Fee Schedule

EDGA Exchange Fee Schedule - Effective September 2, 2014
(pending filing with the SEC)

Download in pdf format.

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

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 $0.00054 $(0.0002)1 $0.0029
Securities below $1.00 FREE FREE 1 0.30% of Dollar Value.
Standard Flags
B, V, Y, 3, 4 N, W, 6, BB, CR, PR, XR 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
B4 Add Liquidity to EDGA Book (Tape B) 0.0005 FREE
C Routed to BX (0.0011) 0.10% of Dollar Value
D Routed or re-routed to NYSE 0.0027 0.30% of Dollar Value
F Routed to NYSE, add liquidity (0.0015) FREE
G Routed to NYSE Arca (Tapes A & C) 0.0030 0.30% of Dollar Value
I Routed to EDGX 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 & C) 0.0030 0.30% of Dollar Value
M Routed to LavaFlow, adds liquidity (0.0024) FREE
N1 Remove liquidity from EDGA (Tape C) (0.0002) FREE
O5 Routed to listing exchange's opening cross 0.0010 0.30% of Dollar Value
P Routed to EDGX, including pre & post market, add liquidity (0.0027) FREE
Q Routed Using ROUQ or ROUC routing strategy and executes at non-exchange destinations 0.0020 0.30% of Dollar Value
R Re-routed by 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
V4 Add liquidity to EDGA (Tape A) 0.0005 FREE
W1 Remove liquidity from EDGA book (Tape A) (0.0002) FREE
X Routed 0.0029 0.30% of Dollar Value
Y4 Add Liquidity to EDGA (Tape C) 0.0005 FREE
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
34 Add liquidity —pre & post market (Tapes A or C) 0.0005 FREE
44 Add liquidity — pre & post market (Tape B) 0.0005 FREE
5 Internalization — pre & post market, per side 0.00015 FREE
61 Remove liquidity — pre & post market (All Tapes) (0.0002) FREE
7 Routed — pre & post market 0.0027 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 (Tape B) (0.0022) FREE
BB1 Remove liquidity from EDGA (Tape B) (0.0002) FREE
BY Routed to BATS BYX Exchange using routing strategies ROUC, ROUE, ROBY, ROBB, or ROCO (0.0016) 0.10% of Dollar Value
CL9 Routed to listing market closing process, except NYSE Arca & BATS BZX 0.0010 0.30% of Dollar Value
CR1,12 Remove liquidity from EDGA using eligible routing strategies (0.0002) FREE
DM Non-Displayed Orders, adds liquidity (using MidPoint Discretionary order type) 0.0005 0.05% of Dollar Value
DT Non-Displayed Orders, removes liquidity (using MidPoint Discretionary order type) 0.0005 0.05% of Dollar Value
EA Internalization, adds liquidity 0.00015 FREE
ER Internalization, removes liquidity 0.00015 FREE
HA2 Non-Displayed Orders, adds liquidity 0.0010 0.10% of Dollar Value
HR2 Non-Displayed Orders, removes liquidity 0.0010 0.10% of Dollar Value
MT Routed to EDGX MidPoint Match using ICMT, IOCM, ROCO or ROUC routing strategies 0.0012 0.30% of Dollar Value
OO Direct Edge Opening FREE FREE
PA Mid Point Routing Strategy (RMPT), adds liquidity 0.0008 FREE
PR1,6 Removes liquidity from EDGA using eligible routing strategies (0.0002) FREE
PT3 Mid Point Routing Strategy (RMPT), removes liquidity 0.0010 FREE
PX3 Routed using Mid Point Routing Strategy 0.0012 0.30% of Dollar Value
RB Routed to BX, adds liquidity 0.0020 FREE
RP Non-Displayed Orders, adds liquidity (using Route Peg Order) 0.0004 FREE
RR Routed to EDGX using routing strategies IOCX or IOCT 0.0029 0.30% of Dollar Value
RT10 Routed using the ROUT or ROOC routing strategy 0.0025 0.30% of Dollar Value
RX11 Routed using the ROUX routing strategy 0.0027 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
XR1,7 Removes liquidity from EDGA using eligible routing strategies (0.0002) FREE
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, DM, HA, PA, RP, 3 and 4.
  • Unless otherwise indicated, the following removal flags are counted towards tiers:  BB, N, W, CR, DT, HR, PR, PT, XR and 6.
  • Unless otherwise indicated, the following routed flags are counted towards tiers:  A, C, D, F, G, I, J, K, L, M, O, P, Q, R, S, T, U, X, Z, 2, 7, 8, 9, 10, BY, CL, PX, RA, RB, RC, RM, RR, RS, RT, RW, RX, RY, RZ and SW.
  • The Exchange notes that to the extent a Member does not qualify for any of the tiers listed below, 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 All removal rates on EDGA are contingent on the attributed MPID adding (including hidden) and/or routing a minimum ADV, measured monthly, of 50,000 shares on EDGA. Any attributed MPID not meeting the aforementioned minimum will be charged $0.0030 per share for removing liquidity from EDGA for securities priced $1.00 and over and 0.20% of dollar value for securities priced less than $1.00.

2 Rates for Flags HA and HR are contingent upon Member adding or removing greater than 1,000,000 shares non-displayed (hidden) on a daily basis, measured monthly (yields Flags HA, HR, DM, DT and RP) or Member posting greater than 8,000,000 shares (displayed and non-displayed) on a daily basis, measured monthly.  For securities priced at or above $1.00, Members not meeting either minimum will be charged $0.0030 per share for Flags HA and HR.  For securities priced below $1.00, Members not meeting either minimum will be charged 0.30% of the dollar value of the transaction.

3
RMPT Tier:
Fee per share to Remove/Route
Required Criteria
$0.0008 yielding flags PT and PX
Execute greater than 2,000,000 shares on a daily basis, measured monthly, using
routing strategy RMPT (i.e. receiving flags PA, PT, and PX).
4
Add Volume Tiers:
The fee to add provided by the below add volume tiers is applicable to the following flags: B, V, Y, 3 and 4. 

Tier                                   Fee per share to add
Required Criteria
Volume Tier 1
$0.0003 Add more than 1% of the TCV in ADV on EDGA, including
non-displayed orders that add liquidity on a daily basis, measured monthly.
Volume Tier 2
$0.0003 (1)  Add more than 0.25% of the TCV on EDGA,
 including non-displayed orders that add liquidity; and

(2) Remove more than 0.25% of the TCV in ADV on a daily basis, measured monthly.
Step-Up Tier 1
$0.0003 On an MPID basis, add more than 0.10% of the TCV on EDGA on a daily basis, measured monthly, more than the MPID’s December 2012 or September 2013 added ADV, whichever is lower.
Step-Up Tier 2 $0.0003 On an MPID basis:

(1) Add more than 0.05% of the TCV on EDGA on a daily basis, measured monthly, more than the MPID's December 2012 or September 2013 added ADV, whichever is lower; and

(2) Have an “added liquidity” to “added plus removed liquidity” ratio of at least 85%.

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

6 The eligible routing strategies for Flag PR are ROUZ, ROUD, or ROUQ

7 The eligible routing strategies for Flag XR are ROUX, RDOX, ROPA, INET, ROBB, ROBY, ROBX, ROBA, SWPA, SWPB, SWPC, ROLF, IOCX, or IOCM.

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 process.

10 Flag RX will be yielded if an order is routed to EDGX using the ROUT routing strategy.

11 Flag I will be yielded if an order is routed to EDGX using the ROUX routing strategy.

12  The eligible routing strategies for Flag CR are ROUT, RDOT, ROUE, ROUC, ROOC, ROCO, IOCT, or ICMT.

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 each EdgeRisk Gateway pair per the table below:


EdgeRisk Gateway Pair
$5,000/month

Physical Connection 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 EDGA during such time, then the Member will not be obligated to pay the Annual Membership Fee.

2 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:

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

Delivery Fee
Internal Distributor $500/month
External Distributor $2,500/month

EdgeBook Attributed Fees :

In addition to EdgeBook Depth A 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 EDGA Exchange, Inc.


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 Fees:
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 1 TB, 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-EDGA-2013-24

Licensing and 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