Direct
Edge ECNsm Fee Schedule
Effective August 1, 2008
Rebates for Adding Liquidity & Charges for Removing or Routing Liquidity per Share for Tape A, B & C Securities[1]:
| Platform |
Adding Liquidity |
Removing Liquidity |
Routing Liquidity [3] |
EDGX Tape A
|
$(0.0025) |
$0.0026 |
$0.0029 |
| EDGX Tape B |
$(0.0025) |
$0.0026 |
$0.0029 |
| EDGX Tape C |
$(0.0025) |
$0.0026 |
$0.0029 |
| EDGA |
FREE |
FREE |
$0.0029 |
| EDGX < $1.00 |
FREE |
0.2% of Dollar Value |
0.3% of Dollar Value |
Super Tier: 40 million combined added liquidity on EDGA or EDGX = $0.0029 rebate on EDGX[1]
Fees per Share for Special Order Types:
| Order Type |
Platform |
Charge |
| Solely Non-Displayed (Hidden) Orders [2] |
EDGA |
$0.001 |
| Orders Routed to the NYSE |
EDGX & EDGA |
Cost [3] |
Orders routed to EDGX
|
EDGA |
$0.0026 [3] |
| ROUZ orders matched against ELPs |
EDGX & EDGA |
$0.001 |
| Routed Directed ISOs |
EDGX & EDGA |
$0.0033 |
| EDGA + NASDAQ Routed orders |
EDGA |
$0.0029[3] |
| Same Client Internalized Trades [4] |
EDGX |
$0.000025 |
| Routing to NASDAQ Opening Cross (NOOP) [5] |
EDGX & EDGA |
$0.0005 |
| Odd-Lot orders executed on NYSEArca[6] |
EDGX & EDGA |
$0.03 |
Other Fees & Services:
| Service |
Charge |
| Port Charges |
FREE [7] |
| Book Viewer Market Data |
FREE |
| Co-Location Services |
Available On Request |
| OTCBB Transactions |
Available On Request |
Liquidity Flags and Associated Fees:
| Flag |
EDGX |
EDGA |
| A |
(0.0020) |
(0.0020) |
| B |
(0.0025) |
FREE |
| D |
0.0008 |
0.0008 |
| E |
0.00014 |
FREE |
| F |
FREE |
FREE |
| H |
N/A |
0.003 |
| I |
0.0029 |
0.0026 |
| L |
0.03 |
0.03 |
| N |
0.0026 |
FREE |
| O |
0.0005 |
0.0005 |
| P |
0.0029 |
0.0029 |
| Q |
0.0029 |
0.0029 |
| R |
0.003 |
0.003 |
| S |
0.0033 |
0.0033 |
| V |
(0.0025) |
FREE |
| W |
0.0026 |
FREE |
| X |
0.0029 |
0.0029 |
| Y |
(0.0025) |
FREE |
| Z |
0.001 |
0.001 |
[1] The removal rate on EDGX and EDGA is contingent on
adding and/or routing 50,000 shares or more of combined liquidity on either
EDGX or EDGA on a daily basis, measured monthly. Subscribers not
meeting this minimum but removing 20,000,000 shares or more of combined
liquidity on either EDGX or EDGA on a daily basis, measured monthly, will be
charged 0.0028 for removing liquidity from EDGX and EDGA. Subscribers not meeting
either of these minimums will be charged $0.0030 per share for removing
liquidity from EDGX and EDGA.
Subscribers will be provided a $0.0029 rebate per share for liquidity added on EDGX if they satisfy any of the following three criteria on a daily basis,
measured monthly: (i) adding 40,000,000 shares or more of combined liquidity to either EDGX or EDGA; (ii) adding 20,000,000 shares or more of combined liquidity
to either EDGX or EDGA and routing 20,000,000 shares or more through EDGA; or (iii) adding 10,000,000 shares or more of liquidity to EDGX, so long as added
liquidity on EDGX is at least 5,000,000 shares greater than the previous calendar month.
Any subscriber only meeting criteria (iii) above that, but for the liquidity added on EDGX, would have qualified for a better rebate with respect to liquidity
added on another exchange or ECN that the subscriber has previously qualified for in the prior three calendar months, shall be reimbursed the difference between
the rebate received and the rebate potentially received, so long as source documentation evidencing the above is provided to Direct Edge within fifteen (15)
calendar days from the end of the relevant month. Subscribers can only receive reimbursement with respect to two consecutive calendar months.
[2]
Rate contingent upon subscriber adding greater than 1,000,000 shares on
a daily basis, measured monthly. Subscribers not meeting this minimum
will be charged $0.0030 per share.
[3]
"Cost" for removing liquidity from the NYSE is $0.0008 per share. Adding liquidity on the NYSE is free. Pending NYSE implementation of real time notification, blended transactions will be charged as $0.0008 per share removed liquidity.
Subscribers routing 20,000,000 shares or more on a daily basis, measured monthly, to Nasdaq through EDGA using order types that are solely eligible for routing to Nasdaq will be charged at $0.0028 per share with respect to EDGA routed volume using said order type. Subscribers routing 30,000,000 shares per day will be charged $0.0027 per share.
Orders re-routed out of any route destination will be charged $0.0030 per share.
[4]
$0.000025 rate contingent upon subscriber internalizing greater than
1,000,000 shares on a daily basis, measured monthly. Subscribers not
meeting this threshold will be charged $0.00014 per share.
[5]Capped at $10,000 per month per subscriber
[6]Odd-Lot
executions on NYSEArca that occur either directly or indirectly (e.g.,
odd-lot orders routed to NYSEArca via NASDAQ). This charge does not apply to routed round or mixed lots that result in an odd-lot execution.
[7]Free ports are contingent on the Subscriber
executing 200,000 shares or more of combined liquidity on EDGX and/or EDGA on a
monthly basis, per port. Any port (or number of ports) in excess of this will
be charged $50 per port, per month.