Effective Monday April 1, 2019, pending filing with the SEC, the following changes will apply to Nasdaq ISE, Nasdaq PHLX, and the Nasdaq Options Market (NOM), respectively.

Nasdaq ISE

• Priority Customer Complex Orders in symbol SPY Options that leg into the regular order book will be subject to a $0.05 per contract surcharge, net of any applicable rebates. Note that Priority Customer Complex Orders in SPY that execute within the complex order book will not be subject to this surcharge.
• Firms that execute greater than 1,750,000 originating contract sides in the Qualified Contingent Cross (QCC) and/or other Solicited crossing orders, and also qualify for Tier 6 or greater in the in the Priority Customer Complex tiers, will receive a rebate of $0.01 per contract, in addition to other QCC and Solicitation rebates.

Nasdaq PHLX

• For members that qualify for any MARS tier, The Exchange will pay $0.04 per contract Category C rebate and $0.02 per contract for Category D, in addition to the applicable Customer Rebate Program tier schedule.
• Firms that execute 20,000 MARS eligible contracts per day will receive a MARS Payment of $0.05 per contract. All other MARS tiers will remain as is.
• The Customer Fee to Remove Liquidity in Simple Orders in SPY will be reduced from $0.45 per contract to $0.42 per contract.
• The Market Maker and Specialist Rebate to Add Liquidity in Simple Orders in SPY will be reduced as follows:

Tier	Specialist and Market Maker Simple Average Daily Add Liquidity Volume executed in SPY	Old Rebate	New Rebate
1	1 to 2,499	($0.15)	($0.12)
2	2,500 to 4,999	($0.18)	($0.15)
3	5,000 to 19,999	($0.21)	($0.18)
4	20,000 to 34,999	($0.27)	($0.24)
5	35,000 to 49,999	($0.30)	($0.27)
6	greater than 49,999	($0.35)	($0.32)

NOM Customer and Professional

• The Customer and Professional Fee for Removing Liquidity will be lowered from $0.50 per contract to $0.48 per contract for all symbols in the Penny Pilot Program. In connection with this change, the discounted fees of $0.49 per contract in SPY and $0.48 per contract for NOM Participants that qualify for any MARS Payment Tier will be eliminated.
• The volume qualifications for Tier 6 of the Customer and Professional Rebate to add liquidity in Penny Pilot Options will be increased from 0.75% to 80% or more of total industry customer equity and ETF option ADV contracts per day in a month. In connection with the Tier 6 change, the volume qualifications for Tier 5 will now be from 0.40% to 0.80% (previously 0.75%). Note that the alternative qualifying thresholds for Tier 6 will not be amended.
• The rebate to add liquidity in Penny Pilot Options as Customer or Professional for NOM Participants that transact in all securities through one or more of its Nasdaq Market Center MPIDs that represent 3.00% or more of Consolidated Volume in the same month on The Nasdaq Stock Market will be lowered from $0.52 per contract to $0.50 per contract.

NOM MARS Program

• Participants of the MARS program that also qualify for Tier 6 of the Customer and Professional Rebate to Add Liquidity in Penny pilot options will no longer receive the additional $0.09 per contract rebate on MARS eligible contracts in Non-Penny Pilot options. Participants will continue to receive the additional rebate on MARS eligible contracts in Penny Pilot options.
• NOM Participants that have total Affiliated Entity or Common Ownership Average Daily Add Volume of 3.00% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional $0.01 per contract in Penny Pilot Options and an additional $0.03 per contract in Non-Penny Options, in addition to any MARS Payment tier on MARS Eligible Contracts the NOM Participant qualifies for in a given month.
• NOM Participants that execute the below thresholds of MARS Eligible Contracts per day and have total Affiliated Entity or Common Ownership Average Daily Add Volume of 3.25% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional rebate to their existing MARS rebates:

  MARS Eligible Contracts Per day	Additional Rebate on Penny Pilot Names	Additional Rebate on Non-Penny Pilot Names
  Equal to or greater than 75,000	$0.01	$0.10
  Equal to or greater than 100,000	$0.02	$0.19

  Note: NOM Participants will only receive the additional rebate for the range in which they fall above (for example, a participant adding 110,000 MARS eligible contracts will receive the $0.02 penny rebate / $0.19 non-penny rebate only.)

• NOM Participants that qualify for the Tier 6 NOM Market Maker Rebate to Add Liquidity in Penny Pilot Options, and also execute equal to or greater than 100,000 of MARS Eligible Contracts per day and have total Affiliated Entity or Common Ownership Average Daily Add Volume of 3.25% or more of total industry customer equity and ETF option ADV contracts per day in a month will receive an additional NOM Market Maker Rebate in Non-Penny Pilot options of $0.02 per contract, in addition to their existing $0.86 per contract Rebate to Add Liquidity in Non-Penny Pilot Options.

NOM Market Maker

• VXXB will be added to AAPL, QQQ, IWM and SPY in the select symbol list for Tiers 3 and 4 of the Market Maker Penny Pilot Rebate to Add Liquidity.