All Tapes	`OPNR`	["Opening Orders - Retail \u2265$1.00"]	Retail	$0.00050		—	Opening Orders - Retail ≥$1.00	2026-03-18
NYSE Arca	auction	All Tapes	`CLOR`	["Closing Orders - Retail \u2265$1.00"]	Retail	$0.00080		—	Closing Orders - Retail ≥$1.00	2026-03-18
NYSE Arca	auction	All Tapes	`CLO`	["Closing Orders \u2265$1.00"]	Tier Closing	$0.00100		—	Closing Orders for Tier 1-6 qualifiers: $0.0010	2026-03-18
NYSE Arca	maker	All Tapes	`RT`	["Retail Orders adding liquidity \u2265$1.00"]	Base	$-0.00320		—	Retail Orders adding liquidity ≥$1.00	2026-03-18
NYSE Arca	maker	All Tapes	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	Base	$-0.00100		—	MPL Orders adding liquidity ≥$1.00	2026-03-18
NYSE Arca	maker	All Tapes	`AN`	["Limit Non-Display + MPL combined ADV increase \u22650.02% over July 2020"]	Limit Non-Display Step Up Tier 1	$-0.00040		0.02% CADV	Limit Non-Display + MPL combined ADV increase ≥0.02% over July 2020	2026-03-18
NYSE Arca	maker	All Tapes	`AN`	["Limit Non-Display + MPL combined ADV increase \u22650.02% over July 2020"]	Limit Non-Display Step Up Tier 2	$-0.00100		0.05% CADV	Limit Non-Display + MPL combined ADV increase ≥0.05% over July 2020	2026-03-18
NYSE Arca	maker	All Tapes	`AN`	["Limit Non-Display + MPL combined ADV increase \u22650.02% over July 2020"]	Limit Non-Display Step Up Tier 3	$-0.00150		0.1% CADV	Limit Non-Display + MPL combined ADV increase ≥0.1% over July 2020	2026-03-18
NYSE Arca	maker	All Tapes	`AN`	["Limit Non-Display + MPL combined ADV increase \u22650.02% over July 2020"]	Limit Non-Display Step Up Tier 4	$-0.00200		0.15% CADV	Limit Non-Display + MPL combined ADV increase ≥0.15% over July 2020	2026-03-18
NYSE Arca	maker	All Tapes	`RT`	["Retail Orders adding liquidity \u2265$1.00"]	Retail Tier 1	$-0.00380		0.5% CADV	0.50% Retail Day OR 1.00% + 55M ADV	2026-03-18
NYSE Arca	maker	All Tapes	`RT`	["Retail Orders adding liquidity \u2265$1.00"]	Retail Tier 2	$-0.00370		0.35% CADV	0.35% Retail Day	2026-03-18
NYSE Arca	maker	All Tapes	`RT`	["Retail Orders adding liquidity \u2265$1.00"]	Retail Tier 3	$-0.00360		0.2% CADV	0.20% Retail Day	2026-03-18
NYSE Arca	maker	All Tapes	`RT`	["Retail Orders adding liquidity \u2265$1.00"]	Retail Tier 4	$-0.00340		0.1% CADV	0.10% Retail Day	2026-03-18
NYSE Arca	maker	All Tapes	`RT`	["Retail Orders adding liquidity \u2265$1.00"]	Retail Tier 5	$-0.00350		0.15% CADV	0.15% Retail OR 0.075% + 0.40% Options	2026-03-18
NYSE Arca	maker	All Tapes	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Sub-Dollar Adding Tier 1	$-0.03000	Sub-$1	2.25% CADV	Sub-Dollar Adding ≥2.25% of Sub-Dollar CADV (3.00% credit)	2026-03-18
NYSE Arca	maker	All Tapes	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Sub-Dollar Adding Tier 2	$-0.00100	Sub-$1	2% CADV	Sub-Dollar Adding ≥2.0% of Sub-Dollar CADV (0.10% credit + 0.150% Options) \| Sub-Dollar: 1M Adding ADV + 0.6% increase over July 2020 (0.1% credit)	2026-03-18
NYSE Arca	maker	All Tapes	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Sub-Dollar Adding Tier 3	$-0.00075	Sub-$1	1.75% CADV	Sub-Dollar Adding ≥1.75% of Sub-Dollar CADV (0.075% credit)	2026-03-18
NYSE Arca	maker	All Tapes	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Sub-Dollar Step Up Tier 1	$-0.00050	Sub-$1	0.3% CADV	Sub-Dollar: 1M Adding ADV + 0.3% increase over July 2020 (0.05% credit)	2026-03-18
NYSE Arca	maker	All Tapes	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Sub-Dollar Step Up Tier 3	$-0.00150	Sub-$1	1% CADV	Sub-Dollar: 1M Adding ADV + 1.0% increase over July 2020 (0.15% credit)	2026-03-18
NYSE Arca	maker	All Tapes	`TR`	["Tracking Orders that result in executions: \u22651M ADV"]	Tracking Order Tier 1	$-0.00100		1,000,000 shares/day	Tracking Orders that result in executions: ≥1M ADV	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Base	$-0.00200		—	Adding displayed liquidity ≥$1.00 - Tape A	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	MPID Adding Tier 2	$-0.00280		4,000,000 shares/day	Tape A: 2x growth over Q2 2021 + 4M shares (or 2M Tape B)	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 1	$-0.00150		1,500,000 shares/day	MPL Adding ADV ≥1.5M shares	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 2	$-0.00200		2,000,000 shares/day	MPL Adding ADV ≥2.0M shares	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 3	$-0.00250		3,000,000 shares/day	MPL Adding ADV ≥3.0M shares (3M or 1M + 50% ratio)	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 4	$-0.00260		5,000,000 shares/day	MPL Adding ADV ≥5.0M shares (5M or 2M + 50% ratio)	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 5	$-0.00290		13,000,000 shares/day	MPL Adding ADV ≥13.0M shares	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 6	$-0.00310		15,000,000 shares/day	MPL Adding ADV ≥15.0M shares	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 7	$-0.00320		25,000,000 shares/day	MPL Adding ADV ≥25.0M shares	2026-03-18
NYSE Arca	maker	Tape A	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 8	$-0.00330		30,000,000 shares/day	MPL Adding ADV ≥30.0M shares (BEST)	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Step Up Tier 2	$-0.00330		0.4% CADV	0.40% Adding ADV over September 2019 baseline	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Supplemental Credit (Cross-Asset Tier 3)	$-0.00020		0.65% CADV	Non-cumulative +$0.0002 bonus on qualifying tier rate (Tape A): 0.65% Adding + 0.80% Options Customer/Professional posting volume	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Supplemental Credit (Cross-Asset Tier 4)	$-0.00010		0.75% CADV	Non-cumulative +$0.0001 bonus on qualifying tier rate (all tapes): 0.75% Adding + 0.80% Options Customer/Professional posting volume	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 1	$-0.00220		0.15% CADV	0.15% Adding of CADV	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 2	$-0.00250		0.2% CADV	0.20% Adding of CADV	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 3	$-0.00290		0.3% CADV	0.30% Adding of CADV; OR 0.25% Adding + 0.40% Tape B Remove + 0.25% Options posting \| Tape A: 2x growth over Q2 2021 + 9M shares	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 4	$-0.00300		0.5% CADV	0.50% Adding of CADV \| 0.60% Adding + 1.50% Tape B Adding + 1.00% combined Adding+Removing \| Minimum credit for Tier 1-6 qualifiers: Combined Adding+Removing ≥1.0% CADV \| 0.30% Adding ADV + 0.80% Options Customer/Professional posting volume	2026-03-18
NYSE Arca	maker	Tape A	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 5	$-0.00310		0.7% CADV	0.70% Adding of CADV OR 84M shares Adding ADV \| 0.35% Adding over Sept 2019; OR 0.50% Adding + 0.25% Removing	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Base	$-0.00160		—	Adding displayed liquidity ≥$1.00 - Tape B	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Step Up Tier 3	$-0.00310		0.35% CADV	0.35% Adding over Sept 2019; OR 0.50% Adding + 0.25% Removing	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Supplemental Credit (Cross-Asset Tier 3)	$-0.00020		0.65% CADV	Non-cumulative +$0.0002 bonus on qualifying tier rate (Tape B): 0.65% Adding + 0.80% Options Customer/Professional posting volume \| Non-cumulative +$0.0002 bonus on qualifying tier rate (Tape B): 0.50% Adding + 20% above Q3 2019 baseline	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Supplemental Credit (Cross-Asset Tier 4)	$-0.00010		0.75% CADV	Non-cumulative +$0.0001 bonus on qualifying tier rate (all tapes): 0.75% Adding + 0.80% Options Customer/Professional posting volume	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Supplemental Credit (Tape B Step Up 2)	$-0.00030		30% CADV	Non-cumulative +$0.0003 bonus on qualifying tier rate (Tape B): 0.50% Adding + 30% above Q3 2019 baseline	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Supplemental Credit (Tape B Step Up 3)	$-0.00040		40% CADV	Non-cumulative +$0.0004 bonus on qualifying tier rate (Tape B): 0.50% Adding + 40% above Q3 2019 baseline	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tape B Tier 2	$-0.00280		1% CADV	Tape B: 1.00% Adding OR 0.25% above April 2020	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tape B Tier 3	$-0.00250		0.15% CADV	Tape B: 0.15% above April 2020 OR 0.20% + 50 LMM ETPs OR 0.50% + 50 LMM ETPs	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 1	$-0.00200		0.15% CADV	0.15% Adding of CADV	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 2	$-0.00220		0.2% CADV	0.20% Adding of CADV \| 0.30% Adding of CADV; OR 0.25% Adding + 0.40% Tape B Remove + 0.25% Options posting \| Tape B: 2x growth over Q2 2021 + 4M shares (or 2M Tape B) \| Tape B: 2x growth over Q2 2021 + 9M shares	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 3	$-0.00230		0.5% CADV	0.50% Adding of CADV \| 0.70% Adding of CADV OR 84M shares Adding ADV	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier 4	$-0.00340		0.6% CADV	0.60% Adding + 1.50% Tape B Adding + 1.00% combined Adding+Removing \| 0.40% Adding ADV over September 2019 baseline	2026-03-18
NYSE Arca	maker	Tape B	`AD`	["Adding displayed liquidity \u2265$1.00 -"]	Tier Minimum	$-0.00300		1% CADV	Minimum credit for Tier 1-6 qualifiers: Combined Adding+Removing ≥1.0% CADV \| 0.30% Adding ADV + 0.80% Options Customer/Professional posting volume \| Tape B: 1.50% Adding ADV of Tape B CADV	2026-03-18
NYSE Arca	maker	Tape B and C	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 1	$-0.00150		1,500,000 shares/day	MPL Adding ADV ≥1.5M shares	2026-03-18
NYSE Arca	maker	Tape B and C	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 2	$-0.00200		2,000,000 shares/day	MPL Adding ADV ≥2.0M shares	2026-03-18
NYSE Arca	maker	Tape B and C	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 3	$-0.00250		3,000,000 shares/day	MPL Adding ADV ≥3.0M shares (3M or 1M + 50% ratio)	2026-03-18
NYSE Arca	maker	Tape B and C	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 4	$-0.00260		5,000,000 shares/day	MPL Adding ADV ≥5.0M shares (5M or 2M + 50% ratio)	2026-03-18
NYSE Arca	maker	Tape B and C	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 5	$-0.00290		13,000,000 shares/day	MPL Adding ADV ≥13.0M shares	2026-03-18
NYSE Arca	maker	Tape B and C	`MPL`	["MPL Orders adding liquidity \u2265$1.00"]	MPL Tier 6	$-0.00310		15,000,000 shares/day	MPL Adding ADV ≥15.0M shares	2026-03-18