National Stock Exchange

National Stock Exchange, Inc.
Fee and Rebate Schedule
Updated as of February 1, 2010

The following reflects the Schedule of Fees and Rebates (pursuant to Rule 16.1(a) and Rule 16.1(c)) for the National Stock Exchange, Inc. (“NSX”). Order matching computations are made on a monthly basis unless otherwise noted. All references to “per share” mean “per share executed.”

Securities $1 and Above

Securities Under $1 (All Tapes)

Securities $1 and Above (All Tapes)

A. Order Routing⁹ (All Tapes)

Securities $1 and Above

Fee of $0.0029 per share

Securities Under $1

Fee of 0.30% of trade value

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B. Pass Through Charges

NSX may pass through to a specific ETP Holder costs that are assessed to the Exchange by a third party that are attributable to that particular ETP Holder for its use of the facilities of the Exchange.

Explanatory endnotes:

(1) As specified in Rule 11.13(b)(1).

(2) “Displayed Orders” means orders that are not Zero Display Orders.

(3) “Liquidity Adding ADV” means, with respect to an ETP Holder¹⁰, the number of shares such ETP Holder has executed as a liquidity provider on average per trading day (excluding partial trading days) across all tapes on NSX for the calendar month (or partial month, as applicable¹¹) in which the executions occurred; provided, however, that for purposes of calculating an ETP Holder's Liquidity Adding ADV solely with respect to the rebate in AutoEx for Displayed Orders that add liquidity, the full trading day during the measurement period on which such ETP Holder's liquidity adding volume is lowest shall be excluded.

(4) “Zero Display Orders” means “Zero Display Reserve Orders” as specified in Rule 11.11(c)(2)(A).

(5) “Total ADV” means, with respect to an ETP Holder¹⁰, the number of shares such ETP Holder has executed as a liquidity provider, liquidity taker and router of executed trades on average per trading day (excluding partial trading days) across all tapes on NSX for the calendar month (or partial month, as applicable¹¹) in which the executions occurred. For purposes of clarity:  (i) no rebates apply to Zero Display Orders where the ETP Holder fails to achieve a Liquidity Adding ADV of at least 5 million shares in the same month (or partial month, as applicable); (ii) no rebates apply to Zero Display Orders where the ETP Holder fails to achieve Total ADV of at least 30 million shares in the same month (or partial month, as applicable); (iii) both Displayed Orders and Zero Display Orders in AutoEx and Order Delivery are counted for purposes of determining Total ADV; and (iv) the foregoing rebates apply only to liquidity adding Zero Display Orders executed in AutoEx.

(6) “Trade value” means a dollar amount equal to the price per share multiplied by the number of shares executed.

(7)  As specified in Rule 11.13(b)(2).

(8)  As specified in Rule 16.4. 

(9)  Orders that are routed via NSX and executed in another market center.

(10) Upon verification and approval by NSX, the number of shares executed by ETP Holders under common ownership and control will be aggregated for purposes of calculating average daily volumes.  See Rule 16.3.

(11) In the event of any change to this Fee and Rebate Schedule at other than the end of a calendar month, volume calculations will be made on the basis of such number of full trading days within such month during which the unchanged pricing or rebate program’s terms are in effect.