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Total fees owed by a participant will be reduced (and participants will be paid for any unused credits) by the application of a tape credit.

"Tape credit" means 50% of monthly tape revenue from the Consolidated Tape Association (less all direct CTA costs) and Nasdaq UTP (less all direct Nasdaq UTP costs) generated by liquidity-providing (Maker) trades or Crosses effected on CBSX by the participant in a particular Tape A, Tape B or Tape C security.

Tape credits will be applied on a quarterly basis, after CBSX receives its payments from the reporting plans. To the extent that CBSX tape revenue is subject to a year-end adjustment, tape credits may be adjusted accordingly.

Contact:
Nancy Eichorn
New York Office
eichorn@cboe.com
212-344-4376









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