Fee Schedule

EDGX Exchange Fee Schedule - Effective August 1, 2014

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Rebates & Charges for Adding, Removing or Routing Liquidity per Share for Tape A, B, & C Securities1 :

Rebates indicated by parentheses ()

The rates listed in the Standard Rates table apply unless a Member is assigned a liquidity flag other than a standard flag.  If a Member is assigned a liquidity flag other than a standard flag, the rates listed in the Liquidity Flags table will apply.

Footnotes provide further explanatory text or, where annotated to flags, indicate variable rate changes, provided the conditions in the footnote are met.

Standard Rates:
Category Adding Liquidity Removing Liquidity Routing and Removing Liquidity
Securities at or above $1.00 $(0.0020)1,4 $0.00301,4 $0.0029
Securities below $1.00 $(0.00003) 0.30% of Dollar Value 0.30% of Dollar Value
Standard Flags
B, V, Y, 3, 4
N, W, 6, BB, PI, ZR X

Liquidity Flags and Associated Fees:
Flag Description Fee/(Rebate) Securities at or above $1.00 Fee/(Rebate) Securities below $1.00
A Routed to NASDAQ, adds liquidity (0.0015) FREE
B1,2 Add liquidity to EDGX (Tape B) (0.0020) (0.00003)
C Routed to BX (0.0011) 0.10% of Dollar Value
D Routed or re-routed to NYSE 0.0026 0.30% of Dollar Value
F Routed to NYSE, adds liquidity (0.0015) FREE
G Routed to NYSE Arca (Tapes A or C) 0.0030 0.30% of Dollar Value
I Routed to EDGA 0.0029 0.30% of Dollar Value
J Routed to NASDAQ 0.0030 0.30% of Dollar Value
K Routed to PSX using ROUC or ROUE routing strategy 0.0026 0.30% of Dollar Value
L Routed to NASDAQ using INET routing strategy (Tapes A or C) 0.0030 0.30% of Dollar Value
M Routed to LavaFlow, adds liquidity (0.0024) FREE
N1 Remove liquidity from EDGX (Tape C) 0.0030 0.30% of Dollar Value
O5 Routed to listing exchange's opening cross 0.0010 0.30% of Dollar Value
Q Routed using ROUC routing strategy 0.0020 0.30% of Dollar Value
R Re-routed by away exchange 0.0030 0.30% of Dollar Value
S Directed ISO order 0.0032 0.30% of Dollar Value
T Routed using ROUD/ROUE routing strategy 0.0012 0.30% of Dollar Value
U Routed to LavaFlow 0.0028 0.30% of Dollar Value
V1 Adds liquidity to EDGX (Tape A) (0.0020) (0.00003)
W1 Removes liquidity from EDGX (Tape A) 0.0030 0.30% of Dollar Value
X Routed 0.0029 0.30% of Dollar Value
Y1 Add liquidity to EDGX (Tape C) (0.0020) (0.00003)
Z Routed using ROUZ routing strategy 0.0010 0.30% of Dollar Value
2 Routed to NASDAQ using INET routing strategy (Tape B) 0.0030 0.30% of Dollar Value
31 Adds liquidity — pre & post market (Tapes A or C) (0.0020) (0.00003)
41,2 Adds liquidity — pre & post market (Tape B) (0.0020) (0.00003)
57 Internalization — pre & post market, per side 0.0005 0.15% of Dollar Value
61 Remove liquidity — pre & post market (All Tapes) 0.0030 0.30% of Dollar Value
71 Routed — pre & post market 0.0030 0.30% of Dollar Value
8 Routed to NYSE MKT LLC, adds liquidity (0.0015) FREE
9 Routed to NYSE Arca, adds liquidity (Tapes A or C) (0.0021) FREE
10 Routed to NYSE Arca, adds liquidity (0.0022) FREE
AA Midpoint Match Cross (same MPID) 0.0012 0.15% of Dollar Value
BB1 Remove liquidity from EDGX (Tape B) 0.0030 0.30% of Dollar Value
BY Routed to BATS BYX Exchange using routing strategies ROUC, ROUE or ROBY (0.0016) 0.10% of Dollar Value
CL9 Routed to listing market closing process, except for NYSE Arca & BATS BZX 0.0010 0.30% of Dollar Value
EA7 Internalization, adds liquidity 0.0005 0.15% of Dollar Value
ER7 Internalization, removes liquidity 0.0005 0.15% of Dollar Value
HA Non-Displayed Orders that add liquidity (not including Midpoint Match orders) (0.0015) (0.00003)
MM Add liquidity to Midpoint Match (using Midpoint Match order type) 0.0012 (0.00003)
MT Remove liquidity from Midpoint Match (using Midpoint Match order type) 0.0012 0.30% of Dollar Value
OO Direct Edge Opening 0.0010 FREE
PI1 Remove liquidity from EDGX against Midpoint Match 0.0030 0.30% of Dollar Value
PR Remove liquidity from EDGX using ROUQ routing strategy 0.0029 0.30% of Dollar Value
RA Routed to EDGA, adds liquidity 0.0005 FREE
RB Routed to BX, adds liquidity 0.0020 FREE
RP Non-Displayed Orders, adds liquidity (using Route Peg Order) (0.0015) (0.00003)
RQ Routed using ROUQ routing strategy 0.0029 0.30% of Dollar Value
RR Routed to EDGA using routing strategies IOCX of IOCT (0.0002) 0.30% of Dollar Value
RT1 Routed using ROUT routing strategy 0.0030 0.30% of Dollar Value
RX Routed using ROUX routing strategy 0.0030 0.30% of Dollar Value
RY Routed to BATS BYX, adds liquidity 0.0018 FREE
RZ Routed to BATS BZX, adds liquidity (0.0020) FREE
SW8 Routed using SWPA/SWPB/SWPC routing strategies (except for removal of liquidity from NYSE) 0.0031 0.30% of Dollar Value
ZA4 Retail Order, adds liquidity (0.0032) (0.00003)
ZR4 Retail Order, removes liquidity 0.0030 0.30% of Dollar Value
Definitions:
  • Average Daily Volume (“ADV”) is defined as the average daily volume of shares that a Member executed on, or routed by, the Exchange for the month in which the fees are calculated. ADV is calculated on a monthly basis, excluding shares on any day that the Exchange’s system experiences a disruption that lasts for more than 60 minutes during Regular Trading Hours (“Exchange System Disruption”), on any day with a scheduled early market close and on the last Friday in June (the “Russell Reconstitution Day”). 

    With prior notice to the Exchange, a Member may aggregate ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member’s Form BD).
  • Total Consolidated Volume (“TCV”) is defined as the volume reported by all exchanges and trade reporting facilities to the consolidated transaction reporting plans for Tapes A, B and C securities for the month in which the fees are calculated, excluding volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close or the Russell Reconstitution Day.
General Notes:
  • Unless otherwise indicated, the following added flags are counted towards tiers:  B, V, Y, 3, 4, HA, MM, RP and ZA.
  • Unless otherwise indicated, the following removal flags are counted towards tiers:  N, W, 6, BB, MT, PI, PR and ZR.
  • Unless otherwise indicated, the following routed flag is counted towards tiers prior to 9:30 AM or after 4:00 PM:  7.
  • The Exchange notes that to the extent a Member does not qualify for any of the below tiers, the rates listed in the above section titled “Liquidity Flags” will apply.  
  • To the extent a Member qualifies for higher rebates and/or lower fees than those provided by a tier for which such Member qualifies, the higher rebates and/or lower fees shall apply.
  • Variable rates provided by tiers apply only to executions in securities priced at or above $1.00.  
Footnotes:

1 Add Volume Tiers:

  • The rebates to add provided by the below add volume tiers are applicable to the following flags:  B, V, Y, 3, 4 and ZA.  
  • The reduced fees to remove provided by the below add volume tiers are applicable to the following flags:  N, W, 6, BB, PI and ZR.
Tier Rebate per share to Add
Fee per share to Remove and/or Route
Required Criteria
Mega Tier 1
$0.0035 $0.0029 for removing and/or routing yielding Flags 7 and RT (1) Add or route at least 4,000,000 shares of ADV prior to 9:30 AM or after 4:00 PM;
(2) Add a minimum of 35,000,000 shares of ADV on EDGX in total, including during both market hours and pre and post-trading hours; and
(3) Have an “added liquidity” to “added plus removed liquidity” ratio of at least 85%.
Mega Tier 2 $0.0032 $0.0029 for removing

(1) Add or route at least 4,000,000 shares of ADV prior to 9:30 AM or after 4:00 PM (includes all flags except 6); and

(2) Add a minimum of 0.20% of the TCV on a daily basis measured monthly, including during both market hours and pre and post-trading hours.
Mega Tier 3
$0.0032 $0.00295 for removing
(1) Add or route at least 1,500,000 shares of ADV prior to 9:30 AM or after 4:00 PM; and
(2) Add a minimum of 0.75% of the TCV on a daily basis measured monthly, including during both market hours and pre- and post-trading hours.
Market Depth Tier 1
$0.00325
(1) Add greater than or equal to 0.85% of the TCV in ADV on EDGX in total; and
(2) Add at least 4 million shares as Non-Displayed Orders that yield Flag HA.

Market Depth Tier 2
 $0.0029    (1) Add 10,000,000 shares or more of ADV on a daily basis, measured monthly; and
(2) Add at least 1,000,000 shares as Non-Displayed Orders that yield Flag HA.
Mega Step-Up Tier 1
$0.0032
(1) Add 0.12% of the TCV in ADV more than the Member’s February 2011 ADV added to EDGX; and
(2) Add a minimum of 0.35% of the TCV on a daily basis, measured monthly.
Mega Step-Up Tier 2
$0.0030

Add 0.12% of the TCV in ADV more than the Member’s February 2011 ADV added to EDGX.
Mega Step-Up Tier 3
$0.0028
Add 0.065% of the TCV in ADV more than the Member’s February 2011 ADV added to EDGX.
Ultra Tier
$0.0031
Add 0.50% of TCV in ADV, on a daily basis, measured monthly.
Super Tier
$0.0028

Add 10,000,000 shares or more of ADV, on a daily basis, measured monthly.
Growth Tier
$0.0025
Add 5,000,000 shares or more of ADV, on a daily basis, measured monthly.
Investor Tier
$0.0032
(1) Add a minimum of 0.15% of the TCV on a daily basis, measured monthly; and
(2) Have an “added liquidity” to “added plus removed liquidity” ratio of at least 85%. 
2 Tape B Step-Up Tiers:
Rebate per share to Add
Required Criteria
$0.0027 for orders yielding Flags B and 4
Add 600,000 shares in ADV in Tape B securities (Flags B and 4) more than the Member’s August 2013 ADV added to EDGX in Tape B securities.
3 Midpoint Match Volume Tier
Fee per share to Add
Required Criteria
FREE for orders yielding Flag MM Add and/or remove an ADV of at least 2,500,000 shares on a daily basis, measured monthly, on EDGX, yielding flags AA, MM and/or MT.

4 Retail Orders

Where a Retail Order is defined as (i) an agency order or riskless principal order that meets the criteria of FINRA Rule 5320.03 that originates from a natural person; (ii) is submitted to EDGX by a Member, provided that no change is made to the terms of the order; and (iii) the order does not originate from a trading algorithm or any other computerized methodology.  Members must submit a signed written attestation, in a form prescribed by the Exchange, that they have implemented policies and procedures that are reasonably designed to ensure that substantially all orders designated by the Member as a “Retail Order” comply with the above requirements.

If the Member represents Retail Orders from another broker-dealer customer, the Member's supervisory procedures must be reasonably designed to assure that the orders it receives from such broker dealer customer that it designates as Retail Orders meet the definition of a Retail Order. The Member must (i) obtain an annual written representation from each broker-dealer customer that sends it orders to be designated as Retail Orders that entry of such orders as Retail Orders will be in compliance with the requirements specified by the Exchange, and (ii) monitor whether its broker-dealer customer's Retail Order flow continues to meet the applicable requirements.

Retail Order Tier:
 Rebate per share to Add
 Required Criteria
 $0.0034 for orders yielding Flag ZA
(i) Add an ADV of Retail Orders (Flag ZA) that is 0.10% or more of the TCV on a daily basis, measured monthly; and
(ii) Have an "added liquidity" to "added to removed liquidity" ratio of at least 85%.
The Exchange notes that to the extent Members qualify for a rebate higher than $0.0032 per share (for Flag ZA executions that do not qualify for the above tier) or $0.0034 per share (for Flag ZA executions qualifying for the above tier) through other volume tiers, such as the Mega Tier 1 or Market Depth Tier, they will earn the higher rebate on Flag ZA instead of its assigned rate.  In addition, to the extent Members qualify for a removal rate lower than $0.0030 per share through any other tier, such as the Mega Tiers, then they will earn the lower removal rate on the Flag ZR instead of its assigned rate.

The Exchange notes that Members will only be able to designate their orders as Retail Orders on either an order-by-order basis using FIX ports or by designating certain of their FIX ports at the Exchange as “Retail Order Ports.” A Member may designate a Retail Order to be identified as Retail on the EDGX Book Feed on an order-by-order basis.  A Member may also instruct the Exchange to identify all its Retail Orders as Retail on a port-by-port basis where that port is also designated as a Retail Order Port.  However, if a Member instructs the Exchange to identify all its Retail Orders as Retail on a Retail Order Port, it will not be able to designate any Retail Order from that port as an Attributable Order, as defined in Rule 11.5(c)(18), or as a Non-Attributable Order, as defined in Rule 11.5(c)(19).

5 Capped at $20,000 per month per Member.

6 Reserved.

7 If a Member posts 10,000,000 shares or more of ADV to EDGX, then the Member’s rate for internalization (Flags 5, EA or ER) decreases to $0.0001 per share per side.

8 Flag D will be yielded if an SWPA, SWPB, or SWPC routing strategy removes liquidity from NYSE.

9 Flag O will be yielded if an order is routed to NYSE Arca & BATS BZX’s closing processes.

Late Fees:
A charge of 1% per month on the past due portion of the balance will be assessed on a Member’s account that is past due.  This fee will begin to accrue on a daily basis for items not paid within the 30 day payment terms until the item is paid in full.  Late fees incurred will be included as line items on subsequent invoices.

Port Fees:

Fee Billable Unit
Direct Sessions (FIX, EDGE XPRS (HP-API), Data, DROP, EdgeRisk Ports) Logical Port Fees*
$500/month Session
*First two (2) Direct Logical Ports are provided free of charge.
Ports used to request a re-transmission of market data from the Exchange are provided free of charge.

EdgeRisk Gateway Fees:

Members and non-members must pay a monthly fee for physical connectivity per the table below:


Fee
EdgeRisk Gateway Pair
$5,000/Month

Physical Connectivity Fees:
Connection Service Type
Fee per Physical Port
1 Gb Copper
$500/month
1 Gb Fiber
$1,000/month
10 Gb Fiber
$2,000/month
Membership Fees:
Membership Fee Type Tier Details Fee
Firm Membership N/A $2,000/year1
Trading Rights N/A $300/month2
MPID Fee — Tier 1 0 to 5 MPIDs $0
MPID Fee — Tier 2 More than 5 MPIDs $250/month3

1 If a Member is pending a voluntary termination of rights as a Member pursuant to Rule 2.8 prior to the date any Annual Membership Fee for a given year will be assessed (i.e, September 1, 2011, January 1, 2012, etc.) and the Member does not utilize the facilities of EDGX during such time, then the Member will not be obligated to pay the Annual Membership Fee.

Prior to the September 1, 2011 implementation date for these fee changes, the Exchange will waive monthly Trading Rights fees if a Member is pending a voluntary termination of rights pursuant to Rule 2.8.

3  Prior to the September 1, 2011 implementation date for these fee changes, the Exchange will waive monthly MPID fees if a Member is pending a voluntary termination of rights pursuant to Rule 2.8.


EdgeBook Depth Fees:
Delivery Fee
Internal Distributor $500/Month
External Distributor $2,500/Month

EdgeBook Attributed FeesSM :

In addition to EdgeBook Depth X fees, as described above, all subscribers to EdgeBook Attributed  will also incur the following fees:

Delivery Fee
Internal Distributor $2,500/Month
External Distributor $5,000/Month

A “Distributor” of Exchange data is any entity that receives a market data feed directly from the Exchange or indirectly through another entity and then distributes it either internally (within that entity) (“Internal Distributor”) or externally (outside that entity) (“External Distributor”). All Distributors shall execute a Market Data Vendor Agreement with Direct Edge, Inc., acting on behalf of the EDGX Exchange.


Edge Attribution Incentive Program:

Members who enter Attributable Orders into the Exchange’s System in at least 100 symbols over 10 consecutive trading days over the course of a month are eligible to participate in the Edge Attribution Incentive Program. Each month, the Exchange will set aside 25% of the revenue generated in connection with fees received from EdgeBook Attributed (the “Revenue Allotment”). From the Revenue Allotment, the Exchange will provide a payment to eligible Members who qualified for the Edge Attribution Incentive Program based on the percentage of executed share volume from their Attributable Orders entered into the Exchange’s System.


EdgeBook Cloud Pricing:
Service Data Received Price Delivery Charge Notes
Replay Rolling 30 days $500/month None Firms may request any of the last 30 days
Replay Calendar Month Request $500/month requested with a cap to $2,500 if less than or equal to 1TB At Cost Firms may request as many months as they want. If the firm requests more than 1TB, the firm will be charged an additional $2,500.
Flex Download Result as queried $750/month (up to and including 200GB) At Cost $5/GB Overage Charge for any overage beyond paid subscription
Flex Download Result as queried $1,500/month (>200GB and < or equal to 800GB) At Cost
Flex Download Result as queried $2,500/month (> 800GB, but < or equal to 1TB) At Cost $3/GB Overage Charge for any overage beyond paid subscription
Snapshot Result as queried $100/500 Hits/month None Hit = symbol*symbol activity level*day

Automatic subscription upgrade to the next level if months activity outside current subscription

Activity Level is a multiplier that is related to the total quantity of quotes and trades, on the Exchange, of a given security relative to the quantity of quotes and trades of all other securities trading on the exchange. Activity Levels are High (3), Medium (2), or Low (1), and are determined on a monthly basis pursuant to a review of the previous three month's activity for the security.
Snapshot Result as queried $250/2,500 Hits/month None
Snapshot Result as queried $500/10,000 Hits/month None
Snapshot Result as queried $750/50,000 Hits/month None
Snapshot Result as queried $1,000/250,000 Hits/month None

Effective upon the operative date of SR-EDGX-2013-31

Licensing & Continuing Education
Proprietary Trader
Fee
Series 56 Exam
$195
S501 Continuing Education
$60 per session
*Fees for the Series 56 exam and S501 continuing education sessions are to be paid directly to FINRA
2013 Wall Street Letter
Institutional Trading Awards:

Best Exchange Client Service
2013 Markets Choice Awards:
Most Innovative Exchange
2013 Institutional Investor
“Trading Technology 40”:

Saro Jahani, Chief Information
Officer, #29