Execution Quality

Our goal is for Direct Edge ECN to offer enhanced trading flexibility, broadened access to liquidity, anonymity and industry leading order fulfillment rates at very competitive prices. The SEC adopted 11Ac1-5/Rule 605 requiring market centers to publish monthly execution quality reports for national market system securities. Direct Edge ECN LLC makes these reports available here: http://www.tagaudit.com/rule5.asp?user=edga for EDGA and http://www.tagaudit.com/rule5.asp?user=edgx for EDGX.

Fair Access Criteria

Access to all Direct Edge ECN functionality is conditioned upon a subscriber’s initial and continuing compliance with the following requirements:

(i) agreement to the "Direct Edge ECN Terms and Conditions for Access and Use";

(ii) good standing membership in a national securities exchange or national securities association or registration as a national securities exchange or national securities association;

(iii) self-clearing transactions executed by Direct Edge ECN LLC on subscriber's behalf or entry into an arrangement with a clearing firm to clear and settle trades executed by Direct Edge ECN LLC on behalf of subscriber;

(iv) acceptance and settlement of each trade executed by Direct Edge ECN LLC on behalf of such subscriber;

(v) acceptable disciplinary record of subscriber in the context of the applicant's specific facts and circumstances; and

(vi) timely payment of balances due to Direct Edge ECN LLC.

Access to Direct Edge ECN may also be denied if a broker-dealer has an outstanding deficit balance with Direct Edge ECN LLC or any subsequent disciplinary issues.