Volume-Based Pricing

See how fees improve as trading volume increases. Only fee schedules with volume tiers are shown.

Asset Class

Exchange

Fee Type

CBOE BYX

Add Displayed (Auction)ADAuctionauction

Add Displayed (Auction)

Show pricing tiers

AD

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0020	$0.0020	$0.0020	—Displayed order, executed in a Periodic Auction
Tier 1	$0.0016	$0.0016	$0.0016	0.075% ADV0.075% ADVMember has a combined Auction ADV and ADAV ≥ 0.075% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.075%.
Tier 2	$0.0014	$0.0014	$0.0014	0.1% ADV0.1% ADVMember has a combined Auction ADV and ADAV ≥ 0.10% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.10%.
Tier 3	$0.0013	$0.0013	$0.0013	0.3% ADV0.3% ADVMember has a combined Auction ADV and ADAV ≥ 0.30% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.30%.
Tier 4★	$0.0012	$0.0012	$0.0012	0.6% ADV0.6% ADV1.Member has a combined Auction ADV and ADAV ≥ 0.60% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.60%.2.MPID has a combined Auction ADV and ADAV ≥ 0.55% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.55%.

Add DisplayedB, V, YDisplayedmaker

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Show pricing tiers

VBY

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0020	$0.0020	$0.0020	—Displayed order, adds liquidity to BYX (Tape A)
Tier 1	$0.0016	$0.0016	$0.0016	0.075% ADV0.075% ADVMember has a combined Auction ADV and ADAV ≥ 0.075% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.075%.
Tier 2	$0.0014	$0.0014	$0.0014	0.1% ADV0.1% ADVMember has a combined Auction ADV and ADAV ≥ 0.10% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.10%.
Tier 3	$0.0013	$0.0013	$0.0013	0.3% ADV0.3% ADVMember has a combined Auction ADV and ADAV ≥ 0.30% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.30%.
Tier 4★	$0.0012	$0.0012	$0.0012	0.6% ADV0.6% ADV1.Member has a combined Auction ADV and ADAV ≥ 0.60% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.60%.2.MPID has a combined Auction ADV and ADAV ≥ 0.55% of the TCV or Member has a combined Ex-Subdollar Auction ADV and Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.55%.

CBOE BZX

Add DisplayedB, V, YDisplayedmaker

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Show pricing tiers

VY

Tier	Tape A	Tape C	Threshold
BaseB	-$0.0016	-$0.0016	—Displayed order, adds liquidity to BZX (Tape A)
Tier 1	-$0.0020	-$0.0020	0.06% ADV0.06% ADVMember has an ADAV as a percentage of TCV ≥ 0.06% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.06%
Tier 2	-$0.0023	-$0.0023	0.2% ADV0.2% ADVMember has an ADAV as a percentage of TCV ≥ 0.20% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.20%
Cross Asset Tier	-$0.0027	-$0.0027	0.015% ADV0.015% ADV1.Member has a Primary Peg ADV ≥ 300,000; and Member has an ADAV ≥ 0.015% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY; and Member has an ADV in Customer orders on BZX Options ≥ 0.05% of the average OCV2.Member must be enrolled in all securities for which it meets the following criteria: (i) Member has an NBBO Time ≥ 25% in an average of at least 750 securities per trading day during the month; and (ii) Member has a Displayed Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV < 0.03%.3.MPID must be enrolled in all securities for which it meets the following criteria: MPID has an MPID NBBO Time ≥ 25% in an average of at least 750 securities per trading day during the month.
Tier 5	-$0.0029	-$0.0029	0.35% ADV0.35% ADVMember has an ADAV as a percentage of TCV ≥ 0.35% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.35%
Tier 6	-$0.0030	-$0.0030	0.6% ADV0.6% ADVMember has an ADAV as a percentage of TCV ≥ 0.60% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.60%
Tier 7	-$0.0031	-$0.0031	1% ADV1% ADVMember has an ADAV as a percentage of TCV ≥ 1.00% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 1.00%
Step-Up Tier 1*	-$0.0028	-$0.0028	0.16% ADV0.16% ADV1.Member has a Step-Up Displayed Add TCV from September 2025 ≥ 0.11%; and Member has an Ex-Subdollar Displayed ADAV as a percentage of Ex-Subdollar TCV ≥ 0.16%2.Member has an ADAV as a percentage of TCV ≥ 0.25% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.25%3.Member is enrolled in at least 50 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (i) Member has an NBBO Time ≥ 15% or an NBBO Size ≥ 25%; and (ii) Member has a Displayed Size Time ≥ 90%; and Member is enrolled in at least 30 LMM Securities; and Member has an ADAV as a percentage of TCV ≥ 0.15%.
Step-Up Tier 2★	-$0.0032	-$0.0032	0.5% ADV0.5% ADV1.MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and MPID has an ADV ≥ 0.50% of the TCV2.Member has an ADAV as a percentage of TCV ≥ 0.40%; and Member has a Tape C ADV ≥ 0.50% of the Tape C TCV; and Member has an ADAV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY3.Member has an ADAV as a percentage of TCV ≥ 0.42%; and Member has a Tape B ADV ≥ 1.50% of the Tape B TCV; and Member has a Remove ADV ≥ 0.20% of the TCV
Single MPID Tier 1★	-$0.0033	-$0.0033	0.05% ADV0.05% ADV1.MPID has an ADAV as a percentage of TCV ≥ 0.45%; or MPID has an ADAV ≥ 55,000,000; and MPID has an ADAV ≥ 0.05% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY2.MPID removes an ADV ≥ 0.60% of the TCV; and MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY

B

Tier	Tape B	Threshold
BaseB	-$0.0016	—Displayed order, adds liquidity to BZX (Tape B)
Tier 3	-$0.0020	0.06% ADV0.06% ADVMember has an ADAV as a percentage of TCV ≥ 0.06% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.06%
Tier 4	-$0.0023	0.2% ADV0.2% ADVMember has an ADAV as a percentage of TCV ≥ 0.20% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.20%
Cross Asset Tier	-$0.0027	0.015% ADV0.015% ADV1.Member has a Primary Peg ADV ≥ 300,000; and Member has an ADAV ≥ 0.015% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY; and Member has an ADV in Customer orders on BZX Options ≥ 0.05% of the average OCV2.Member must be enrolled in all securities for which it meets the following criteria: (i) Member has an NBBO Time ≥ 25% in an average of at least 750 securities per trading day during the month; and (ii) Member has a Displayed Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV < 0.03%.3.MPID must be enrolled in all securities for which it meets the following criteria: MPID has an MPID NBBO Time ≥ 25% in an average of at least 750 securities per trading day during the month.
Tier 7	-$0.0029	0.35% ADV0.35% ADVMember has an ADAV as a percentage of TCV ≥ 0.35% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.35%
Tier 8	-$0.0030	0.6% ADV0.6% ADVMember has an ADAV as a percentage of TCV ≥ 0.60% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.60%
Tier 9	-$0.0031	1% ADV1% ADVMember has an ADAV as a percentage of TCV ≥ 1.00% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 1.00%
LMP Tier 1	-$0.0001	—Member is enrolled in at least 50 BZX-listed LMP Securities, for which it meets the following criteria for at least 50% of the trading days in the applicable month: Member has a NBBO Time ≥ 15%; and Member has a Displayed Size Time ≥ 90% LMP Tier 2 ($0.0002) (i) Member is enrolled in at least 100 BZX-listed LMP for which it meets the following criteria for at least 50% of the trading days in the applicable month: Member has a NBBO Time ≥ 15%; and Member has a Displayed Size Time ≥ 90%; and (ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV
LMP Tier 2★	-$0.0002	—(i) Member is enrolled in at least 100 BZX-listed LMP for which it meets the following criteria for at least 50% of the trading days in the applicable month: Member has a NBBO Time ≥ 15%; and Member has a Displayed Size Time ≥ 90%; and (ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV
Step-Up Tier 1*	-$0.0028	0.16% ADV0.16% ADV1.Member has a Step-Up Displayed Add TCV from September 2025 ≥ 0.11%; and Member has an Ex-Subdollar Displayed ADAV as a percentage of Ex-Subdollar TCV ≥ 0.16%2.Member has an ADAV as a percentage of TCV ≥ 0.25% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.25%3.Member is enrolled in at least 50 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (i) Member has an NBBO Time ≥ 15% or an NBBO Size ≥ 25%; and (ii) Member has a Displayed Size Time ≥ 90%; and Member is enrolled in at least 30 LMM Securities; and Member has an ADAV as a percentage of TCV ≥ 0.15%.
Single MPID Tier 1★	-$0.0032	0.05% ADV0.05% ADV1.MPID has an ADAV as a percentage of TCV ≥ 0.45%; or MPID has an ADAV ≥ 55,000,000; and MPID has an ADAV ≥ 0.05% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY2.MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and MPID has an ADV ≥ 0.50% of the TCV3.MPID removes an ADV ≥ 0.60% of the TCV; and MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY4.Member has an ADAV as a percentage of TCV ≥ 0.40%; and Member has a Tape C ADV ≥ 0.50% of the Tape C TCV; and Member has an ADAV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY5.Member has an ADAV as a percentage of TCV ≥ 0.42%; and Member has a Tape B ADV ≥ 1.50% of the Tape B TCV; and Member has a Remove ADV ≥ 0.20% of the TCV

Add Non-DisplayedHB, HV, HYNon-Displayedmaker

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HVHBHY

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0008	-$0.0008	-$0.0008	—Non-displayed order, adds liquidity (Tape A)
Non-Displayed Add Volume Tier 1	-$0.0018	-$0.0018	-$0.0018	0.06% ADV0.06% ADVMember adds an ADV ≥ 0.06% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Non-Displayed Add Volume Tier 2	-$0.0020	-$0.0020	-$0.0020	0.1% ADV0.1% ADVMember adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADVMember adds an ADV ≥ 0.15% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Non-Displayed Add Volume Tier 4★	-$0.0027	-$0.0027	-$0.0027	0.2% ADV0.2% ADVMember adds an ADV ≥ 0.20% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY

Add Non-Displayed (Price Improvement)HINon-Displayedmaker

Add Non-Displayed (Price Improvement)

Show pricing tiers

HI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—Non-displayed order that receives price improvement, adds liquidity
Non-Displayed Add Volume Tier 1	-$0.0018	-$0.0018	-$0.0018	0.06% ADV0.06% ADVMember adds an ADV ≥ 0.06% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Non-Displayed Add Volume Tier 2	-$0.0020	-$0.0020	-$0.0020	0.1% ADV0.1% ADVMember adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADVMember adds an ADV ≥ 0.15% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Non-Displayed Add Volume Tier 4★	-$0.0027	-$0.0027	-$0.0027	0.2% ADV0.2% ADVMember adds an ADV ≥ 0.20% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY

CBOE EDGX

Add DisplayedB, V, YDisplayedmaker

Add Displayed

Show pricing tiers

VBY

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0016	-$0.0016	-$0.0016	—Adds liquidity to EDGX (Tape A)
Tier 2	-$0.0020	-$0.0020	-$0.0020	0.15% ADV0.15% ADVMember has an ADAV (excluding fee codes ZA and ZO) ≥ 0.15% of the TCV or Member has an Ex-Subdollar ADAV (excluding fee codes ZA and ZO) as a percentage of Ex-Subdollar TCV ≥ 0.15%.
Market Quality Tier 1	-$0.0025	-$0.0025	-$0.0025	0.5% ADV0.5% ADV1.Member adds or removes an ADV ≥ 0.50% of the TCV; and Member has a retail remove ADV (yielding fee codes ZM or ZR) ≥ 800,000; and Member has non-retail remove ADV (excluding fee codes ZM and ZR) ≥ 0.08% of the TCV.2.Member has an ADAV (excluding fee codes ZA and ZO) ≥ 0.18% of the TCV or Member has an Ex-Subdollar ADAV (excluding fee codes ZA and ZO) as a percentage of Ex-Subdollar TCV ≥ 0.18%.
Tier 4	-$0.0027	-$0.0027	-$0.0027	0.25% ADV0.25% ADV1.Member has an ADAV (excluding fee codes ZA and ZO) ≥ 0.25% of the TCV or Member has an Ex-Subdollar ADAV (excluding fee codes ZA and ZO) as a percentage of Ex-Subdollar TCV ≥ 0.25%2.Member has a total remove ADV ≥ 0.40% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.40%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.
Market Quality Tier 2	-$0.0028	-$0.0028	-$0.0028	0.25% ADV0.25% ADVMember adds an ADV ≥ 0.25% of the TCV; and Member adds an ADV ≥ 0.12% of the TCV as Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP.
Tier 6	-$0.0029	-$0.0029	-$0.0029	0.65% ADV0.65% ADV1.Member has an ADAV (excluding fee codes ZA and ZO) ≥ 0.65% of the TCV or Member has an Ex-Subdollar ADAV (excluding fee codes ZA and ZO) as a percentage of Ex-Subdollar TCV ≥ 0.65%.2.Members adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.45% of the TCV.3.Member has a Tape B & C ADAV ≥ 6,000,000; and Member has an Add ADV in SPY on EDGX Options ≥ 0.70% of average OCV.
Market Quality Tier 3	-$0.0030	-$0.0030	-$0.0030	0.3% ADV0.3% ADVMember adds an ADV (excluding fee codes ZA and ZO) ≥ 0.30% of the TCV; and Member adds an ADV ≥ 0.11% of the TCV as Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP; and Member adds a Tape B ADV ≥ 0.40% of the Tape B TCV.
Tier 8	-$0.0031	-$0.0031	-$0.0031	—MPID adds an ADV (excluding fee codes ZA and ZO) ≥ 20,000,000; and MPID has a QDP ADV (i.e., yielding fee codes DQ and DX) ≥ 3,500,000.
Tier 9	-$0.0033	-$0.0033	-$0.0033	—MPID adds an ADV (excluding fee codes ZA and ZO) ≥ 27,500,000; and MPID has a QDP ADV (i.e., yielding fee codes DQ and DX) ≥ 3,500,000.
Tier 10★	-$0.0034	-$0.0034	-$0.0034	0.8% ADV0.8% ADVMember has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 0.80% of the TCV or Member has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 80,000,000; and Member has a total remove ADV ≥ 0.80% of the TCV or Member has a total remove ADV ≥ 80,000,000.

Add Non-DisplayedHANon-Displayedmaker

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HA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0008	-$0.0008	-$0.0008	—Non-displayed order, adds liquidity
Non-Displayed Add Volume Tier 1	-$0.0015	-$0.0015	-$0.0015	0.07% ADV0.07% ADVMember has an ADAV ≥ 0.07% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 2	-$0.0022	-$0.0022	-$0.0022	0.1% ADV0.1% ADVMember has an ADAV ≥ 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADV1.Member has an ADAV ≥ 0.15% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.
Non-Displayed Add Volume Tier 5★	-$0.0026	-$0.0026	-$0.0026	0.8% ADV0.8% ADVMember has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 0.80% of the TCV or Member has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 80,000,000; and Member has a total remove ADV ≥ 0.80% of the TCV or Member has a total remove ADV ≥ 80,000,000.

Add Non-Displayed (Midpoint Discretionary)DMMidpointmaker

Add Non-Displayed (Midpoint Discretionary)

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DM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0008	-$0.0008	-$0.0008	—Adds liquidity using MidPoint Discretionary order within discretionary range
Non-Displayed Add Volume Tier 1	-$0.0015	-$0.0015	-$0.0015	0.07% ADV0.07% ADVMember has an ADAV ≥ 0.07% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 2	-$0.0022	-$0.0022	-$0.0022	0.1% ADV0.1% ADVMember has an ADAV ≥ 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADV1.Member has an ADAV ≥ 0.15% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.
Non-Displayed Add Volume Tier 5★	-$0.0026	-$0.0026	-$0.0026	0.8% ADV0.8% ADVMember has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 0.80% of the TCV or Member has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 80,000,000; and Member has a total remove ADV ≥ 0.80% of the TCV or Member has a total remove ADV ≥ 80,000,000.

Add Non-Displayed (Midpoint Peg)MMMidpointmaker

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MM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0008	-$0.0008	-$0.0008	—Non-displayed order, adds liquidity using Mid-Point Peg
Non-Displayed Add Volume Tier 1	-$0.0015	-$0.0015	-$0.0015	0.07% ADV0.07% ADVMember has an ADAV ≥ 0.07% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 2	-$0.0022	-$0.0022	-$0.0022	0.1% ADV0.1% ADVMember has an ADAV ≥ 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADV1.Member has an ADAV ≥ 0.15% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.
Non-Displayed Add Volume Tier 5★	-$0.0026	-$0.0026	-$0.0026	0.8% ADV0.8% ADVMember has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 0.80% of the TCV or Member has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 80,000,000; and Member has a total remove ADV ≥ 0.80% of the TCV or Member has a total remove ADV ≥ 80,000,000.

Add Non-Displayed (Price Improvement)HINon-Displayedmaker

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HI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—Non-displayed order that receives price improvement, adds liquidity
Non-Displayed Add Volume Tier 1	-$0.0015	-$0.0015	-$0.0015	0.07% ADV0.07% ADVMember has an ADAV ≥ 0.07% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 2	-$0.0022	-$0.0022	-$0.0022	0.1% ADV0.1% ADVMember has an ADAV ≥ 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADV1.Member has an ADAV ≥ 0.15% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.
Non-Displayed Add Volume Tier 5★	-$0.0026	-$0.0026	-$0.0026	0.8% ADV0.8% ADVMember has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 0.80% of the TCV or Member has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 80,000,000; and Member has a total remove ADV ≥ 0.80% of the TCV or Member has a total remove ADV ≥ 80,000,000.

Add Supplemental PegRPSupplementalmaker

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RP

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0008	-$0.0008	-$0.0008	—Non-displayed order, adds liquidity using Supplemental Peg
Non-Displayed Add Volume Tier 1	-$0.0015	-$0.0015	-$0.0015	0.07% ADV0.07% ADVMember has an ADAV ≥ 0.07% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 2	-$0.0022	-$0.0022	-$0.0022	0.1% ADV0.1% ADVMember has an ADAV ≥ 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
Non-Displayed Add Volume Tier 3	-$0.0025	-$0.0025	-$0.0025	0.15% ADV0.15% ADV1.Member has an ADAV ≥ 0.15% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.
Non-Displayed Add Volume Tier 5★	-$0.0026	-$0.0026	-$0.0026	0.8% ADV0.8% ADVMember has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 0.80% of the TCV or Member has a total retail ADV (yielding fee codes ZA, ZO, ZM, & ZR) ≥ 80,000,000; and Member has a total remove ADV ≥ 0.80% of the TCV or Member has a total remove ADV ≥ 80,000,000.

Retail Add DisplayedZARetailmaker

Retail Add Displayed

Show pricing tiers

ZA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0032	-$0.0032	-$0.0032	—Retail Order, adds liquidity
Retail Membership Program Volume Tier 1	-$0.0033	-$0.0033	-$0.0033	0.1% ADV0.1% ADVMember adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.10% of the TCV.
Retail Volume Tier 1★	-$0.0034	-$0.0034	-$0.0034	0.25% ADV0.25% ADV1.Member adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.25% of the TCV; and Member has an ADAV (i.e., yielding fee codes B, V, Y) ≥ 5,000,000.2.Member adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.20% of the TCV.
Retail Volume Tier 2★	-$0.0037	-$0.0037	-$0.0037	0.4% ADV0.4% ADV1.Member adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.40% of the TCV.2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.

Retail Add Displayed (Pre/Post Market)ZORetailmaker

Retail Add Displayed (Pre/Post Market)

Show pricing tiers

ZO

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0032	-$0.0032	-$0.0032	—Retail order, adds liquidity, pre and post market
Retail Membership Program Volume Tier 1	-$0.0033	-$0.0033	-$0.0033	0.1% ADV0.1% ADVMember adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.10% of the TCV.
Retail Volume Tier 1★	-$0.0034	-$0.0034	-$0.0034	0.25% ADV0.25% ADV1.Member adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.25% of the TCV; and Member has an ADAV (i.e., yielding fee codes B, V, Y) ≥ 5,000,000.2.Member adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.20% of the TCV.
Retail Volume Tier 2★	-$0.0037	-$0.0037	-$0.0037	0.4% ADV0.4% ADV1.Member adds a Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.40% of the TCV.2.Member has a total remove ADV ≥ 0.37% of the TCV or Member has a total remove Ex-Subdollar ADV as a percentage of Ex-Subdollar TCV ≥ 0.37%; and Member has a Hidden, Primary Peg ADV ≥ 1,000,000; and Member has a Hidden Midpoint ADV (i.e., yielding fee codes DM or MM) ≥ 5,000,000.

Remove DisplayedBB, N, WRemovetaker

Remove Displayed

Show pricing tiers

WBBN

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—Removes liquidity from EDGX (Tape A)
Remove Volume Tier 1★	$0.00285	$0.00285	$0.00285	0.45% ADV0.45% ADV1.Member adds Retail Order ADV (i.e., yielding fee codes ZA or ZO) ≥ 0.45% of the TCV.2.Member has an ADAV ≥ 0.30% of the TCV or Member has an ADAV ≥ 35,000,000; and Member has a total remove ADV ≥ 0.40% of the TCV or Member has a total remove ADV ≥ 40,000,000; and Member adds Retail Pre Market Order ADV (i.e., yielding fee code ZO) ≥ 1,500,000

IEX

Add DisplayedML, MLBDisplayedmaker

Add Displayed

Show pricing tiers

MLMLB

Tier	All Tapes	Tape B	Threshold
BaseB	$0.0000	$0.0000	—Member add less than 3,000,000 ADV of displayed liquidity
Tier 1	-$0.0010	-$0.0010	5,000,000 non-disp shr/day5,000,000 non-disp shr/dayMember traded at least 5,000,000 non-displayed ADV and less than 10,000,000 non-displayed ADV
Tier 2	-$0.0014	-$0.0014	3,000,000 disp shr/day3,000,000 disp shr/dayMember: (1) added at least 3,000,000 ADV of displayed liquidity and less than 10,000,000 ADV of displayed liquidity; or (2) traded at least 10,000,000 non-displayed ADV; or (3) has an NBBO Time of at least 50% in at least 250 ETPs
Tier 4	-$0.0016	-$0.0016	10,000,000 disp shr/day10,000,000 disp shr/dayMember: (1) added at least 10,000,000 ADV of displayed liquidity and less than 15,000,000 ADV of displayed liquidity; or (2) had an NBBO Time of at least 50% in at least 750 ETPs
Tier 5	-$0.0018	-$0.0018	15,000,000 disp shr/day15,000,000 disp shr/dayMember: (1) added at least 15,000,000 ADV of displayed liquidity and less than 20,000,000 ADV of displayed liquidity; or (2) traded at least 15,000,000 non-displayed ADV
Tier 6	-$0.0020	-$0.0020	20,000,000 disp shr/day20,000,000 disp shr/dayMember: (1) added at least 20,000,000 ADV of displayed liquidity and less than 30,000,000 ADV of displayed liquidity; or (2) traded at least 20,000,000 non-displayed ADV
Tier 7	-$0.0022	-$0.0022	30,000,000 disp shr/day30,000,000 disp shr/dayMember: (1) added at least 30,000,000 ADV of displayed liquidity; or (2) added at least 25,000,000 ADV of displayed liquidity and traded at least 30,000,000 non-displayed ADV)
Tier 8★	-$0.0023	-$0.0023	40,000,000 disp shr/day40,000,000 disp shr/dayMember added at least 40,000,000 ADV of displayed liquidity

Remove DisplayedTL, TLBRemovetaker

Remove Displayed

Show pricing tiers

TLTLB

Tier	All Tapes	Tape B	Threshold
BaseB	$0.0030	$0.0030	—Member added less than 25,000 ADV of displayed liquidity
Tier 1★	$0.0024	$0.0024	25,000 disp shr/day25,000 disp shr/dayMember added at least 25,000 ADV of displayed liquidity

MEMX

Add DisplayedB, D, I, JDisplayedmaker

Add Displayed

Show pricing tiers

II1I2I3I4I5JJ1J2J3J4J5BB1B2B3B4B5DD1D2D3D4D5

Tier	All Tapes	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0015	-$0.0015	-$0.0015	-$0.0015	—1.≥$1.00: $0.0015/share rebate; <$1.00: -0.15% of dollar value2.Securities priced below $1.00; 0.15% of dollar value
Tier 1	-$0.0024	-$0.0024	-$0.0024	-$0.0024	0.06% CADV0.06% CADVMember has an ADAV ≥ 0.06% of the TCV; ≥$1.00: $0.0024/share rebate; <$1.00: -0.15% of dollar value
Tier 2	-$0.0028	-$0.0028	-$0.0028	-$0.0028	0.1% CADV0.1% CADVMember has an ADAV ≥ 0.10% of the TCV; ≥$1.00: $0.0028/share rebate; <$1.00: -0.15% of dollar value
Tier 3	-$0.0029	-$0.0029	-$0.0029	-$0.0029	0.2% CADV0.2% CADV(1) Member has an ADAV ≥ 0.20% of the TCV in securities priced at or above $1.00 per share; or (2) Member has an ADAV ≥ 0.175% of the TCV; ≥$1.00: $0.0029/share rebate; <$1.00: -0.15% of dollar value
Tier 4	-$0.0031	-$0.0031	-$0.0031	-$0.0031	6,000,000 non-disp shr/day6,000,000 non-disp shr/day(1) Member has an ADAV ≥ 0.20% of the TCV and an ADV ≥ 0.50% of the TCV; or (2) Member has an ADAV ≥ 0.20% of the TCV in securities priced at or above $1.00 per share and a Non-Displayed ADAV ≥ 6,000,000 shares; or (3) Member has an ADAV ≥ 0.10% of the TCV and a Step-Up Add TCV from December 2025 ≥ 0.05%*; ≥$1.00: $0.0031/share rebate; <$1.00: -0.15% of dollar value
Tier 5★	-$0.0033	-$0.0033	-$0.0033	-$0.0033	0.4% CADV0.4% CADV(1) Member has an ADAV (excluding Retail Orders) ≥ 0.40% of the TCV; ≥$1.00: $0.0033/share rebate; <$1.00: -0.15% of dollar value

Add Non-Displayed (Midpoint)H, MMidpointmaker

Add Non-Displayed (Midpoint)

Show pricing tiers

MM1HH1

Tier	Rate	Threshold
BaseB	-$0.0025	—≥$1.00: $0.0025/share rebate; <$1.00: -0.15% of dollar value
Tier 2★	-$0.0028	6,000,000 non-disp shr/day6,000,000 non-disp shr/dayMember has a Non-Displayed ADAV ≥ 6,000,000 shares; ≥$1.00: $0.0028/share rebate; <$1.00: -0.15% of dollar value

Cross-Asset Add DisplayedBO, DO, IO, JODisplayedmaker

Show pricing tiers

IO1JO1BO1DO1base: IO

Tier	All Tapes	Tape A	Tape B	Tape C	Threshold
BaseB★	-$0.0026	-$0.0026	-$0.0026	-$0.0026	2000020000Member has an Options ADAV in the Customer/Professional capacity* ≥ 20,000 contracts on MEMX Options; ≥$1.00: $0.0026/share rebate; <$1.00: -0.15% of dollar value

Display-Price SlidingPDisplayedmaker

Display-Price Sliding

Show pricing tiers

PP1

Tier	Rate	Threshold
BaseB	-$0.0025	—≥$1.00: $0.0025/share rebate; <$1.00: -0.15% of dollar value
Tier 2★	-$0.0028	6,000,000 non-disp shr/day6,000,000 non-disp shr/dayMember has a Non-Displayed ADAV ≥ 6,000,000 shares; ≥$1.00: $0.0028/share rebate; <$1.00: -0.15% of dollar value

DLI Add DisplayedBq, Dq, Iq, JqDisplayedmaker

DLI Add Displayed

Show pricing tiers

Iq1Iq2Jq1Jq2Bq1Bq2Dq1Dq2base: Iq

Tier	All Tapes	Tape A	Tape B	Tape C	Threshold
Tier 1★	-$0.0026	-$0.0026	-$0.0026	-$0.0026	2525Member has an NBBO Time of at least 25% in an average of at least 500 securities per trading day during the month; ≥$1.00: $0.0026/share rebate; <$1.00: -0.15% of dollar value
Tier 2★	-$0.0032	-$0.0032	-$0.0032	-$0.0032	5050Member has an NBBO Time of at least 50% in an average of at least 1,000 securities per trading day during the month; ≥$1.00: $0.0032/share rebate; <$1.00: -0.15% of dollar value

Retail Add DisplayedBr, Dr, JrRetailmaker

Retail Add Displayed

Show pricing tiers

JrJr1BrBr1DrDr1

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0034	-$0.0034	-$0.0034	—≥$1.00: $0.0034/share rebate; <$1.00: -0.15% of dollar value
Tier 2★	-$0.0037	-$0.0037	-$0.0037	10000001000000(1) Member has a Retail Order ADAV ≥ 0.20% of the TCV; or (2) Member has a Retail Order ADAV ≥ 1,000,000 shares in the Pre-Market Session and/or Post-Market Session; ≥$1.00: $0.0037/share rebate; <$1.00: -0.15% of dollar value

Remove DisplayedRa, Rb, RcRemovetaker

Remove Displayed

Show pricing tiers

RaRa1

Tier	Tape A	Threshold
BaseB	$0.0030	—≥$1.00: $0.0030/share fee; <$1.00: 0.28% of dollar value
Tier 1★	$0.0029	10,000,000 disp shr/day10,000,000 disp shr/dayMember has a Tape A ADAV ≥ 10,000,000 shares; ≥$1.00: $0.0029/share fee; <$1.00: 0.28% of dollar value

RbRc

Tier	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	—≥$1.00: $0.0030/share fee; <$1.00: 0.28% of dollar value

MIAX Pearl

Add DisplayedAA, AB, AC, EA, EB, EC, FA, FB, FCDisplayedmaker

Add Displayed

Show pricing tiers

FAEAAAFBABEBECFCAC

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0016	-$0.0016	-$0.0016	—1.Adds displayed liquidity; Sub-$1.00: 0.15% of dollar value; Eligible for NBBO Setter Plus and Market Quoting Program2.NBBO Setter Plus Tier 1, : ADAV ≥0.0% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level A — Base, no NBBO quoting requirement; Sub-$1.00: 0.15% of dollar value
Tier 1	-$0.00245	-$0.00245	-$0.00245	0.15% CADV0.15% CADVNBBO Setter Plus Tier 2, : ADAV ≥0.15% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level A — Base, no NBBO quoting requirement; Sub-$1.00: 0.15% of dollar value
Tier 2	-$0.00265	-$0.00265	-$0.00265	0.18% CADV0.18% CADVNBBO Setter Plus Tier 3, : ADAV ≥0.18% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level A — Base, no NBBO quoting requirement; Sub-$1.00: 0.15% of dollar value
Tier 3	-$0.00285	-$0.00285	-$0.00285	0.25% CADV0.25% CADVNBBO Setter Plus Tier 4, : ADAV ≥0.25% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level A — Base, no NBBO quoting requirement; Sub-$1.00: 0.15% of dollar value
Tier 4	-$0.0031	-$0.0031	-$0.0031	0.6% CADV0.6% CADVNBBO Setter Plus Tier 5, : ADAV ≥0.6% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level A — Base, no NBBO quoting requirement; Sub-$1.00: 0.15% of dollar value
Tier 5	-$0.00325	-$0.00325	-$0.00325	1% CADV1% CADVNBBO Setter Plus Tier 6, : ADAV ≥1.0% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level A — Base, no NBBO quoting requirement; Sub-$1.00: 0.15% of dollar value

Level B

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.00165	-$0.00165	-$0.00165	—NBBO Setter Plus Tier 1, Level B: ADAV ≥0.0% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level B — NBBO quoting time >25% and <50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 1	-$0.0025	-$0.0025	-$0.0025	0.15% CADV0.15% CADVNBBO Setter Plus Tier 2, Level B: ADAV ≥0.15% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level B — NBBO quoting time >25% and <50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 2	-$0.0027	-$0.0027	-$0.0027	0.18% CADV0.18% CADVNBBO Setter Plus Tier 3, Level B: ADAV ≥0.18% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level B — NBBO quoting time >25% and <50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 3	-$0.0029	-$0.0029	-$0.0029	0.25% CADV0.25% CADVNBBO Setter Plus Tier 4, Level B: ADAV ≥0.25% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level B — NBBO quoting time >25% and <50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 4	-$0.00315	-$0.00315	-$0.00315	0.6% CADV0.6% CADVNBBO Setter Plus Tier 5, Level B: ADAV ≥0.6% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level B — NBBO quoting time >25% and <50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 5	-$0.0033	-$0.0033	-$0.0033	1% CADV1% CADVNBBO Setter Plus Tier 6, Level B: ADAV ≥1.0% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level B — NBBO quoting time >25% and <50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value

Level C

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0017	-$0.0017	-$0.0017	—NBBO Setter Plus Tier 1, Level C: ADAV ≥0.0% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level C — NBBO quoting time >50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 1	-$0.00255	-$0.00255	-$0.00255	0.15% CADV0.15% CADVNBBO Setter Plus Tier 2, Level C: ADAV ≥0.15% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level C — NBBO quoting time >50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 2	-$0.00275	-$0.00275	-$0.00275	0.18% CADV0.18% CADVNBBO Setter Plus Tier 3, Level C: ADAV ≥0.18% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level C — NBBO quoting time >50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 3	-$0.00295	-$0.00295	-$0.00295	0.25% CADV0.25% CADVNBBO Setter Plus Tier 4, Level C: ADAV ≥0.25% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level C — NBBO quoting time >50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 4	-$0.00325	-$0.00325	-$0.00325	0.6% CADV0.6% CADVNBBO Setter Plus Tier 5, Level C: ADAV ≥0.6% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level C — NBBO quoting time >50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value
Tier 5★	-$0.00335	-$0.00335	-$0.00335	1% CADV1% CADVNBBO Setter Plus Tier 6, Level C: ADAV ≥1.0% of TCV (Method 1); Methods 2–4 also qualify (see fee schedule notes); Level C — NBBO quoting time >50% in ≥200 MQ Securities; Sub-$1.00: 0.15% of dollar value

Add Midpoint PegAp, Ep, FpMidpointmaker

Add Midpoint Peg

Show pricing tiers

Ap

Tier	Rate	Threshold
BaseB	-$0.0020	—Non-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value
Tier 1	-$0.0025	500,000 non-disp shr/day500,000 non-disp shr/dayNon-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value
Tier 2	-$0.0027	1,000,000 non-disp shr/day1,000,000 non-disp shr/dayNon-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value
Tier 3★	-$0.0029	1,500,000 non-disp shr/day1,500,000 non-disp shr/dayNon-displayed midpoint peg order, Regular Trading Session; volume tiers based on Midpoint ADAV; Sub-$1.00: 0.15% of dollar value

FpEp

Tier	Rate	Threshold
BaseB	-$0.0020	—Adds liquidity at midpoint, non-displayed midpoint peg order; Sub-$1.00: 0.15% of dollar value

NYSE

Add D-OrderADRDisplayedmaker

Add D-Order

Show pricing tiers

ADR

Tier	Tape B	Tape C	Threshold
BaseB	-$0.0005	-$0.0005	0.08% ADV0.08% ADV0.08% Step Up in Non Display and MPL Add
Non Display Tier 1	-$0.0010	-$0.0010	0.0015% CADV0.0015% CADV1.≥0.0015% CADV; Or 500 DMM Symb2.0.04% Step Up in Non Display and MPL Add
Non Display Step Up Tier 3	-$0.0015	-$0.0015	0.02% ADV0.02% ADV0.02% Step Up in Non Display and MPL Add
Non Display Tier 2	-$0.0018	-$0.0018	0.0012% CADV0.0012% CADV≥0.0012% CADV

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	$0.0000	$0.0000	—

Add DisplayedADisplayedmaker

Add Displayed

Show pricing tiers

A

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0020	-$0.0020	—
Add Credit SLP T1 <10% and Reg. Provide	-$0.00005	—	—	—
Add Tier 2	—	-$0.0023	-$0.0023	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1 - Tape B	—	-$0.0026	—	0.001% Tape B CADV0.001% Tape B CADV≥0.001% Tape B CADV
Add Tier 6	-$0.0015	—	—	0.0022% CADV0.0022% CADV≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	—	-$0.0029	—1.≥0.001% Tape C CADV2.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Add Tier 5	-$0.0017	—	—	0.0029% CADV0.0029% CADV≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	-$0.0029	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Tape C Add Tier	—	—	-$0.0031	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV
Add Tier 4	-$0.0018	—	—	0.004% CADV0.004% CADV≥0.004% CADV; 0.05% MOCLOC
SLP Add Tier 1	—	-$0.0031	—	—
SLP Add Tier 1 Add'l	—	—	-$0.0033	—
SLP Add Tier 1 Add'l	—	-$0.0033	—	—
Step Up Tier 1	-$0.0019	—	—	0.0045% CADV0.0045% CADV1.≥0.0045% CADV; 0.20% Step Up2.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)
Step Up Tier 1A	-$0.0020	—	—	0.0065% CADV0.0065% CADV1.≥0.0065% CADV; 0.60% Step Up2.≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A (all tapes)	-$0.0029	—	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Step Up Tier 2 B (all tapes)	-$0.0030	—	—	—
Step Up Tier 2 C (all tapes)	-$0.0031	—	—	—

DMM

Tier	Tape A	Threshold
BaseB	-$0.0015	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	-$0.0026	-$0.0026	—
Floor Broker Incremental Rebate Incentive Tier	-$0.0002	—	—	—
Add Tier 2	-$0.0020	—	—	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Floor Provide Tier 2	-$0.0021	—	—	—
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A	-$0.0029	—	—	—
Step Up Tier 2 B	-$0.0030	—	—	—
Step Up Tier 2 C	-$0.0031	—	—	—

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0026	-$0.0026	—
SLP BC Kicker - SLP T1, T4	-$0.00005	—	—	—
SLP Tier 6	-$0.0023	—	—	—
SLP Tier 5	-$0.0026	—	—	—
SLP Tier 4	-$0.0029	—	—	—
SLP Tier 3	-$0.00305	—	—	—
SLP Tier 2	-$0.0031	—	—	—
SLP Tier 1	-$0.0032	—	—	—

Add Displayed - Join NBBOAJPDisplayedmaker

Add Displayed - Join NBBO

Show pricing tiers

AJP

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0020	-$0.0020	—
Add Credit SLP T1 <10% and Reg. Provide	-$0.00005	—	—	—
Add Tier 2	—	-$0.0023	-$0.0023	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1 - Tape B	—	-$0.0026	—	0.001% Tape B CADV0.001% Tape B CADV≥0.001% Tape B CADV
Add Tier 6	-$0.0015	—	—	0.0022% CADV0.0022% CADV≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	—	-$0.0029	—1.≥0.001% Tape C CADV2.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Add Tier 5	-$0.0017	—	—	0.0029% CADV0.0029% CADV≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	-$0.0029	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Tape C Add Tier	—	—	-$0.0031	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV
Add Tier 4	-$0.0018	—	—	0.004% CADV0.004% CADV≥0.004% CADV; 0.05% MOCLOC
SLP Add Tier 1	—	-$0.0031	—	—
SLP Add Tier 1 Add'l	—	—	-$0.0033	—
SLP Add Tier 1 Add'l	—	-$0.0033	—	—
Step Up Tier 1	-$0.0019	—	—	0.0045% CADV0.0045% CADV1.≥0.0045% CADV; 0.20% Step Up2.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)
Step Up Tier 1A	-$0.0020	—	—	0.0065% CADV0.0065% CADV1.≥0.0065% CADV; 0.60% Step Up2.≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A (all tapes)	-$0.0029	—	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Step Up Tier 2 B (all tapes)	-$0.0030	—	—	—
Step Up Tier 2 C (all tapes)	-$0.0031	—	—	—

DMM

Tier	Tape A	Threshold
BaseB	-$0.0015	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	-$0.0026	-$0.0026	—
Floor Broker Incremental Rebate Incentive Tier	-$0.0002	—	—	—
Add Tier 2	-$0.0020	—	—	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Floor Provide Tier 2	-$0.0021	—	—	—
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A	-$0.0029	—	—	—
Step Up Tier 2 B	-$0.0030	—	—	—
Step Up Tier 2 C	-$0.0031	—	—	—

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0026	-$0.0026	—
SLP BC Kicker - SLP T1, T4	-$0.00005	—	—	—
SLP Tier 6	-$0.0023	—	—	—
SLP Tier 5	-$0.0026	—	—	—
SLP Tier 4	-$0.0029	—	—	—
SLP Tier 3	-$0.00305	—	—	—
SLP Tier 2	-$0.0031	—	—	—
SLP Tier 1	-$0.0032	—	—	—

Add Displayed - NYSE OnlyABDisplayedmaker

Add Displayed - NYSE Only

Show pricing tiers

AB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0020	-$0.0020	—
Add Credit SLP T1 <10% and Reg. Provide	-$0.00005	—	—	—
Add Tier 2	—	-$0.0023	-$0.0023	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1 - Tape B	—	-$0.0026	—	0.001% Tape B CADV0.001% Tape B CADV≥0.001% Tape B CADV
Add Tier 6	-$0.0015	—	—	0.0022% CADV0.0022% CADV≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	—	-$0.0029	—1.≥0.001% Tape C CADV2.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Add Tier 5	-$0.0017	—	—	0.0029% CADV0.0029% CADV≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	-$0.0029	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Tape C Add Tier	—	—	-$0.0031	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV
Add Tier 4	-$0.0018	—	—	0.004% CADV0.004% CADV≥0.004% CADV; 0.05% MOCLOC
SLP Add Tier 1	—	-$0.0031	—	—
SLP Add Tier 1 Add'l	—	—	-$0.0033	—
SLP Add Tier 1 Add'l	—	-$0.0033	—	—
Step Up Tier 1	-$0.0019	—	—	0.0045% CADV0.0045% CADV1.≥0.0045% CADV; 0.20% Step Up2.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)
Step Up Tier 1A	-$0.0020	—	—	0.0065% CADV0.0065% CADV1.≥0.0065% CADV; 0.60% Step Up2.≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A (all tapes)	-$0.0029	—	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Step Up Tier 2 B (all tapes)	-$0.0030	—	—	—
Step Up Tier 2 C (all tapes)	-$0.0031	—	—	—

DMM

Tier	Tape A	Threshold
BaseB	-$0.0015	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	-$0.0026	-$0.0026	—
Floor Broker Incremental Rebate Incentive Tier	-$0.0002	—	—	—
Add Tier 2	-$0.0020	—	—	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Floor Provide Tier 2	-$0.0021	—	—	—
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A	-$0.0029	—	—	—
Step Up Tier 2 B	-$0.0030	—	—	—
Step Up Tier 2 C	-$0.0031	—	—	—

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0026	-$0.0026	—
SLP BC Kicker - SLP T1, T4	-$0.00005	—	—	—
SLP Tier 6	-$0.0023	—	—	—
SLP Tier 5	-$0.0026	—	—	—
SLP Tier 4	-$0.0029	—	—	—
SLP Tier 3	-$0.00305	—	—	—
SLP Tier 2	-$0.0031	—	—	—
SLP Tier 1	-$0.0032	—	—	—

Add Displayed - Set BBOASBDisplayedmaker

Add Displayed - Set BBO

Show pricing tiers

ASB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0020	-$0.0020	—
Add Credit SLP T1 <10% and Reg. Provide	-$0.00005	—	—	—
SLP Setter Tier 1	—	-$0.0006	-$0.0006	—
Add Tier 2	—	-$0.0023	-$0.0023	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Add Tier 6	-$0.0015	—	—	0.0022% CADV0.0022% CADV≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)
Add Tier 1 - Tape B	—	-$0.0026	—	0.001% Tape B CADV0.001% Tape B CADV≥0.001% Tape B CADV
Add Tier 5	-$0.0017	—	—	0.0029% CADV0.0029% CADV≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	—	-$0.0029	—1.≥0.001% Tape C CADV2.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Add Tier 4	-$0.0018	—	—	0.004% CADV0.004% CADV≥0.004% CADV; 0.05% MOCLOC
Tape A Step Up Tier 5B	—	-$0.0029	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Tape C Add Tier	—	—	-$0.0031	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV
SLP Add Tier 1	—	-$0.0031	—	—
SLP Add Tier 1 Add'l	—	—	-$0.0033	—
Step Up Tier 1	-$0.0019	—	—	0.0045% CADV0.0045% CADV1.≥0.0045% CADV; 0.20% Step Up2.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)
SLP Add Tier 1 Add'l	—	-$0.0033	—	—
Step Up Tier 1A	-$0.0020	—	—	0.0065% CADV0.0065% CADV1.≥0.0065% CADV; 0.60% Step Up2.≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A (all tapes)	-$0.0029	—	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Step Up Tier 2 B (all tapes)	-$0.0030	—	—	—
Step Up Tier 2 C (all tapes)	-$0.0031	—	—	—

DMM

Tier	Tape A	Threshold
BaseB	-$0.0015	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	-$0.0026	-$0.0026	—
Floor Broker Incremental Rebate Incentive Tier	-$0.0002	—	—	—
Add Tier 2	-$0.0020	—	—	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Floor Provide Tier 2	-$0.0021	—	—	—
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A	-$0.0029	—	—	—
Step Up Tier 2 B	-$0.0030	—	—	—
Step Up Tier 2 C	-$0.0031	—	—	—

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0026	-$0.0026	—
SLP BC Kicker - SLP T1, T4	-$0.00005	—	—	—
SLP Setter Tier 2	-$0.0007	—	—	—
SLP Setter Tier 1	-$0.0008	—	—	—
SLP Tier 6	-$0.0023	—	—	—
SLP Tier 5	-$0.0026	—	—	—
SLP Tier 4	-$0.0029	—	—	—
SLP Tier 3	-$0.00305	—	—	—
SLP Tier 2	-$0.0031	—	—	—
SLP Tier 1	-$0.0032	—	—	—

Add Displayed - Set NBBOASPDisplayedmaker

Add Displayed - Set NBBO

Show pricing tiers

ASP

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0020	-$0.0020	—
Add Credit SLP T1 <10% and Reg. Provide	-$0.00005	—	—	—
SLP Setter Tier 1	—	-$0.0006	-$0.0006	—
Add Tier 2	—	-$0.0023	-$0.0023	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Add Tier 6	-$0.0015	—	—	0.0022% CADV0.0022% CADV≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)
Add Tier 1 - Tape B	—	-$0.0026	—	0.001% Tape B CADV0.001% Tape B CADV≥0.001% Tape B CADV
Add Tier 5	-$0.0017	—	—	0.0029% CADV0.0029% CADV≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)
Tape A Step Up Tier 5B	—	—	-$0.0029	—1.≥0.001% Tape C CADV2.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Add Tier 4	-$0.0018	—	—	0.004% CADV0.004% CADV≥0.004% CADV; 0.05% MOCLOC
Tape A Step Up Tier 5B	—	-$0.0029	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Tape C Add Tier	—	—	-$0.0031	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV
SLP Add Tier 1	—	-$0.0031	—	—
SLP Add Tier 1 Add'l	—	—	-$0.0033	—
Step Up Tier 1	-$0.0019	—	—	0.0045% CADV0.0045% CADV1.≥0.0045% CADV; 0.20% Step Up2.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)
SLP Add Tier 1 Add'l	—	-$0.0033	—	—
Step Up Tier 1A	-$0.0020	—	—	0.0065% CADV0.0065% CADV1.≥0.0065% CADV; 0.60% Step Up2.≥0.0075% CADV; 0.10% MOCLOC
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A (all tapes)	-$0.0029	—	—	—≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Step Up Tier 2 B (all tapes)	-$0.0030	—	—	—
Step Up Tier 2 C (all tapes)	-$0.0031	—	—	—

DMM

Tier	Tape A	Threshold
BaseB	-$0.0015	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	-$0.0026	-$0.0026	—
Floor Broker Incremental Rebate Incentive Tier	-$0.0002	—	—	—
Add Tier 2	-$0.0020	—	—	0.0075% CADV0.0075% CADV≥0.0075% CADV; 0.10% MOCLOC
Floor Provide Tier 2	-$0.0021	—	—	—
Add Tier 1	-$0.0022	—	—	0.012% CADV0.012% CADV≥0.012% CADV; 0.12% MOCLOC
Step Up Tier 2 A	-$0.0029	—	—	—
Step Up Tier 2 B	-$0.0030	—	—	—
Step Up Tier 2 C	-$0.0031	—	—	—

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0026	-$0.0026	—
SLP BC Kicker - SLP T1, T4	-$0.00005	—	—	—
SLP Setter Tier 2	-$0.0007	—	—	—
SLP Setter Tier 1	-$0.0008	—	—	—
SLP Tier 6	-$0.0023	—	—	—
SLP Tier 5	-$0.0026	—	—	—
SLP Tier 4	-$0.0029	—	—	—
SLP Tier 3	-$0.00305	—	—	—
SLP Tier 2	-$0.0031	—	—	—
SLP Tier 1	-$0.0032	—	—	—

Add MidpointAMLMidpointmaker

Add Midpoint

Show pricing tiers

AML

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—
MPL Tier 5	-$0.0020	-$0.0020	-$0.0020	0.000075% CADV0.000075% CADV≥7.5e-05% CADV
MPL Tier 4	-$0.0025	—	—	0.00015% CADV0.00015% CADV≥0.00015% CADV
SLP Add Tier 1	—	-$0.0025	-$0.0025	—≥0.00015% CADV
MPL Tier 3	-$0.00275	-$0.00275	-$0.00275	0.00075% CADV0.00075% CADV≥0.00075% CADV
MPL Tier 2	-$0.0030	-$0.0030	-$0.0030	20,000,000 shr/day20,000,000 shr/day≥20,000,000 shares/day
MPL Tier 1	-$0.0031	-$0.0031	-$0.0031	25,000,000 shr/day25,000,000 shr/day≥25,000,000 shares/day

DMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.00275	-$0.00275	-$0.00275	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—
MPL Tier 5	-$0.0020	-$0.0020	-$0.0020	0.000075% CADV0.000075% CADV≥7.5e-05% CADV
MPL Tier 4	-$0.0025	-$0.0025	-$0.0025	0.00015% CADV0.00015% CADV≥0.00015% CADV
MPL Tier 3	-$0.00275	-$0.00275	-$0.00275	0.00075% CADV0.00075% CADV≥0.00075% CADV
MPL Tier 2	-$0.0030	-$0.0030	-$0.0030	20,000,000 shr/day20,000,000 shr/day≥20,000,000 shares/day
MPL Tier 1	-$0.0031	-$0.0031	-$0.0031	25,000,000 shr/day25,000,000 shr/day≥25,000,000 shares/day

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—

Add Non-DisplayedANDNon-Displayedmaker

Add Non-Displayed

Show pricing tiers

AND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—
Non Display Step Up Tier 3	-$0.0005	-$0.0005	-$0.0005	0.02% ADV0.02% ADV0.02% Step Up in Non Display and MPL Add
Non Display Add Tier 2	-$0.0010	-$0.0010	-$0.0010	0.0012% CADV0.0012% CADV1.≥0.0012% CADV2.0.04% Step Up in Non Display and MPL Add
Non Display Step Up Tier 1	-$0.0015	—	—	0.08% ADV0.08% ADV0.08% Step Up in Non Display and MPL Add
SLP Add Tier 2	—	-$0.0011	-$0.0011	—
Non Display Add Tier 1	-$0.0018	—	—	0.0015% CADV0.0015% CADV1.≥0.0015% CADV; Or 500 DMM Symb2.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC
Non Display Step Up Tier 1	—	-$0.0015	-$0.0015	0.08% ADV0.08% ADV0.08% Step Up in Non Display and MPL Add
Non Display Add Tier 1	—	-$0.0018	-$0.0018	0.0015% CADV0.0015% CADV1.≥0.0015% CADV; Or 500 DMM Symb2.≥0.0012% CADV3.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0015	-$0.0015	-$0.0015	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0019	-$0.0019	-$0.0019	—
Non Display Step Up Tier 3	-$0.0005	-$0.0005	-$0.0005	0.02% ADV0.02% ADV0.02% Step Up in Non Display and MPL Add
Non Display Add Tier 2	-$0.0010	-$0.0010	-$0.0010	0.0012% CADV0.0012% CADV1.≥0.0012% CADV2.0.04% Step Up in Non Display and MPL Add
Non Display Step Up Tier 1	-$0.0015	-$0.0015	-$0.0015	0.08% ADV0.08% ADV0.08% Step Up in Non Display and MPL Add
Non Display Add Tier 1	-$0.0018	-$0.0018	-$0.0018	0.0015% CADV0.0015% CADV≥0.0015% CADV; Or 500 DMM Symb

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—
Non Display Step Up Tier 3	-$0.0005	-$0.0005	-$0.0005	0.02% ADV0.02% ADV0.02% Step Up in Non Display and MPL Add
SLP Tier 5	-$0.0006	-$0.0006	-$0.0006	—
SLP Tier 4	-$0.0009	-$0.0009	-$0.0009	—
Non Display Add Tier 2	-$0.0010	-$0.0010	-$0.0010	0.0012% CADV0.0012% CADV1.≥0.0012% CADV2.0.04% Step Up in Non Display and MPL Add
SLP Tier 3	-$0.00105	-$0.00105	-$0.00105	—
SLP Tier 2	-$0.0012	-$0.0012	-$0.0012	—
Non Display Step Up Tier 1	-$0.0015	-$0.0015	-$0.0015	0.08% ADV0.08% ADV0.08% Step Up in Non Display and MPL Add
SLP Tier 1	-$0.0018	-$0.0018	-$0.0018	—≥0.0015% CADV; Or 500 DMM Symb

Primary OnlyXA, XAA, XAC, XAO, XAW, XDA, XLA, XLRT, XLT, XMA, XMC, XMO, XMRT, XMT, XMW, XPA, XPC, XPO, XPW, XQA, XVA, XZARoutedrouted

Primary Only

Show pricing tiers

XDA

Tier	Tape A	Threshold
BaseB	$0.0035	—
Add Tier 1	$0.0030	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Threshold
BaseB	$0.0035	—
Add Tier 1	$0.0030	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XAAXAWXA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0030	$0.0030	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XQA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0009	$0.0009	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0009	$0.0009	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XZAXVA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0030	$0.0030	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0030	$0.0030	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XLTXLRT

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0010	$0.0010	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.004% CADV; 0.05% MOCLOC6.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)7.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0010	$0.0010	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XLA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.004% CADV; 0.05% MOCLOC6.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)7.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XACXAO

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0005	$0.0005	$0.0005	—

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0005	$0.0005	$0.0005	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0005	—

XPAXPW

Tier	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	—

Floor

Tier	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	—

XMWXMTXMAXMRT

Tier	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	—

XMOXMC

Tier	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	—

XPOXPC

Tier	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	—

Floor

Tier	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	—

RoutedX, XB, XC, XD, XH, XJ, XK, XL, XM, XP, XQ, XU, XV, XX, XY, XZRoutedrouted

Routed

Show pricing tiers

XDXXXJXVXLXMXYXKXCXQXZXB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XHXU

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Route Tier	$0.0030	—	—	0.002% CADV0.002% CADV≥0.002% CADV

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0010	$0.0010	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

XP

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0030	$0.0030	—
Add Tier 1	$0.0030	—	—	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

X

Tier	Tape A	Threshold
BaseB	$0.0035	—
Add Tier 1	$0.0030	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0045% CADV; 0.20% Step Up3.≥0.002% CADV4.≥0.0075% CADV; 0.10% MOCLOC5.≥0.0035% CADV; Customer/FB Add (excl SLP, DMM)6.≥0.004% CADV; 0.05% MOCLOC7.≥0.0029% CADV; Customer/FB Add (excl SLP, DMM)8.≥0.0022% CADV; Customer/FB Add (excl SLP, DMM)9.≥0.00175% CADV; Customer/FB Add (excl SLP, DMM), 0.02% Non Display Add in Tapes BC, 0.15% Add in Tape BC

DMM

Tier	Tape A	Threshold
BaseB	$0.0030	—

Floor

Tier	Tape A	Threshold
BaseB	$0.0035	—
Add Tier 1	$0.0030	0.012% CADV0.012% CADV1.≥0.012% CADV; 0.12% MOCLOC2.≥0.0075% CADV; 0.10% MOCLOC

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0035	—
Route Tier	$0.0030	0.002% CADV0.002% CADV≥0.002% CADV

Remove DisplayedR, RBN, RI, RRTRemovetaker

Remove Displayed

Show pricing tiers

RBN

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	—	—	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 3	—	$0.00295	—	0.003% CADV0.003% CADV≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 1	—	$0.0029	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Add Tier 1 - Tape C	—	—	$0.0028	0.001% Tape C CADV0.001% Tape C CADV≥0.001% Tape C CADV
Tape C Add Tier	—	—	$0.0027	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV

DMM

Tier	Tape A	Threshold
BaseB	$0.00275	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0024	$0.0026	$0.0026	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined

RIR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	—	—	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 3	—	$0.00295	$0.00295	0.003% CADV0.003% CADV≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 1	—	$0.0029	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Add Tier 1 - Tape C	—	—	$0.0028	0.001% Tape C CADV0.001% Tape C CADV≥0.001% Tape C CADV
Tape C Add Tier	—	—	$0.0027	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV

DMM

Tier	Tape A	Threshold
BaseB	$0.00275	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0024	$0.0026	$0.0026	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined

RRT

Tier	Tape A	Threshold
BaseB	$0.0000	—

DMM

Tier	Tape A	Threshold
BaseB	$0.0000	—

Floor

Tier	Tape A	Threshold
BaseB	$0.0000	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0000	—

Remove Non-DisplayedRNDRemovetaker

Remove Non-Displayed

Show pricing tiers

RND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	—	—	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 3	—	$0.00295	$0.00295	0.003% CADV0.003% CADV≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 1	—	$0.0029	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Add Tier 1 - Tape C	—	—	$0.0028	0.001% Tape C CADV0.001% Tape C CADV≥0.001% Tape C CADV
Tape C Add Tier	—	—	$0.0027	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV

DMM

Tier	Tape A	Threshold
BaseB	$0.00275	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0024	$0.0026	$0.0026	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined

Remove RetailRBD, RBI, RIR, RNDR, RR, RRMRetailtaker

Remove Retail

Show pricing tiers

RRRIRRBDRNDRRBI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	—	—	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 3	—	$0.00295	$0.00295	0.003% CADV0.003% CADV≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Taking Tier 1	—	$0.0029	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Add Tier 1 - Tape C	—	—	$0.0028	0.001% Tape C CADV0.001% Tape C CADV≥0.001% Tape C CADV
Tape C Add Tier	—	—	$0.0027	0.0025% Tape C CADV0.0025% Tape C CADV≥0.0025% Tape C CADV

DMM

Tier	Tape A	Threshold
BaseB	$0.00275	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0024	$0.0026	$0.0026	—

SLP/SLMM

Tier	Tape A	Threshold
BaseB	$0.0030	—≥0.003% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined
Take Tier 1	$0.0029	0.0005% CADV0.0005% CADV1.≥0.0005% CADV; DMM Registration in 25+ symbols2.≥0.0105% CADV; 0.01% Tape B&C Add ADV % Tape BC Combined

RRM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

DMM

Tier	Tape A	Threshold
BaseB	$0.00275	—

Floor

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

SLP/SLMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

NYSE American

Add DisplayedA, ABDisplayedmaker

Add Displayed

Show pricing tiers

ABA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0016	-$0.0016	-$0.0016	—
Standard (eDMMB	-$0.0045	-$0.0045	-$0.0045	—
Tier 2 (700K)	-$0.0023	-$0.0023	-$0.0023	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	-$0.0026	-$0.0026	-$0.0026	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

Add Displayed - Set BBOASBDisplayedmaker

Add Displayed - Set BBO

Show pricing tiers

ASB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0016	-$0.0016	-$0.0016	—
Standard (eDMMB	-$0.0045	-$0.0045	-$0.0045	—
Tier 2 (700K)	-$0.0023	-$0.0023	-$0.0023	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	-$0.0029	-$0.0029	-$0.0029	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

Add MidpointADM, AMLMidpointmaker

Add Midpoint

Show pricing tiers

AML

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0020	-$0.0020	-$0.0020	—
Tier 1B	-$0.0024	-$0.0024	-$0.0024	—
Tier 2 (700K)	-$0.0029	-$0.0029	-$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	-$0.0030	-$0.0030	-$0.0030	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

ADM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0020	-$0.0020	-$0.0020	—

Remove DisplayedR, RBN, RDB, RIRemovetaker

Remove Displayed

Show pricing tiers

RDBRBNRI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Standard (eDMMB	$0.0026	$0.0026	$0.0026	—
Tier 2 (700K)	$0.0029	$0.0029	$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	$0.0025	$0.0025	$0.0025	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

R

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Standard (eDMMB	$0.0025	$0.0025	$0.0025	—≥3,500,000 shares/day
Tier 2 (700K)	$0.0029	$0.0029	$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day

Remove MidpointRDM, RMLRemove Midpointtaker

Remove Midpoint

Show pricing tiers

RMLRDM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Standard (eDMMB	$0.0026	$0.0026	$0.0026	—
Tier 2 (700K)	$0.0029	$0.0029	$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	$0.0025	$0.0025	$0.0025	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

Remove Non-DisplayedRNDRemovetaker

Remove Non-Displayed

Show pricing tiers

RND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Standard (eDMMB	$0.0026	$0.0026	$0.0026	—
Tier 2 (700K)	$0.0029	$0.0029	$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	$0.0025	$0.0025	$0.0025	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

Remove RetailRBD, RBI, RIR, RNDR, RR, RRMRetailtaker

Remove Retail

Show pricing tiers

RIRRBIRBDRNDR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Standard (eDMMB	$0.0026	$0.0026	$0.0026	—
Tier 2 (700K)	$0.0029	$0.0029	$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day
Tier 1 (3.5mm)	$0.0025	$0.0025	$0.0025	3,500,000 shr/day3,500,000 shr/day≥3,500,000 shares/day

RR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Standard (eDMMB	$0.0025	$0.0025	$0.0025	—≥3,500,000 shares/day
Tier 2 (700K)	$0.0029	$0.0029	$0.0029	700,000 shr/day700,000 shr/day≥700,000 shares/day

RRM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—1.≥3,500,000 shares/day2.≥700,000 shares/day

NYSE Arca

Closing Market (Auction)C, CMAuctionauction

Closing Market (Auction)

Show pricing tiers

CCM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0012	$0.0012	$0.0012	—
Tier 1	$0.0010	$0.0010	$0.0010	0.007% CADV0.007% CADV1.≥0.007% CADV2.≥0.005% CADV3.≥0.003% CADV4.≥0.002% CADV5.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

Add DisplayedA, ASBDisplayedmaker

Add Displayed

Show pricing tiers

ASBA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0020	-$0.0016	-$0.0020	—
Tier 1	-$0.0022	—	-$0.0022	0.0015% CADV0.0015% CADV≥0.0015% CADV
Tier 2	-$0.0025	—	-$0.0025	0.002% CADV0.002% CADV≥0.002% CADV
MPID Step Up Tier (4M AADV)	-$0.0028	—	-$0.0028	—
MPID Step Up Tier (9M AADV)	-$0.0029	—	-$0.0029	—≥0.003% CADV
Cross Asset Tier 1	-$0.0030	—	-$0.0030	0.003% Options CADV0.003% Options CADV1.≥0.003% Options CADV; 0.80% Option Cust Post2.≥0.005% Options CADV; 0.80% Option Cust Post3.≥0.005% CADV4.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC
Tier 6	-$0.0031	-$0.0020	-$0.0031	0.007% CADV0.007% CADV1.≥0.007% CADV2.0.35% Step Up
Cross Asset Tier 1B	-$0.0032	—	—	0.0065% Options CADV0.0065% Options CADV≥0.0065% Options CADV; 0.80% Option Cust Post
Tier 7	—	-$0.0022	-$0.0032	0.003% CADV0.003% CADV1.≥0.003% CADV2.≥0.002% CADV
Cross Asset Tier 1C	-$0.0033	—	—	0.0075% Options CADV0.0075% Options CADV1.≥0.0075% Options CADV; 0.80% Option Cust Post2.0.40% Step Up
Step Up Tier 2	—	—	-$0.0033	0.4% ADV0.4% ADV1.0.40% Step Up2.≥0.0035% Tape C CADV; Tape C Add as % ABC CADV3.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC
Tier 8	—	-$0.0023	—	0.007% CADV0.007% CADV1.≥0.007% CADV2.≥0.005% CADV
Cross Asset Tier 1A	—	—	-$0.0034	0.005% Options CADV0.005% Options CADV1.≥0.005% Options CADV; 0.80% Option Cust Post2.≥0.0065% Options CADV; 0.80% Option Cust Post3.≥0.004% Tape C CADV; Tape C Add as % ABC CADV
Tape B Tier 3	—	-$0.0025	—	0.002% Tape B CADV0.002% Tape B CADV≥0.002% Tape B CADV; 0.50% Option Market Maker Post
Cross Asset Tier 1C	—	—	-$0.0035	0.0075% Options CADV0.0075% Options CADV≥0.0075% Options CADV; 0.80% Option Cust Post
Tape B Tier 2	—	-$0.0028	—	0.01% Tape B CADV0.01% Tape B CADV≥0.01% Tape B CADV
Cross Asset Tier 1	—	-$0.0030	—	0.003% Options CADV0.003% Options CADV1.≥0.003% Options CADV; 0.80% Option Cust Post2.≥0.005% Options CADV; 0.80% Option Cust Post3.≥0.015% Tape B CADV
Step Up Tier 3	—	-$0.0031	—	0.35% ADV0.35% ADV0.35% Step Up
Cross Asset Tier 1B	—	-$0.0032	—	0.0065% Options CADV0.0065% Options CADV≥0.0065% Options CADV; 0.80% Option Cust Post
Cross Asset Tier 1C	—	-$0.0033	—	0.0075% Options CADV0.0075% Options CADV≥0.0075% Options CADV; 0.80% Option Cust Post
Step Up Tier 2	—	-$0.0034	—	0.4% ADV0.4% ADV1.0.40% Step Up2.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC
Supplemental Credit (LMM Less Active Tier 5)	—	-$0.00005	—	—Supplemental credit; stacks on top of qualifying base tier; +$0.00005/share additional rebate (LMM Less Active Tier 5)
Supplemental Credit (LMM Less Active Tier 4)	—	-$0.0001	—	—Supplemental credit; stacks on top of qualifying base tier; +$0.00010/share additional rebate (LMM Less Active Tier 4)
Supplemental Credit (Tape B Step Up Tier 1)	—	-$0.0002	—	—1.Supplemental credit; stacks on top of qualifying tier; +$0.00020/share additional rebate (Tape B Step Up Tier 1)2.Supplemental credit; stacks on top of qualifying base tier; +$0.00020/share additional rebate (LMM Less Active Tier 3)
Supplemental Credit (Tape B Step Up Tier 2)	—	-$0.0003	—	—1.Supplemental credit; stacks on top of qualifying tier; +$0.00030/share additional rebate (Tape B Step Up Tier 2)2.Supplemental credit; stacks on top of qualifying base tier; +$0.00030/share additional rebate (LMM Less Active Tier 2)
Supplemental Credit (LMM Less Active Tier 1)	—	-$0.0004	—	—1.Supplemental credit; stacks on top of qualifying base tier; +$0.00040/share additional rebate (LMM Less Active Tier 1)2.Supplemental credit; stacks on top of qualifying tier; +$0.00040/share additional rebate (Tape B Step Up Tier 3)

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0033	$0.0000	-$0.0033	—
LMM	—	-$0.0033	—	—Arca listed symbols over 3 million CADV
LMM Add Tier 2	—	-$0.0040	—	3,000,000 shr/day3,000,000 shr/dayArca listed symbols 1 and 3 million CADV
LMM Add Tier 3	—	-$0.0045	—	1,000,000 shr/day1,000,000 shr/dayArca listed symbols under 1 million CADV
Supplemental Credit (Incremental Credit - 3 Pass)	—	-$0.00005	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00005/share additional rebate (Incremental Credit - 3 Pass)
Supplemental Credit (Incremental Credit - 1 Pass)	—	-$0.0001	—	—1.Supplemental credit; stacks on top of qualifying tier; +$0.00010/share additional rebate (Incremental Credit - 1 Pass)2.Supplemental credit; stacks on top of qualifying tier; +$0.00010/share additional rebate (Incremental Credit - 4 Pass)
Supplemental Credit (Incremental Credit - 0 Pass)	—	-$0.0002	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00020/share additional rebate (Incremental Credit - 0 Pass)

Add Displayed - Arca RouteABDisplayedmaker

Add Displayed - Arca Route

Show pricing tiers

AB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0020	-$0.0016	-$0.0020	—
Tier 1	-$0.0022	—	-$0.0022	0.0015% CADV0.0015% CADV≥0.0015% CADV
Tier 2	-$0.0025	—	-$0.0025	0.002% CADV0.002% CADV≥0.002% CADV
MPID Step Up Tier (4M AADV)	-$0.0028	—	-$0.0028	—
MPID Step Up Tier (9M AADV)	-$0.0029	—	-$0.0029	—≥0.003% CADV
Tier 4	—	-$0.0020	—	0.0015% CADV0.0015% CADV≥0.0015% CADV
Cross Asset Tier 1	-$0.0030	—	-$0.0030	0.003% Options CADV0.003% Options CADV1.≥0.003% Options CADV; 0.80% Option Cust Post2.≥0.005% Options CADV; 0.80% Option Cust Post3.≥0.005% CADV4.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC
Tier 5	—	-$0.0022	—	0.003% CADV0.003% CADV1.≥0.003% CADV2.≥0.002% CADV
Tier 6	-$0.0031	-$0.0023	-$0.0031	0.007% CADV0.007% CADV1.≥0.007% CADV2.0.35% Step Up
Cross Asset Tier 1B	-$0.0032	—	—	0.0065% Options CADV0.0065% Options CADV≥0.0065% Options CADV; 0.80% Option Cust Post
Tape B Tier 3	—	-$0.0025	—	0.002% Tape B CADV0.002% Tape B CADV≥0.002% Tape B CADV; 0.50% Option Market Maker Post
Tier 7	—	—	-$0.0032	0.007% CADV0.007% CADV≥0.007% CADV
Cross Asset Tier 1C	-$0.0033	—	—	0.0075% Options CADV0.0075% Options CADV1.≥0.0075% Options CADV; 0.80% Option Cust Post2.0.40% Step Up
Step Up Tier 2	—	—	-$0.0033	0.4% ADV0.4% ADV1.0.40% Step Up2.≥0.0035% Tape C CADV; Tape C Add as % ABC CADV3.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC
Tape B Tier 2	—	-$0.0028	—	0.01% Tape B CADV0.01% Tape B CADV≥0.01% Tape B CADV
BBO	-$0.0034	—	—	—
Cross Asset Tier 1	—	-$0.0030	—	0.003% Options CADV0.003% Options CADV1.≥0.003% Options CADV; 0.80% Option Cust Post2.≥0.005% Options CADV; 0.80% Option Cust Post3.≥0.015% Tape B CADV
Cross Asset Tier 1A	—	—	-$0.0034	0.005% Options CADV0.005% Options CADV1.≥0.005% Options CADV; 0.80% Option Cust Post2.≥0.0065% Options CADV; 0.80% Option Cust Post3.≥0.004% Tape C CADV; Tape C Add as % ABC CADV
Cross Asset Tier 1C	—	—	-$0.0035	0.0075% Options CADV0.0075% Options CADV≥0.0075% Options CADV; 0.80% Option Cust Post
Step Up Tier 3	—	-$0.0031	—	0.35% ADV0.35% ADV0.35% Step Up
Cross Asset Tier 1B	—	-$0.0032	—	0.0065% Options CADV0.0065% Options CADV≥0.0065% Options CADV; 0.80% Option Cust Post
Cross Asset Tier 1C	—	-$0.0033	—	0.0075% Options CADV0.0075% Options CADV≥0.0075% Options CADV; 0.80% Option Cust Post
Step Up Tier 2	—	-$0.0034	—	0.4% ADV0.4% ADV1.0.40% Step Up2.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC
Supplemental Credit (LMM Less Active Tier 4)	—	-$0.0001	—	—Supplemental credit; stacks on top of qualifying base tier; +$0.00010/share additional rebate (LMM Less Active Tier 4)
Supplemental Credit (Tape B Step Up Tier 1)	—	-$0.0002	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00020/share additional rebate (Tape B Step Up Tier 1)
Supplemental Credit (LMM Less Active Tier 3)	—	-$0.0002	—	—Supplemental credit; stacks on top of qualifying base tier; +$0.00020/share additional rebate (LMM Less Active Tier 3)
Supplemental Credit (Tape B Step Up Tier 2)	—	-$0.0003	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00030/share additional rebate (Tape B Step Up Tier 2)
Supplemental Credit (LMM Less Active Tier 2)	—	-$0.0003	—	—Supplemental credit; stacks on top of qualifying base tier; +$0.00030/share additional rebate (LMM Less Active Tier 2)
Supplemental Credit (Tape B Step Up Tier 3)	—	-$0.0004	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00040/share additional rebate (Tape B Step Up Tier 3)
Supplemental Credit (LMM Less Active Tier 1)	—	-$0.0004	—	—Supplemental credit; stacks on top of qualifying base tier; +$0.00040/share additional rebate (LMM Less Active Tier 1)

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0030	$0.0000	-$0.0030	—
LMM	—	-$0.0030	—	—
LMM Add Tier 1	—	-$0.0033	—	3,000,000 shr/day3,000,000 shr/dayArca listed symbols over 3 million CADV
LMM Add Tier 2	—	-$0.0040	—	3,000,000 shr/day3,000,000 shr/dayArca listed symbols 1 and 3 million CADV
LMM Add Tier 3	—	-$0.0045	—	1,000,000 shr/day1,000,000 shr/dayArca listed symbols under 1 million CADV
Supplemental Credit (Incremental Credit - 3 Pass)	—	-$0.00005	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00005/share additional rebate (Incremental Credit - 3 Pass)
Supplemental Credit (Incremental Credit - 1 Pass)	—	-$0.0001	—	—1.Supplemental credit; stacks on top of qualifying tier; +$0.00010/share additional rebate (Incremental Credit - 1 Pass)2.Supplemental credit; stacks on top of qualifying tier; +$0.00010/share additional rebate (Incremental Credit - 4 Pass)
Supplemental Credit (Incremental Credit - 0 Pass)	—	-$0.0002	—	—Supplemental credit; stacks on top of qualifying tier; +$0.00020/share additional rebate (Incremental Credit - 0 Pass)

Add MidpointADB, ADM, AML, ARMMidpointmaker

Add Midpoint

Show pricing tiers

AML

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—
MPL Tier 8	-$0.0015	-$0.0015	-$0.0015	1,500,000 shr/day1,500,000 shr/day1.5 Million Add ADV MPL Add
MPL Tier 7	-$0.0020	-$0.0020	-$0.0020	2,000,000 shr/day2,000,000 shr/day2 Million Add ADV MPL Add
MPL Tier 6	-$0.0025	-$0.0025	-$0.0025	3,000,000 shr/day3,000,000 shr/day3 Million Add ADV MPL Add
MPL Tier 5	-$0.0026	-$0.0026	-$0.0026	5,000,000 shr/day5,000,000 shr/day5 Million Add ADV MPL Add
MPL Tier 4	-$0.0029	-$0.0029	-$0.0029	13,000,000 shr/day13,000,000 shr/day13 Million Add ADV MPL Add
MPL Tier 3	-$0.0031	-$0.0031	-$0.0031	15,000,000 shr/day15,000,000 shr/day15 Million Add ADV MPL Add
MPL Tier 2	-$0.0032	-$0.0032	-$0.0032	25,000,000 shr/day25,000,000 shr/day25 Million Add ADV MPL Add
MPL Tier 1	-$0.0033	-$0.0033	-$0.0033	30,000,000 shr/day30,000,000 shr/day30 Million Add ADV MPL Add

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—
MPL Tier 1	-$0.0015	—	—	30,000,000 shr/day30,000,000 shr/day1.30 Million Add ADV MPL Add2.25 Million Add ADV MPL Add
MPL Tier 2	—	-$0.0015	-$0.0015	25,000,000 shr/day25,000,000 shr/day25 Million Add ADV MPL Add
MPL Step Up T2	-$0.0025	—	—	—
MPL Tier 1	—	-$0.0020	-$0.0020	30,000,000 shr/day30,000,000 shr/day30 Million Add ADV MPL Add
MPL Step Up T1	-$0.0026	—	—	—
MPL Step Up T2	—	-$0.0025	-$0.0025	—
MPL Step Up T1	—	-$0.0026	-$0.0026	—

Retail

Tier	Tape C	Threshold
BaseB	-$0.0012	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

ADBADM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0005	-$0.0005	-$0.0005	—

ARM

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0010	-$0.0010	-$0.0010	—

Add Non-DisplayedANDNon-Displayedmaker

Add Non-Displayed

Show pricing tiers

AND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—
Non Display Step Up Tier 4	-$0.0004	-$0.0004	-$0.0004	0.0002% CADV0.0002% CADV≥0.0002% CADV; Step Up in Non Display and MPL Add
Non Display Step Up Tier 3	-$0.0010	-$0.0010	-$0.0010	0.0005% CADV0.0005% CADV≥0.0005% CADV; Step Up in Non Display and MPL Add
Non Display Step Up Tier 2	-$0.0015	-$0.0015	-$0.0015	0.001% CADV0.001% CADV≥0.001% CADV; Step Up in Non Display and MPL Add
Non Display Step Up Tier 1	-$0.0020	-$0.0020	-$0.0020	0.0015% CADV0.0015% CADV≥0.0015% CADV; Step Up in Non Display and MPL Add

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0015	-$0.0015	-$0.0015	—

Retail

Tier	Tape C	Threshold
BaseB	-$0.0002	—Supplemental credit; stacks on top of qualifying tier; +$0.00020/share additional rebate (Retail Tier 1)

Retail Add DisplayedARE, AREI, ARPRetailmaker

Retail Add Displayed

Show pricing tiers

ARE

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0032	-$0.0032	-$0.0032	—

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0032	-$0.0032	-$0.0032	—
Retail Tier 4	-$0.0034	-$0.0034	-$0.0034	0.1% ADV0.1% ADV0.10% Retail TIF Day
Retail Tier 5	-$0.0035	-$0.0035	-$0.0035	0.15% ADV0.15% ADV1.0.15% Retail TIF Day or 0.10% IF 0.40% Cust&Prof Cust Post Options2.0.075% Retail TIF Day and 1.00% Cust&Prof Cust Post Options
Retail Tier 3	-$0.0036	-$0.0036	-$0.0036	0.2% ADV0.2% ADV0.20% Retail TIF Day
Retail Tier 2	-$0.0037	-$0.0037	-$0.0037	0.35% ADV0.35% ADV0.35% Retail TIF Day
Retail Tier 1	-$0.0038	-$0.0038	-$0.0038	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

AREI

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0032	-$0.0032	-$0.0032	—
Retail Tier 5	$0.0000	$0.0000	$0.0000	0.15% ADV0.15% ADV1.0.15% Retail TIF Day or 0.10% IF 0.40% Cust&Prof Cust Post Options2.0.20% Retail TIF Day3.0.35% Retail TIF Day4.≥0.01% CADV; 0.50% Retail TIF Day5.0.075% Retail TIF Day and 1.00% Cust&Prof Cust Post Options
Retail Tier 4	-$0.0034	-$0.0034	-$0.0034	0.1% ADV0.1% ADV0.10% Retail TIF Day

ARP

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0003	-$0.0003	-$0.0003	—

Primary Only

XA, XAA, XAC, XAO, XAT, XAW, XDA, XDT, XLA, XLRT, XLT, XMA, XMC, XMO, XMRT, XMT, XMW, XN, XNA, XNC, XNO, XNRT, XNT, XNW, XQA, XQRT, XQT, XVA, XVRT, XZA, XZRT, XZT

Routedrouted

Primary Only

Show pricing tiers

XZTXNXDAXAXAWXVAXQTXNW

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Tier 1	$0.0030	$0.0030	$0.0030	0.007% CADV0.007% CADV1.≥0.007% CADV2.≥0.005% CADV3.≥0.002% CADV4.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—

XLA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Tier 1	$0.0030	$0.0030	$0.0030	0.007% CADV0.007% CADV1.≥0.007% CADV2.≥0.005% CADV3.≥0.003% CADV4.≥0.002% CADV5.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

XMRTXVRTXATXDTXQRTXNCXNOXZRTXNTXNRT

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

XAOXACXMOXMC

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0005	$0.0005	$0.0005	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0005	$0.0005	$0.0005	—

XZAXLTXQA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

XNA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0012	-$0.0012	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0012	-$0.0012	-$0.0012	—

XAAXMA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

XLRT

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

XMTXMW

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—

RoutedX, XB, XC, XD, XH, XI, XJ, XK, XL, XM, XQ, XU, XV, XX, XY, XZRoutedrouted

Routed

Show pricing tiers

XYXCXXXIXUXXDXKXZXVXQXMXBXJXH

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Tier 1	$0.0030	$0.0030	$0.0030	0.007% CADV0.007% CADV1.≥0.007% CADV2.≥0.005% CADV3.≥0.002% CADV4.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—

XL

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0035	$0.0035	$0.0035	—
Tier 1	$0.0030	$0.0030	$0.0030	0.007% CADV0.007% CADV1.≥0.007% CADV2.≥0.005% CADV3.≥0.003% CADV4.≥0.002% CADV5.≥0.006% CADV; Plus 1.5% Add Tape B, 1.0% Adding_Removing Tapes ABC

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

Remove DisplayedR, RBN, RI, RRTRemovetaker

Remove Displayed

Show pricing tiers

RIR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—

Retail

Tier	Tape C	Threshold
BaseB	$0.0027	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

RBN

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

Retail

Tier	Tape C	Threshold
BaseB	$0.0027	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

RRT

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

Remove MidpointRDB, RDM, RMLRemove Midpointtaker

Remove Midpoint

Show pricing tiers

RDBRDM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

Retail

Tier	Tape C	Threshold
BaseB	$0.0027	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

RML

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—

Remove Non-DisplayedRNDRemovetaker

Remove Non-Displayed

Show pricing tiers

RND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—

Retail

Tier	Tape C	Threshold
BaseB	$0.0027	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

Remove RetailRBD, RBI, RIR, RNDR, RR, RRMRetailtaker

Remove Retail

Show pricing tiers

RRRBDRNDR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	0.15% ADV0.15% ADV1.0.15% Retail TIF Day or 0.10% IF 0.40% Cust&Prof Cust Post Options2.0.20% Retail TIF Day3.0.35% Retail TIF Day4.≥0.01% CADV; 0.50% Retail TIF Day5.0.075% Retail TIF Day and 1.00% Cust&Prof Cust Post Options

RBI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

Retail

Tier	Tape C	Threshold
BaseB	$0.0027	0.01% CADV0.01% CADV≥0.01% CADV; 0.50% Retail TIF Day

RIR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—
Tape C Tier 1	—	—	$0.0029	0.004% Tape C CADV0.004% Tape C CADV≥0.004% Tape C CADV; Tape C Add as % ABC CADV

RRM

LMM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—

NYSE National

Add DisplayedADisplayedmaker

Add Displayed

Show pricing tiers

A

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—
Add Tier 4	$0.0026	$0.0026	$0.0026	0.0005% CADV0.0005% CADV≥0.0005% CADV
Add Tier 3	$0.0025	$0.0025	$0.0025	0.00075% CADV0.00075% CADV≥0.00075% CADV; 0.15% Adding ADV and Removing ADV combined as a % of US CADV
Add Tier 2	$0.0022	$0.0022	$0.0022	0.0011% CADV0.0011% CADV≥0.0011% CADV
Add Tier 1	$0.0020	$0.0020	$0.0020	0.0025% CADV0.0025% CADV≥0.0025% CADV

Add Displayed - NYSE OnlyABDisplayedmaker

Add Displayed - NYSE Only

Show pricing tiers

AB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—
Add Tier 4	$0.0026	$0.0026	$0.0026	0.0005% CADV0.0005% CADV≥0.0005% CADV
Add Tier 3	$0.0025	$0.0025	$0.0025	0.00075% CADV0.00075% CADV≥0.00075% CADV; 0.15% Adding ADV and Removing ADV combined as a % of US CADV
Add Tier 2	$0.0022	$0.0022	$0.0022	0.0011% CADV0.0011% CADV≥0.0011% CADV
Add Tier 1	$0.0020	$0.0020	$0.0020	0.0025% CADV0.0025% CADV≥0.0025% CADV

Add Displayed - Set BBOASBDisplayedmaker

Add Displayed - Set BBO

Show pricing tiers

ASB

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—
Add Tier 4	$0.0026	$0.0026	$0.0026	0.0005% CADV0.0005% CADV≥0.0005% CADV
Add Tier 3	$0.0025	$0.0025	$0.0025	0.00075% CADV0.00075% CADV≥0.00075% CADV; 0.15% Adding ADV and Removing ADV combined as a % of US CADV
Add Tier 2	$0.0022	$0.0022	$0.0022	0.0011% CADV0.0011% CADV≥0.0011% CADV
Add Tier 1	$0.0020	$0.0020	$0.0020	0.0025% CADV0.0025% CADV≥0.0025% CADV

Add Displayed - Set NBBOASPDisplayedmaker

Add Displayed - Set NBBO

Show pricing tiers

ASP

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—
Add Tier 4	$0.0026	$0.0026	$0.0026	0.0005% CADV0.0005% CADV≥0.0005% CADV
Add Tier 3	$0.0025	$0.0025	$0.0025	0.00075% CADV0.00075% CADV≥0.00075% CADV; 0.15% Adding ADV and Removing ADV combined as a % of US CADV
Add Tier 2	$0.0022	$0.0022	$0.0022	0.0011% CADV0.0011% CADV≥0.0011% CADV
Add Tier 1	$0.0020	$0.0020	$0.0020	0.0025% CADV0.0025% CADV≥0.0025% CADV

Add Non-DisplayedANDNon-Displayedmaker

Add Non-Displayed

Show pricing tiers

AND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—
Non-Display Tier 1	$0.0026	$0.0026	$0.0026	—
Add Tier 1	$0.0024	$0.0024	$0.0024	0.0025% CADV0.0025% CADV≥0.0025% CADV
Add Tier 2	$0.0000	$0.0000	$0.0000	0.0011% CADV0.0011% CADV1.≥0.0011% CADV2.≥0.00075% CADV; 0.15% Adding ADV and Removing ADV combined as a % of US CADV3.≥0.0005% CADV

Retail Add DisplayedARE, AREI, ARPRetailmaker

Retail Add Displayed

Show pricing tiers

AREAREI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0029	$0.0029	$0.0029	—
Add Tier 4	$0.0026	$0.0026	$0.0026	0.0005% CADV0.0005% CADV≥0.0005% CADV
Add Tier 3	$0.0025	$0.0025	$0.0025	0.00075% CADV0.00075% CADV≥0.00075% CADV; 0.15% Adding ADV and Removing ADV combined as a % of US CADV
Add Tier 2	$0.0022	$0.0022	$0.0022	0.0011% CADV0.0011% CADV≥0.0011% CADV
Add Tier 1	$0.0020	$0.0020	$0.0020	0.0025% CADV0.0025% CADV≥0.0025% CADV

ARP

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

Remove DisplayedR, RBN, RIRemovetaker

Remove Displayed

Show pricing tiers

RRI

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—
Taking Tier 4	-$0.0010	-$0.0010	-$0.0010	0.0005% CADV0.0005% CADV≥0.0005% CADV
Taking Tier 3	-$0.0023	-$0.0023	-$0.0023	0.02% ADV0.02% ADV0.02% Removing ADV combined % of CADV, 50,000 Adding ADV
Taking Tier 2	-$0.00275	-$0.00275	-$0.00275	0.1% ADV0.1% ADV0.10% Removing ADV combined % of CADV, 100,000 Adding ADV
Taking Tier 1	-$0.0030	-$0.0030	-$0.0030	0.18% ADV0.18% ADV0.18% Adding and Removing ADV combined % of CADV, 250,000 Adding ADV

RBN

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

Remove Non-DisplayedRNDRemovetaker

Remove Non-Displayed

Show pricing tiers

RND

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—
Taking Tier 4	-$0.0010	-$0.0010	-$0.0010	0.0005% CADV0.0005% CADV≥0.0005% CADV
Taking Tier 3	-$0.0023	-$0.0023	-$0.0023	0.02% ADV0.02% ADV0.02% Removing ADV combined % of CADV, 50,000 Adding ADV
Taking Tier 2	-$0.00275	-$0.00275	-$0.00275	0.1% ADV0.1% ADV0.10% Removing ADV combined % of CADV, 100,000 Adding ADV
Taking Tier 1	-$0.0030	-$0.0030	-$0.0030	0.18% ADV0.18% ADV0.18% Adding and Removing ADV combined % of CADV, 250,000 Adding ADV

Remove RetailRBD, RBI, RIR, RNDR, RR, RRMRetailtaker

Remove Retail

Show pricing tiers

RNDRRIRRR

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—
Taking Tier 4	-$0.0010	-$0.0010	-$0.0010	0.0005% CADV0.0005% CADV≥0.0005% CADV
Taking Tier 3	-$0.0023	-$0.0023	-$0.0023	0.02% ADV0.02% ADV0.02% Removing ADV combined % of CADV, 50,000 Adding ADV
Taking Tier 2	-$0.00275	-$0.00275	-$0.00275	0.1% ADV0.1% ADV0.10% Removing ADV combined % of CADV, 100,000 Adding ADV
Taking Tier 1	-$0.0030	-$0.0030	-$0.0030	0.18% ADV0.18% ADV0.18% Adding and Removing ADV combined % of CADV, 250,000 Adding ADV

RBIRBDRRM

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—

Nasdaq

Add Displayed2, 5, 7, 8, A, uDisplayedmaker

Add Displayed

Show pricing tiers

52

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0018	-$0.0018	-$0.0013	—All other firms
Tier 2	-$0.0020	-$0.0020	-$0.0020	0.15% ADV0.15% ADV1.Add greater than 0.15% TCV; and Has a minimum of 50 monthly average assigned ETPs in its capacity as a Primary DLP2.Add greater than 0.10% TCV; and Has a minimum of 45 monthly average assigned ETPs in its capacity as a Primary DL3.Greater than 0.10% added4.Firm adds greater than 4 million shares per day, of which 1.5 million share per day are non-displayed liquidity (excluding midpoint orders) or Midpoint Extended Life Orders5.Firm increases Adding by 20% vs. July 2022 TCV; and Minimum Add volume of at least 5 million shares ADV
Tier 3	-$0.0025	-$0.0025	-$0.0022	2,000,000 shr/day2,000,000 shr/dayMinimum of 2 million shares added per day a nd greater than 0.45% removed
Tier 4	-$0.0027	-$0.0027	-$0.0023	—1.Members with shares executed in the Opening and Closing Cross comprised of imbalance orders and/or limit on close orders entered after 3:55pm that represent more than 0.01% Consolidated Volume during the month2.Greater than 0.30% added3.Add greater than 0.10% TCV; and Add liquidity of 0.40% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM4.Remove greater than 0.40% TCV; and Add greater than 0.15% TCV; and Minimum of 800,000 shares of Non-Displayed liquidity added per day
Tier 5	-$0.0028	-$0.0028	-$0.0025	0.35% ADV0.35% ADV1.Add greater than 0.35% of TCV and Remove greater than 0.75% TCV2.Add 0.45% TCV or greater of which 0.10% or greater are Tape B securities3.Add greater than 0.375% TCV; and Increases Midpoint Extended Life Orders average daily volume by 100% or more versus the firm’s June 2021 Midpoint Extended Life Orders average daily volume; and Firm executes an average daily volume of 500,000 or more shares through Midpoint Extended Life Orders during the month
Tier 6	-$0.0029	-$0.0029	-$0.0027	—1.0.75% or greater added of which 0.15% or greater are Tape B securities2.Add 0.50% TCV or greater of which 0.10% or greater are Tape B securities; and Add 0.15% TCV or greater of non-displayed liquidity (including midpoint orders) and Midpoint Extended Life Orders3.Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.15% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM4.Add 0.65% or greater of TCV or 70M shares ADV; and Increases Midpoint Extended Life Orders average daily volume by 150% or more versus the firm’s January 2021 Midpoint Extended Life Orders average daily volume; and Firm executes an average daily volume of 750,000 or more shares through Midpoint Extended Life Orders during the month5.Greater than 0.675% added; and Firm executes an average daily volume of 350,000 or more shares through Midpoint Extended Life Orders during the month6.Add greater than 0.60% TCV and Remove greater than 0.80% TCV; and Firm executes an average daily volume of 350,000 or more shares through Midpoint Extended Life Orders during the month7.Greater than 0.60% added of which 0.10% are Tape B securities Greater than 0.15% TCV added of non-displayed liquidity (other than midpoint orders)8.Add 0.50% TCV or greater via Displayed orders 2.5% TCV or greater of adding and removing
Tier 7	-$0.00295	-$0.00295	-$0.0028	0.65% ADV0.65% ADV1.Add greater than 0.65% TCV; and 0.15% or greater are Designated Retail orders; and Firm has a 60% add to total volume (adding and removing) ratio during the month2.Add greater than 0.70% TCV; and Add greater than 0.20% of TCV using midpoint orders (midpoint add + MELO); and Remove 1.10% TCV
Tier 8	-$0.0030	-$0.0030	-$0.0029	0.95% ADV0.95% ADV1.Greater than 0.95% add and add 0.25% TCV of non-display2.Add 0.875% TCV or greater; and Add 0.25% TCV or greater using midpoint orders (midpoint add + MELO); and Remove 1.35% TCV3.1.00% add* TCV; and 0.30% add* TCV in Tape B securities; and 0.25% add* TCV of non-displayed liquidity (other than midpoint orders) and MELO * in securities priced at or greater than $14.0.70% add (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1); and 0.15% add in Tape B securities; and 0.10% add of non-displayed liquidity (other than midpoint orders)
Tier 9	-$0.00305	-$0.00305	-$0.00295	1.5% ADV1.5% ADV1.Greater than 1.50% add2.Add greater than 0.95% TCV; and Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.20% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM; and Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.50% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
Tier 10	—	—	-$0.0030	0.95% ADV0.95% ADV1.Greater than 0.95% add and add 0.25% TCV of non-display2.Add 0.875% TCV or greater; and Add 0.25% TCV or greater using midpoint orders (midpoint add + MELO); and Remove 1.35% TCV3.1.00% add* TCV; and 0.30% add* TCV in Tape B securities; and 0.25% add* TCV of non-displayed liquidity (other than midpoint orders) and MELO * in securities priced at or greater than $14.0.70% add (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1); and 0.15% add in Tape B securities; and 0.10% add of non-displayed liquidity (other than midpoint orders)
Tier 11	—	—	-$0.00305	1.5% ADV1.5% ADV1.Greater than 1.50% add2.Add greater than 0.95% TCV; and Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.20% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM; and Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.50% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
Supplemental Credit	-$0.00005	—	—	1,000,000 shr/day1,000,000 shr/day1.M-ELO Supplemental Credit A Increases average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 1 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) ADV; or Firm adds a minimum average daily volume of 3 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV (midpoint add + MELO) by 100% or more vs June 2021 midpoint add ADV (midpoint add + MELO)2.Increase Adding by 30% vs Oct 2021 or Nov 2021 TCV Add at least 15 Million ADV3.Firm has a 60% add to total volume (adding and removing) ratio during the month and Add 0.50% or greater of TCV of which 0.35% or greater are Tape C securities; and 0.15% or greater are Designated Retail orders
Supplemental Credit	—	-$0.0001	—	0.1% ADV0.1% ADV1.Greater than 0.10% added in Tape B2.Increase Adding by at least 20% TCV vs. Jul 2025 TCV; and Limit On Close orders entered after 3:55pm and immediately prior to 3:58pm that represent more than 0.10% TCV during the month
Supplemental Credit	—	—	-$0.00005	1,000,000 shr/day1,000,000 shr/day1.M-ELO Supplemental Credit A Increases average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 1 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) ADV; or Firm adds a minimum average daily volume of 3 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV (midpoint add + MELO) by 100% or more vs June 2021 midpoint add ADV (midpoint add + MELO)2.Increase Adding by 30% vs Oct 2021 or Nov 2021 TCV Add at least 15 Million ADV3.Firm has a 60% add to total volume (adding and removing) ratio during the month and Add 0.50% or greater of TCV of which 0.35% or greater are Tape C securities; and 0.15% or greater are Designated Retail orders

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.00325	-$0.00325	-$0.00325	—All other firms
Tier 1	-$0.0033	-$0.0033	-$0.0033	85% ADV85% ADVFirm has an 85% add to total volume (adding and removing) ratio during the month

78uA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0018	-$0.0018	-$0.0013	—All other firms
Tier 2	-$0.0020	-$0.0020	-$0.0020	0.15% ADV0.15% ADV1.Add greater than 0.15% TCV; and Has a minimum of 50 monthly average assigned ETPs in its capacity as a Primary DLP2.Add greater than 0.10% TCV; and Has a minimum of 45 monthly average assigned ETPs in its capacity as a Primary DL3.Greater than 0.10% added4.Firm adds greater than 4 million shares per day, of which 1.5 million share per day are non-displayed liquidity (excluding midpoint orders) or Midpoint Extended Life Orders5.Firm increases Adding by 20% vs. July 2022 TCV; and Minimum Add volume of at least 5 million shares ADV
Tier 3	-$0.0025	-$0.0025	-$0.0022	2,000,000 shr/day2,000,000 shr/dayMinimum of 2 million shares added per day a nd greater than 0.45% removed
Tier 4	-$0.0027	-$0.0027	-$0.0023	—1.Members with shares executed in the Opening and Closing Cross comprised of imbalance orders and/or limit on close orders entered after 3:55pm that represent more than 0.01% Consolidated Volume during the month2.Greater than 0.30% added3.Add greater than 0.10% TCV; and Add liquidity of 0.40% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM4.Remove greater than 0.40% TCV; and Add greater than 0.15% TCV; and Minimum of 800,000 shares of Non-Displayed liquidity added per day
Tier 5	-$0.0028	-$0.0028	-$0.0025	0.35% ADV0.35% ADV1.Add greater than 0.35% of TCV and Remove greater than 0.75% TCV2.Add 0.45% TCV or greater of which 0.10% or greater are Tape B securities3.Add greater than 0.375% TCV; and Increases Midpoint Extended Life Orders average daily volume by 100% or more versus the firm’s June 2021 Midpoint Extended Life Orders average daily volume; and Firm executes an average daily volume of 500,000 or more shares through Midpoint Extended Life Orders during the month
Tier 6	-$0.0029	-$0.0029	-$0.0027	—1.0.75% or greater added of which 0.15% or greater are Tape B securities2.Add 0.50% TCV or greater of which 0.10% or greater are Tape B securities; and Add 0.15% TCV or greater of non-displayed liquidity (including midpoint orders) and Midpoint Extended Life Orders3.Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.15% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM4.Add 0.65% or greater of TCV or 70M shares ADV; and Increases Midpoint Extended Life Orders average daily volume by 150% or more versus the firm’s January 2021 Midpoint Extended Life Orders average daily volume; and Firm executes an average daily volume of 750,000 or more shares through Midpoint Extended Life Orders during the month5.Greater than 0.675% added; and Firm executes an average daily volume of 350,000 or more shares through Midpoint Extended Life Orders during the month6.Add greater than 0.60% TCV and Remove greater than 0.80% TCV; and Firm executes an average daily volume of 350,000 or more shares through Midpoint Extended Life Orders during the month7.Greater than 0.60% added of which 0.10% are Tape B securities Greater than 0.15% TCV added of non-displayed liquidity (other than midpoint orders)8.Add 0.50% TCV or greater via Displayed orders 2.5% TCV or greater of adding and removing
Tier 7	-$0.00295	-$0.00295	-$0.0028	0.65% ADV0.65% ADV1.Add greater than 0.65% TCV; and 0.15% or greater are Designated Retail orders; and Firm has a 60% add to total volume (adding and removing) ratio during the month2.Add greater than 0.70% TCV; and Add greater than 0.20% of TCV using midpoint orders (midpoint add + MELO); and Remove 1.10% TCV
Tier 8	-$0.0030	-$0.0030	-$0.0029	0.95% ADV0.95% ADV1.Greater than 0.95% add and add 0.25% TCV of non-display2.Add 0.875% TCV or greater; and Add 0.25% TCV or greater using midpoint orders (midpoint add + MELO); and Remove 1.35% TCV3.1.00% add* TCV; and 0.30% add* TCV in Tape B securities; and 0.25% add* TCV of non-displayed liquidity (other than midpoint orders) and MELO * in securities priced at or greater than $14.0.70% add (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1); and 0.15% add in Tape B securities; and 0.10% add of non-displayed liquidity (other than midpoint orders)
Tier 9	-$0.00305	-$0.00305	-$0.00295	1.5% ADV1.5% ADV1.Greater than 1.50% add2.Add greater than 0.95% TCV; and Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.20% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM; and Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.50% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
Tier 10	—	—	-$0.0030	0.95% ADV0.95% ADV1.Greater than 0.95% add and add 0.25% TCV of non-display2.Add 0.875% TCV or greater; and Add 0.25% TCV or greater using midpoint orders (midpoint add + MELO); and Remove 1.35% TCV3.1.00% add* TCV; and 0.30% add* TCV in Tape B securities; and 0.25% add* TCV of non-displayed liquidity (other than midpoint orders) and MELO * in securities priced at or greater than $14.0.70% add (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1); and 0.15% add in Tape B securities; and 0.10% add of non-displayed liquidity (other than midpoint orders)
Tier 11	—	—	-$0.00305	1.5% ADV1.5% ADV1.Greater than 1.50% add2.Add greater than 0.95% TCV; and Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.20% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM; and Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.50% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
Supplemental Credit	-$0.00005	—	—	1,000,000 shr/day1,000,000 shr/day1.M-ELO Supplemental Credit A Increases average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 1 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) ADV; or Firm adds a minimum average daily volume of 3 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV (midpoint add + MELO) by 100% or more vs June 2021 midpoint add ADV (midpoint add + MELO)2.Increase Adding by 30% vs Oct 2021 or Nov 2021 TCV Add at least 15 Million ADV3.Firm has a 60% add to total volume (adding and removing) ratio during the month and Add 0.50% or greater of TCV of which 0.35% or greater are Tape C securities; and 0.15% or greater are Designated Retail orders
Supplemental Credit	—	-$0.0001	—	0.1% ADV0.1% ADV1.Greater than 0.10% added in Tape B2.Increase Adding by at least 20% TCV vs. Jul 2025 TCV; and Limit On Close orders entered after 3:55pm and immediately prior to 3:58pm that represent more than 0.10% TCV during the month
Supplemental Credit	—	—	-$0.00005	1,000,000 shr/day1,000,000 shr/day1.M-ELO Supplemental Credit A Increases average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 1 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) ADV; or Firm adds a minimum average daily volume of 3 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV (midpoint add + MELO) by 100% or more vs June 2021 midpoint add ADV (midpoint add + MELO)2.Increase Adding by 30% vs Oct 2021 or Nov 2021 TCV Add at least 15 Million ADV3.Firm has a 60% add to total volume (adding and removing) ratio during the month and Add 0.50% or greater of TCV of which 0.35% or greater are Tape C securities; and 0.15% or greater are Designated Retail orders

Add Non-Displayed9, J, NNon-Displayedmaker

Add Non-Displayed

Show pricing tiers

NJ

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—All other firms
Tier 1	-$0.0010	-$0.0010	-$0.0005	0.3% ADV0.3% ADV1.Firm (i) provides 0.30% TCV through non-displayed orders and Midpoint Extended Life Orders and (ii) increases non-displayed add liquidity and Midpoint Extended Life Orders volume by 0.06% TCV versus August 2020 non-display add and Midpoint Extended Life Orders TCV2.Firm adds greater than 0.03% of TCV of non-displayed liquidity, including midpoint orders
Tier 2	-$0.0015	-$0.0015	-$0.00075	0.1% ADV0.1% ADV1.Firm (i) provides 0.10% TCV through non-displayed orders (other than midpoint orders) and (ii) provides 0.15% TCV liquidity using midpoint orders2.Firm (i) provides at least 0.10% TCV through non-displayed add liquidity (other than midpoint) and (ii) increases non-displayed add liquidity (other than midpoint) by at least 30% vs. February 2026 TCV* * Unless otherwise extended, this tier will expire no later than the end of August 2026
Tier 3	—	—	-$0.0010	0.1% ADV0.1% ADV1.Firm (i) provides 0.10% TCV through non-displayed orders (other than midpoint orders) and (ii) provides 0.15% TCV liquidity using midpoint orders2.Firm (i) provides at least 0.10% TCV through non-displayed add liquidity (other than midpoint) and (ii) increases non-displayed add liquidity (other than midpoint) by at least 30% vs. February 2026 TCV* * Unless otherwise extended, this tier will expire no later than the end of August 2026

9

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0000	$0.0000	$0.0000	—All other firms
Tier 1B	—	—	-$0.0005	0.03% ADV0.03% ADV1.Firm adds greater than 0.03% of TCV of non-displayed liquidity, including midpoint orders2.Rebate to add Liquidity in the pre-market session
Tier 2	-$0.0010	-$0.0010	-$0.00075	0.3% ADV0.3% ADV1.Firm (i) provides 0.30% TCV through non-displayed orders and Midpoint Extended Life Orders and (ii) increases non-displayed add liquidity and Midpoint Extended Life Orders volume by 0.06% TCV versus August 2020 non-display add and Midpoint Extended Life Orders TCV2.Firm adds greater than 0.03% of TCV of non-displayed liquidity, including midpoint orders
Tier 3	-$0.0015	-$0.0015	-$0.0010	0.1% ADV0.1% ADV1.Firm (i) provides 0.10% TCV through non-displayed orders (other than midpoint orders) and (ii) provides 0.15% TCV liquidity using midpoint orders2.Firm (i) provides at least 0.10% TCV through non-displayed add liquidity (other than midpoint) and (ii) increases non-displayed add liquidity (other than midpoint) by at least 30% vs. February 2026 TCV* * Unless otherwise extended, this tier will expire no later than the end of August 2026

Add Non-Displayed (Midpoint)kMidpointmaker

Add Non-Displayed (Midpoint)

Show pricing tiers

k

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0014	-$0.0014	—	1,000,000 shr/day1,000,000 shr/dayFirm adds less than 1 million shares of midpoint liquidity
Tier 1B	—	—	-$0.0010	—1.Firm adds 1 million or more shares of midpoint liquidity2.Firm adds less than 1 million shares of midpoint liquidity
Tier 2	-$0.0018	-$0.0018	-$0.0017	—Firm adds 1 million or more shares of midpoint liquidity
Tier 3	-$0.0020	-$0.0020	-$0.0020	—Firm adds 3 million or more shares of midpoint liquidity
Tier 4	-$0.0022	-$0.0022	-$0.0025	—Firm adds 6 million or more shares of midpoint liquidity
Tier 5	-$0.0025	-$0.0025	-$0.0027	5,000,000 shr/day5,000,000 shr/dayFirm adds greater than 5 million shares of midpoint liquidity and add 8 million shares of non-displayed liquidity
Tier 6	-$0.0027	-$0.0027	-$0.0028	—F irm adds ADV of 20 million or more shares of midpoint liquidity
Tier 7	-$0.0028	-$0.0028	—	0.3% ADV0.3% ADVFirm adds midpoint liquidity that represents 0.30% TCV or more
Supplemental Credit	—	—	-$0.0001	4,000,000 shr/day4,000,000 shr/day1.Firm executes an average daily volume of at least 2.5 million up to, but not including 4 million shares through Midpoint Extended Life Orders2.Firm provides 0.35% TCV through Midpoint Extended Life Orders and midpoint orders; and Firm provides at least 0.20% TCV through midpoint orders3.Firm executes an average daily volume of 5 million or more shares through Midpoint Extended Life Orders
Supplemental Credit	-$0.0001	-$0.0001	—	4,000,000 shr/day4,000,000 shr/day1.Firm executes an average daily volume of at least 2.5 million up to, but not including 4 million shares through Midpoint Extended Life Orders2.Firm provides 0.35% TCV through Midpoint Extended Life Orders and midpoint orders; and Firm provides at least 0.20% TCV through midpoint orders3.Firm executes an average daily volume of 5 million or more shares through Midpoint Extended Life Orders

Retail Add DisplayedeRetailmaker

Retail Add Displayed

Show pricing tiers

e

Retail

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.00325	-$0.00325	-$0.00325	—All other firms
Tier 1	-$0.0033	-$0.0033	-$0.0033	85% ADV85% ADVFirm has an 85% add to total volume (adding and removing) ratio during the month

Supplemental Liquidity0Supplementalmaker

Supplemental Liquidity

Show pricing tiers

0

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0015	-$0.0015	-$0.0015	1,000,000 shr/day1,000,000 shr/dayMPID adds less than 1 million shares of supplemental liquidity
Tier 2	-$0.0018	-$0.0018	-$0.0018	1,000,000 shr/day1,000,000 shr/dayMPID adds greater than 1 million shares of supplemental liquidity

Nasdaq PSX

Add DisplayedA, V, uDisplayedmaker

Add Displayed

Show pricing tiers

uVA

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0020	-$0.0020	-$0.0020	—All others
Tier 2	-$0.0030	-$0.0030	-$0.0030	0.05% ADV0.05% ADVFirm adds 0.05% or more of TCV
Tier 3	-$0.0032	-$0.0032	-$0.0032	0.07% ADV0.07% ADVFirm adds 0.07% or more of TCV
Tier 4	-$0.0033	-$0.0033	-$0.0033	0.15% ADV0.15% ADVFirm adds 0.15% or more of TCV
Supplemental Credit	-$0.00005	-$0.00005	-$0.00005	0.1% ADV0.1% ADVFirm Adds 0.10% or more of TCV during the prior month; and Firm Adds 0.10% or more of TCV during the month.

Add Non-DisplayedJNon-Displayedmaker

Add Non-Displayed

Show pricing tiers

J

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0005	-$0.0005	-$0.0005	—Other non-displayed added liquidity
Tier 1	-$0.0015	-$0.0015	-$0.0015	0.01% ADV0.01% ADVFirm adds 0.01% or more of TCV of non-displayed liquidity (other than midpoint orders)

Add Non-Displayed (Midpoint)kMidpointmaker

Add Non-Displayed (Midpoint)

Show pricing tiers

k

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	-$0.0018	-$0.0018	-$0.0018	—All firms
Tier 1	-$0.0025	-$0.0025	-$0.0025	1,000,000 shr/day1,000,000 shr/dayAdd Non-Displayed Liquidity via an Order with Midpoint Pegging of at least 1million shares ADV

Nasdaq Texas

Add Displayed7, 8, A, uDisplayedmaker

Add Displayed

Show pricing tiers

A87u

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0030	$0.0030	$0.0030	—All other firms
Tier 2	$0.0020	$0.0020	$0.0020	0.05% ADV0.05% ADVFirms Adding at least 0.05% TCV

Add Non-Displayed (Midpoint)kMidpointmaker

Add Non-Displayed (Midpoint)

Show pricing tiers

k

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0010	$0.0010	$0.0010	—All other firms
Tier 2	$0.0005	$0.0005	$0.0005	0.02% ADV0.02% ADVFirm adds at least 0.02% TCV of non-displayed liquidity

Retail Price Improvement (Add)1, 4, jRetailmaker

Retail Price Improvement (Add)

Show pricing tiers

j1

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0025	$0.0025	$0.0025	—Fee for RPI Order that provides liquidity
Tier 1	$0.0018	$0.0018	$0.0018	0.02% ADV0.02% ADVFee for RPI Orders from a member that adds at least 0.02% RPI shares per day

4

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0003	$0.0003	$0.0003	—Fee for RPI orders that provide liquidity for Retail Order with an accepted price greater than or equal to $10,000

Remove DisplayedRRemovetaker

Remove Displayed

Show pricing tiers

R

Tier	Tape A	Tape B	Tape C	Threshold
BaseB	$0.0007	$0.0007	$0.0007	—All other firms
Tier 2	-$0.0005	-$0.0005	-$0.0005	50,000 shr/day50,000 shr/dayFirms adding at least 50,000 ADV
Tier 3	-$0.0010	-$0.0010	-$0.0010	0.05% ADV0.05% ADVFirms Adding and Removing at least 0.05% TCV; and Adding at least 50,000 ADV
Tier 4	-$0.0016	-$0.0016	-$0.0016	0.1% ADV0.1% ADVFirms Adding and Removing at least 0.10% TCV; and Removing at least 0.05% TCV; and Adding at least 50,000 ADV
Tier 5	-$0.0018	-$0.0018	-$0.0018	0.15% ADV0.15% ADVFirms Adding and Removing at least 0.15% TCV; and Removing at least 0.05% TCV; and Adding at least 50,000 ADV