EDGA Exchange Fee Schedule - Effective May 1, 2013
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Rebates & Charges for Adding, Removing or Routing Liquidity per Share for Tape A, B, & C Securities1,a,b,d:
Rebates indicated by parentheses ()
Footnotes provide further explanatory text or, where annotated to flags, indicate variable rate changes, provided the conditions in the footnote are met
Liquidity Flags and Associated Fees:
1 All removal rates on EDGA are contingent on the attributed MPID adding (including hidden) and/or routing a minimum average daily share volume, 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 (yield Flags HA, HR, DM, DT and RP) or Member posting greater than 8,000,000 shares 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 Intentionally omitted.
4 If a Member, on a daily basis, measured monthly, posts more than 1% of the Total Consolidated Volume (“TCV”) in average daily volume on EDGA, including non-displayed orders that add liquidity, then the Member will be charged $0.0005 per share for Flags B, V, Y, 3 and 4. TCV is defined as 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 prior to the month in which the fees are calculated.
If a Member, on a daily basis, measured monthly, posts more than .25% of the TCV on EDGA, including non-displayed orders that add liquidity, and removes more than .25% of TCV in average daily volume, then the Member will be charged $0.0005 per share.
If a Member, on an MPID basis, posts more than .10% of the TCV on EDGA, on a daily basis, measured monthly, more than the MPID’s December 2012 added TCV, then the MPID will be charged $0.0005 per share for Flags B, V, Y, 3 and 4. Where an MPID’s December 2012 TCV is zero, then the Exchange applies a default TCV baseline of 10 million shares. Volume from non-displayed orders that add liquidity will count towards this tier.
5 Capped at $10,000 per month per Member.
6 If Member posts an average of 100,000 shares or more per day using strategy ROLF (yielding Flag M), then said Member’s fee when removing liquidity from LavaFlow decreases to $0.0023 per share (yielding Flag U).
7 Intentionally omitted.
8 Flag D is assigned if an SWPA, SWPB, or SWPC routing strategy removes liquidity from NYSE.
9 A Flag "O" will be yielded and a fee of $0.0005 per share will be assessed if an order is routed to NYSE Arca & BATS BZX's closing process.
10 A Flag "RX" will be yielded and a fee of $0.0027 per share will be assessed when an order is routed to EDGX Exchange using the ROUT routing strategy.
11 A Flag "I" will be yielded and a fee of $0.0030 per share will be assessed when an order is routed to EDGX Exchange.
12 Intentionally omitted.
13 The eligible routing strategies for Flag CR are ROUT, RDOT, ROUE, ROUC, ROOC, ROCO, IOCT, or ICMT.
14 The eligible routing strategies for Flag XR are ROUX, RDOX, ROPA, INET, ROBB, ROBY, ROBX, ROBA, SWPA, SWPB, SWPC, ROLF, IOCX, or IOCM.
15 The eligible routing strategies for Flag PR are ROUZ, ROUD, or ROUQ.
16 If a Member posts greater than or equal to 0.30% of the TCV in ADV on EDGA and routes 2.5 million shares through the use of Flag Q, then the Member’s rate for Flag Q decreases to $0.0015 per share. If a Member executes greater than or equal to an average daily volume of 12 million shares using the ROUC routing strategy and yielding Flags C, D, I, K, Q, X, BY, CR and MT, then the Member’s rate for Flag Q decreases to $0.0015 per share.
If a Member posts greater than or equal to 0.30% of the TCV in ADV on EDGA and routes 5 million shares through the use of Flag Q, then the Member’s rate for Flag Q decreases to $0.0010 per share.
17 If a Member executes greater than 2 million shares per day, measured monthly, using routing strategy RMPT (i.e., receiving flags PA, PT and PX), then the Member’s rates for PT and PX are reduced to $0.0008 per share.
aUpon a Member's request, EDGA will aggregate share volume calculations for wholly owned affiliates on a prospective basis.
b Trading activity on days when the market closes early does not count toward volume tiers.
d 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.
The following fees are effective September 1, 2012:
*First five (5) 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.
Physical Connectivity Fees:
Effective May 1, 2013
Members and non-members must pay a monthly fee for physical connectivity per the table below:
The following fees are effective September 1, 2011:
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:
The fees for EdgeBook Depth A are as follows:
EdgeBook Attributed Fees effective February 1, 2013:
In addition to EdgeBook Depth A fees, as described above, all subscribers to EdgeBook AttributedSM will also incur the following fees:
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 EDGA Exchange.
Edge Attribution Incentive Program:
Effective February 1, 2013, 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.
Edge Routed Liquidity Report Pricing:
The following fees will begin to be assessed after the operative date of filing SR-EDGA-2012-38:
EdgeBook Cloud Pricing: