Cboe C2 Options Exchange Fees Schedule
Effective June 4, 2018
The following rates apply to simple, non-complex orders in all equity, multiply-listed index, ETF and ETN options classes. Listed rates are per contract. All except RUT.
|Penny Classes||Non-Penny Classes|
|Non-Customer, Non-Market Maker (Professional Customer, Firm, Broker/Dealer, non-C2 Market-Maker, JBO, etc.)||PN||($0.40)||PP||$0.50||NN||($0.65)||NP||$0.93|
|Trades at the Open||OO||FREE||OO||FREE||OO||FREE||OO||FREE|
|Resting simple trades with resting complex||CA||FREE||CA||FREE||CA||FREE||CA||FREE|
For transactions in which simple, non-complex orders or quotes execute against a resting complex order, no fees or rebates will be assessed to any component of the resting complex order or the simple, non-complex orders or quotes.
The following rates apply to complex orders in equity, multiply-listed index, ETF and ETN options classes. For transactions in which resting simple, non-complex orders or quotes execute against an incoming marketable complex order, each component of the complex order will be assessed the complex order fees listed in the rate table below, while the simple, non-complex orders and quotes will be assessed the transaction fees listed in the rate table above. For transactions in which a complex order executes against another complex order, each component of the complex order will be assessed the complex order fees listed in the rate table below.
For executions that occur within the Complex Order Auction (“COA”) against auction responses, the incoming/auctioned order will receive applicable Add rates, and auction responses and unrelated orders will receive applicable Remove rates. Listed rates are per contract. All except RUT.
|Penny Classes||Non-Penny Classes|
|Non-Customer, Non-Market Maker (Professional Customer, Firm, Broker/Dealer, non-C2 Market-Maker, JBO, etc.)||ZA||$0.20||ZR||$0.48||ZB||($0.60)||ZS||$0.88|
|Resting complex Trades with resting simple leg book||CT||FREE||CT||FREE||CT||FREE||CT||FREE|
|Trades at the Open||OC||FREE||OC||FREE||OC||FREE||OC||FREE|
The following rates apply to all executions in RUT. Listed rates are per contract.
|Non-Customer, Non-Market Maker (Professional Customer, Firm, Broker/Dealer, non-C2 Market-Maker, JBO, etc.)||BN||$0.55|
|Trades on the Open||BO||FREE|
Index License Surcharge Fees:
Surcharge Fees apply to all non-Public Customer transactions.
|Russell 2000 Index (RUT)||$0.45|
Linkage Routing Fees:
|GC||Routed (Customer) - RUT||$0.85|
|GM||Routed (Market-Maker) - RUT||$1.05|
|GN||Routed (Non-Customer, Non-Market-Maker) - RUT||$1.25|
|GO||Routed at the Open - RUT||FREE||RC||Routed (Customer), Penny||$1.19|
|RM||Routed (C2 Market-Maker), Penny||$1.20|
|RR||Routed (Non-Customer, Non-Market Maker), Penny||$1.20|
|RD||Routed (Customer), Non-Penny||$1.55|
|RN||Routed (C2 Market-Maker), Non-Penny||$1.60|
|RO||Routed at the Open||FREE|
|RS||Routed (Non-Customer, Non-Market Maker), Non-Penny||$1.63|
The Linkage Routing fee will be waived for orders that are routed to another Exchange if entered on (i) a prior business day or (ii) prior to 8:30 a.m. CST on the same business day.
Fee Codes and Associated Fees:
|BC||Public Customer - RUT||0.15|
|BM||C2 Market Maker - RUT||0.35|
|BN||All Non-Customer, Non-Market Maker - RUT||0.55|
|BO||Trades at the Open - RUT||Free|
|CA||Resting Simple Order Trades with Resting Complex Order||Free|
|CT||Resting Complex Orders Trades with Resting Simple Order||Free|
|GC||Routed (Customer) - RUT||0.85|
|GM||Routed (Market Maker) - RUT||1.05|
|GN||Routed (Non-Customer, Non-Market Maker) - RUT||1.25|
|GO||Routed at the Open - RUT||Free|
|NC||Removes Liquidity (Public Customer), Non-Penny||0.85|
|NM||Adds Liquidity (C2 Market Maker), Non-Penny||(0.73)|
|NN||Adds Liquidity (Non-Customer, Non-Market Maker), Non-Penny||(0.65)|
|NP||Removes Liquidity (Non-Customer, Non-Market Maker), Non-Penny||0.93|
|NR||Removes Liquidity (C2 Market Maker),Non-Penny||0.90|
|NY||Adds Liquidity (Public Customer), Non-Penny||(0.80)|
|OC||Complex Trades at the Open||Free|
|OO||Simple Trades at the Open||Free|
|PC||Removes Liquidity (Public Customer), Penny||0.49|
|PM||Adds Liquidity (C2 Market Maker),Penny||(0.45)|
|PN||Adds Liquidity (Non-Customer, Non-Market Maker), Penny||(0.40)|
|PP||Removes Liquidity (Non-Customer, Non-Market Maker), Penny||0.50|
|PR||Removes Liquidity (C2 Market Maker),Penny||0.50|
|PY||Adds Liquidity (Public Customer), Penny||(0.42)|
|RC||Routed (Customer), Penny||1.19|
|RD||Routed (Customer), Non-Penny||1.55|
|RM||Routed (C2 Market Maker), Penny||1.20|
|RN||Routed (C2 Market Maker), Non-Penny||1.60|
|RO||Routed at the Open||Free|
|RR||Routed (Non-Customer, Non-Market Maker), Penny||1.20|
|RS||Routed (Non-Customer, Non-Market Maker), Non-Penny||1.63|
|ZA||Adds Liquidity Complex (Non-Customer, Non-Market Maker), Penny||0.20|
|ZB||Adds Liquidity Complex (Non-Customer, Non-Market Maker), Non-Penny||(0.60)|
|ZC||Adds Liquidity Complex (Public Customer), Penny||(0.35)|
|ZD||Removes Liquidity Complex (Public Customer), Penny||0.47|
|ZE||Adds Liquidity Complex (Public Customer), Non-Penny||(0.75)|
|ZF||Removes Liquidity Complex (Public Customer), Non-Penny||0.83|
|ZM||Adds Liquidity Complex (C2 Market Maker), Penny||0.10|
|ZN||Adds Liquidity Complex (C2 Market Maker), Non-Penny||(0.68)|
|ZP||Removes Liquidity Complex (C2 Market Maker), Non-Penny||0.85|
|ZR||Removes Liquidity Complex (Non-Customer, Non-Market Maker), Penny||0.48|
|ZS||Removes Liquidity Complex (Non-Customer, Non-Market Maker), Non-Penny||0.88|
|ZT||Removes Liquidity Complex (C2 Market Maker), Penny||0.48|
|Type of Permit||Cost per Month|
|Electronic Access Permit||$1,000|
Market-Maker Permit- Entitles the holder to act as a Market-Maker. This permit provides an appointment credit of 1.0 and Trading Permit Holder status.
Electronic Access Permit- Entitles the holder to access to the Exchange. Holders must be broker-dealers registered with the Exchange and are allowed to submit orders to the Exchange. The EAP provides Trading Permit Holder status.
Access fees are non-refundable and are assessed through the integrated billing system during the first week of the following month. If a Trading Permit is issued during a calendar month after the first trading day of the month, the access fee for the Trading Permit for that calendar month is prorated based on the remaining trading days in the calendar month. Trading Permits will be renewed automatically for the next month unless the Trading Permit Holder submits written notification to the Membership Services Department by 4 p.m. on the second-to-last business day of the prior month to cancel the Trading Permit effective at or prior to the end of the applicable month. Trading Permit Holders will only be assessed a single monthly fee for each type of Trading Permit it holds. For example, a Trading Permit Holder with two Market-Maker Permits and one Electronic Access Permit would be assessed a total of $6,000 per month ($5,000 for a Market-Maker Permit and $1,000 for an Electronic Access Permit).
Sponsored User Fees:
|Registration Fee*||$2,500 (one-time)|
* This fee is a one-time fee payable by a Trading Permit Holder for the registration of each of its Sponsored Users. The Sponsored User Program is governed by C2 Rule 3.15.
Sales Value Fee:
The Sales Value Fee is assessed by C2 to each Trading Permit Holder for sales of securities in the following circumstances: (i) when a sale in option securities occurs with respect to which C2 is obligated to pay a fee to the SEC under Section 31 of the Exchange Act, and (ii) when a sell order in option securities is routed for execution at a market other than on C2, resulting in a covered sale on that market and an obligation of the routing broker providing Routing Services for C2, as described in C2 Rule 636, to pay the related sales fee of that market. To the extent there may be any excess monies collected under this section, C2 may retain those monies to help fund its general operating expenses. The Exchange may reimburse its routing broker for all Section 31-related fees incurred by the routing broker in connection with the Routing Services it provides. The sales transactions to which the Fee applies are sales of options (other than options on a security index). The Sales Value Fee is collected indirectly from Trading Permit Holders through their clearing firms by OCC on behalf of C2 with respect to options sales and options exercises. The amount of the Sales Value Fee is calculated as described below.
Calculation of Fee for Options Sales and Options Exercises: The Sales Value Fee is equal to (i) the Section 31 fee rate multiplied by (ii) the Trading Permit Holder's aggregate dollar amount of covered sales resulting from options transactions occurring on the Exchange during any computational period.
|Engage in Customer Business*||$3,000|
|Renewal for Organizations||$2,500|
|Renewal for Sole Proprietors||$500|
|Rule 19h-1 Change in Status||$1,650|
|Permit Transfer Fee||$500|
* These fees are not applicable to Cboe Options Trading Permit Holders in connection with obtaining an initial C2 Trading Permit.
** This fee will not be assessed for a Responsible Person who is also an Associated Person with the same Trading Permit Holder.
Web CRDSM Fees:
The following fees will be collected and retained by FINRA via the Web CRDSM registration system for the registration of associated persons of Exchange Trading Permit Holders that are not also FINRA members:
General Registration Fees:
|$100||FINRA Non-Member Processing Fee*|
|$110||FINRA Disclosure Processing Fee** (U-4, U-5, Form BD and amendments)|
|$45||FINRA Annual System Processing Fee assessed only during Renewals|
* For all Initial, Transfer, Relicense, and Dual Registration Form U-4 filings. This fee will also be generated upon refiling to Web CRDSM of C2 - only registered individuals.
** For all registration, transfer, or termination filings with new or amended disclosure information or that require certification as well as any amendment to disclosure information.
Fingerprint Processing Fees:
|$44.50||per paper card Initial Submission|
|$30.00||per paper card Second Submission|
|$44.50||per paper card Third Submission|
|$29.50||per electronic initial submission|
|$15.00||per electronic second submission|
|$29.50||per electronic third submission|
|$30.00||per card submitted by Trading Permit Holders on behalf of their associated persons who have had their prints processed through a self-regulatory organization (“SRO”) other than FINRA.|
Continuing Education Fees:
There shall be a session fee of $55 for each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Rule 9.3A.
Communication Review Fee:
Regular review - 1) for printed material reviewed, $150 per submission, plus $25 for each page reviewed in excess of 5 pages; and 2) for video and audio media reviewed, $150 per submission, plus $25 per minute for each minute of tape reviewed in excess of 5 minutes.
Expedited review - 1) for printed material reviewed, $1,000 per submission, plus $50 for each page reviewed in excess of 5 pages; and 2) for video and audio media reviewed, $1,000 per submission, plus $50 per minute for each minute of tape reviewed in excess of 5 minutes.
Expedited review will be completed within five business days, not including the date the item is received by the Exchange, unless a shorter or longer period is agreed to by the Exchange. The Exchange may, in its sole discretion, refuse requests for expedited review.
Options Regulatory Fee:
|$.0015 per contract through January 31, 2018|
|$.0014 per contract effective February 1, 2018*|
* The Options Regulatory Fee is assessed to each Trading Permit Holder for options transactions cleared by the Trading Permit Holder that are cleared by The Options Clearing Corporation (OCC) in the customer range, regardless of the exchange on which the transaction occurs. C2 uses reports from OCC when assessing and collecting the ORF. The fee is collected by OCC on behalf of C2 from the Clearing Participant or non-Clearing Participant that ultimately clears the transaction. With respect to linkage transactions, C2 reimburses its routing broker providing Routing Services pursuant to C2 Options Rule 6.15 for options regulatory fees it incurs in connection with the Routing Services it provides. Pursuant to Cboe Options Rule 15.1 (which applies to C2 Trading Permit Holders), solely for purposes of ORF billing, Trading Permit Holders must provide C2 with a complete list of its OCC clearing numbers and keep such information up to date with C2.
Qualification Examination Waiver Request Fee:
|$200 per exam waiver request|
This fee is assessed to a Trading Permit Holder for each waiver request of a non-FINRA examination (e.g., Series 57 examination) submitted by the Trading Permit Holder.
Physical Connectivity Fees:
Assessed to TPHs and non-TPHs
|Fee||Cost per Month|
|Physical Port 1 Gbps*||$2,500 per port|
|Physical Port 10 Gbps*||$7,500 per port|
|Physical Port 1 Gbps (Disaster Recovery)||$2,000 per port|
|Physical Port 10 Gbps (Disaster Recovery)||$6,000 per port|
* Through June 30, 2018, C2 market participants can elect to connect to C2’s trading system via either a 1 Gigabit Ethernet or a 10 Gigabit Ethernet Network Access Port. No fees will be assessed for the legacy Network Access Ports.
TPHs and non-TPHs may also connect to C2’s trading system via Physical Ports. All Physical Port fees will be prorated based on the remaining trading days in the calendar month. Physical Ports (other than Disaster Recovery Physical Ports) may be used to connect to Cboe BZX, Cboe BYX, Cboe EDGX, and Cboe EDGA. Disaster Recovery Physical Ports may be used to connect to the Disaster Recovery Systems for Cboe BZX, Cboe BYX, Cboe EDGX, Cboe EDGA, Cboe Options and CFE. TPHs and non-TPHs will only be assessed a single fee for any Physical Port or Disaster Recovery Physical Port that accesses the identified exchanges, respectively. The Exchange will pass-through in full any fees or costs in excess of $1,000.00 incurred by the Exchange to complete a cross-connect.
Logical Connectivity Fees:
|Service||Cost per Month|
|Logical Ports (BOE, FIX, Drop)||$650 per port|
|Bulk BOE Ports 1-5||$1,500 per port|
|Bulk BOE Ports >5||$2,500 per port|
|Purge ports||$750 per port|
|GRP Ports||$650/primary (A or C Feed)|
|Multicast PITCH/Top Spin Server Ports||$650/set of primary (A or C feed)|
Logical Ports (BOE and FIX): Each BOE or FIX Logical Port will incur the logical port fee indicated in the table above when used to enter up to 70,000 orders per trading day per logical port as measured on average in a single month. Each incremental usage of up to 70,000 per day per logical port will incur an additional logical port fee of $650 per month. Incremental usage will be determined on a monthly basis based on the average orders per day entered in a single month across all of a market participant’s subscribed BOE and FIX Logical Ports.
Bulk BOE Ports: Each Bulk BOE Logical Port will incur the logical port fee indicated in the table above when used to enter up to 30,000,000 orders per trading day per logical port as measured on average in a single month. Each incremental usage of up to 30,000,000 orders per day per BOE Bulk Logical Port will incur an additional logical port fee of $2,500 per month. Incremental usage will be determined on a monthly basis based on the average orders per day entered in a single month across all of a market participant’s subscribed BOE Bulk Logical Ports.
Logical port fees are limited to logical ports within the primary data center. No logical port fees will be assessed for redundant secondary data center ports.
Multicast PITCH/Top is available through one of two primary feeds, either the A or C feed. All secondary feed Multicast PITCH/Top Spin Server and GRP Ports are provided for redundancy at no additional cost.
New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service. Port fees for BOE, FIX, BOE Bulk and Drop ports will be assessed the full month rates for May for ports available for use on the new trading platform beginning May 14, 2018. The port fees for BOE, FIX, BOE BULK and Drop ports added on or after May 15, 2018, will be pro-rated.
$400/month (per TPH login ID for first 15 login IDs)1
$100/month (per each additional TPH login ID)
$400/month (per non-TPH login ID)2
|Away-Market Routing||$0.02 (per executed contract or share equivalent)|
|PULSe-to-PULSe Routing||$50/month (per receiving TPH)|
|COB Feed Fee||$50/month (per login ID)|
|Drop Copy (received by TPH customer)||$425/month (per sending TPH)3|
|Drop Copy (received by TPH non-customer)||$0.02/contract (capped at $400/month per receiving non-TPH)4|
|Non-PULSe-to-PULSe Routing (sent by TPH customers)||$500/month (per receiving TPH)5|
|FIX Integration Drop Copy Start-Up||$500 (per sending TPH or receiving non-TPH, as applicable)6|
|FIX Integration Drop Copy Cancel||$500 (per sending TPH or receiving non-TPH, as applicable)7|
|Routing Intermediary Certification||$5,000|
|Equity Order Reports Fees||$250/month|
1 The fee is waived for the first month for the first new user of a TPH.
2 This fee is waived for the first month for the first new user of a non-TPH. If two or more TPHs make a PULSe login ID available to the same non-broker-dealer customer or to the same non-TPH broker-dealer, the non-TPH login ID fee payable by each TPH will be reduced to $250 per month per login ID.
3 This fee is payable by a TPH customer receiving drop copies and is $425/month for each TPH broker that sends the TPH customer drop copies via a PULSe workstation.
4 This fee is payable by a TPH broker sending drop copies and is capped at $400/month for each non-TPH customer to which the TPH broker sends drop copies via a PULSe workstation.
5 This fee is payable by a TPH customer using a non-PULSe order management system to send orders electronically to a TPH broker's PULSe workstation and is $500/month for each TPH broker with a PULSe workstation to which the TPH customer sends orders. TPH customers who request non-PULSe-to-PULSe order routing will also receive drop copies from its TPH brokers and must pay the monthly drop copy fee in addition to the in-bound addition fee.
6 This fee is payable by the TPH responsible for the drop copy fee. If payable by a TPH customer, the fee is $500 for each TPH broker to which the TPH customer requests to connect for receipt of drop copies. If payable by a TPH broker, the fee is $500 for each TPH customer that requesting to connect to the TPH broker for receipt of drop copies.
7 This fee is payable by the TPH responsible for the drop copy fee. If payable by a TPH customer, the fee is $500 for each TPH broker for which the TPH customer requests to cancel the drop copy functionality. If payable by a TPH broker, the fee is $500 for each TPH customer of the TPH broker that requests to cancel the drop copy functionality.
Cboe Data Services, LLC Fees:
I. The fees for the BBO Data Feed are as follows:
BBO DATA FEED:
|Data Fee (per month)||User Fees (per month)|
|C2 Options||$2,500||$50 per Device or user ID for Display Only Service Users (External users)|
The fees for the BBO Data Feed are payable by all "Customers".
A “Customer” is any person, company or other entity that, pursuant to a market data agreement with CDS, is entitled to receive data, either directly from CDS or through an authorized redistributor (i.e., a Customer or an extranet service provider), whether that data is distributed externally or used internally.
An entity or person that receives BBO data from a Customer through a Display Only Service is not a “Customer” unless it has a market data agreement in place with CDS. A “Display Only Service” allows a natural person end-user to view and manipulate data using the Customer’s computerized service, but not to save, copy, export or transfer the data or any results of the manipulation to any other computer hardware, software or media, except for printing it to paper or other non-magnetic media.
User Fees. User fees are payable only for “external” Display Only Service users (Devices or user IDs of Display Only Service users who receive data from a Customer and are not employees or natural person independent contractors of the Customer, the Customer’s affiliates or an authorized service facilitator). A “Device” means any computer, workstation or other item of equipment, fixed or portable, that receives, accesses and/or displays data in visual, audible or other form.
II. The fees for the Book Depth Data Feed are as follows:
BOOK DEPTH DATA FEED:
|Data Fee (per month)||User Fees (per month)|
Book Depth Data Feed Data Fee is waived for BBO Data Feed Customers
|$50 per Device or user ID for Display Only Service Users (External users)|
The fees for the Book Depth Data Feed are payable by all Customers, as defined in Section 1 above.
An entity or person that receives Book Depth data from a Customer through a Display Only Service (as defined in Section 1 above) is not a “Customer” unless it has a market data agreement in place with CDS.
User Fees. User fees are payable only for “external” Display Only Service users, as defined in Section 1 above.
III. The fees for the Complex Order Book Data Feed are as follows:
COMPLEX ORDER BOOK ("COB") DATA FEED:
|Data Fee (per month)||User Fees (per month)|
COB Data Feed Data Fee is waived for C2 Options BBO and Book Depth Data Feed Customers
$25 per Device or user ID for Professional Users (Internal and External Users)
$0 - Non-Professional User
The fees for the COB Data Feed are payable by all “Customers”, as defined in Section 1 above.
An entity or person that receives the COB Data Feed from a Customer and only uses it internally is not a “Customer” unless it has a market data agreement in place with CDS.
Non-Professional User. A “Non-Professional User” is a natural person or qualifying trust that uses Data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an “investment adviser” as that term is defined in Section 201(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.
Professional User. A “Professional User” is any natural person recipient of Data who is not a Non-Professional User.
User Fees. User fees for Professional Users are payable for both “internal” Professional Users (Devices or user IDs of employees of a Customer) and “external” Professional Users (Devices or user IDs of Professional Users who receive the Data from a Customer and are not employed by the Customer). (Non-Professional Users must be external since a person who uses the Data for a commercial purpose cannot be a Non-Professional User.)
IV. Systems Fees:
Port Fee: $1,000/per data source/month
Port Fee. The port fee is payable by any Customer that receives data through a direct connection to CDS or through a connection to CDS provided by an extranet service provider. The port fee applies to receipt of any C2 Options data feed but is only assessed once per data source.
Consolidated Audit Trail - Funding Fees
- For purposes of the Consolidated Audit Trail Funding Fees, the terms “CAT”, “CAT NMS Plan”, “Industry Member”, “NMS Stock”, “OTC Equity Security”, “Options Market Maker”, and “Participant” are defined as set forth in Cboe Rule 6.85 (Consolidated Audit Trail (CAT) Definitions).
- “ATS” means an alternative trading system as defined in Rule 300(a) of Regulation ATS under the Securities Exchange Act of 1934, as amended, that operates pursuant to Rule 301 of Regulation ATS.
- “CAT Fee” means the Consolidated Audit Trail Funding Fee(s) to be paid by Industry Members as set forth in paragraph B) below.
- “Equity ATS” is an ATS that executes transactions in NMS Stocks and/or OTC Equity Securities.
- “Equity Execution Venue” means an Execution Venue that trades NMS Stocks and/or OTC Equity Securities.
- “Execution Venue” means a Participant or an ATS (excluding any such ATS that does not execute orders).
(b) Fee Schedule:
(1) The CAT NMS, LLC will assign each Industry Member (other than an Equity ATS) to a fee tier once every quarter, where such tier assignment is calculated by ranking each Industry Member based on its total message traffic (with discounts for equity market maker quotes and Options Market Maker quotes based on the trade to quote ratio for equities and options, respectively) for the three months prior to the quarterly tier calculation day and assigning each Industry Member to a tier based on that ranking and predefined Industry Member percentages. The Industry Members with the highest total quarterly message traffic will be ranked in Tier 1, and the Industry Members with lowest quarterly message traffic will be ranked in Tier 7. Each quarter, each Industry Member (other than an Equity ATS) shall pay the following CAT Fee corresponding to the tier assigned by the CAT NMS, LLC for such Industry Member for that quarter:
|Tier||Percentage of Industry Members||Quarterly CAT Fee|
(2) The CAT NMS, LLC will assign each Equity ATS to a fee tier once every quarter, where such tier assignment is calculated by ranking each Equity Execution Venue based on its total market share of NMS Stocks and OTC Equity Securities (with a discount for the OTC Equity Securities market share of Equity ATSs trading OTC Equity Securities based on the average shares per trade ratio between NMS Stocks and OTC Equity Securities) for the three months prior to the quarterly tier calculation day and assigning each Equity Execution Venue to a tier based on that ranking and predefined Equity Execution Venue percentages. The Equity Execution Venues with the higher total quarterly market share will be ranked in Tier 1, and the Equity Execution Venues with the lowest quarterly market share will be ranked in Tier 4. Each quarter, each Equity ATS shall pay the following CAT Fee corresponding to the tier assigned by the CAT NMS, LLC for such Equity ATS for that quarter:
|Tier||Percentage of Equity Execution Venues||Quarterly CAT Fee|
(c) Timing and Manner of Payments:
(1) The CAT NMS, LLC will provide each Industry Member with one invoice each quarter for its CAT Fees as determined pursuant to paragraph B) above, regardless of whether the Industry Member is a member of multiple self-regulatory organizations. Each Industry Member will pay its CAT Fees to the CAT NMS, LLC via the centralized system for the collection of CAT Fees established by the CAT NMS, LLC in the manner prescribed by the CAT NMS, LLC.
(2) Each Industry Member shall pay CAT Fees within thirty days after receipt of an invoice or other notice indicating payment is due (unless a longer payment period is otherwise indicated). If an Industry Member fails to pay any such fee when due, such Industry Member shall pay interest on the outstanding balance from such due date until such fee is paid at a per annum rate equal to the lesser of (i) the Prime Rate plus 300 basis points, or (ii) the maximum rate permitted by applicable law.
These Consolidated Audit Trail Funding Fees will automatically expire two years after the operative date of the amendment of the CAT NMS Plan that adopts CAT fees for the Participants.
Any potential billing errors relating to fees assessed by C2 must be brought to the attention of C2’s Accounting Department within three months from the invoice date. All fees assessed shall be deemed final and non-refundable after three months from the invoice date. The Exchange is not precluded from assessing fees more than three months after they were incurred if those fees were required to be paid pursuant to the C2 Fees Schedule in effect at the time the fees were incurred.