Effective February 1, 2010
For past fee schedules, please click here.
Rebates & Charges for Adding, Removing or Routing Liquidity per Share for Tape A, B & C Securities[1]:
Rebates indicated by parentheses ( )
| Platform |
Adding Liquidity |
Removing Liquidity |
Routing Liquidity [3] |
| EDGX (All Tapes) |
$(0.0029)[1] |
$0.0029 |
$0.0029 |
| EDGA (All Tapes) |
$0.0002 |
$(0.0002)[1] |
$0.0029 |
| EDGX < $1.00 (All Tapes) |
(0.15% of Dollar Value) |
0.30% of Dollar Value |
0.30% of Dollar Value |
| EDGA < $1.00 (All Tapes) |
FREE |
FREE[1] |
0.30% of Dollar Value |
Other Fees & Services:
| Service |
Charge |
| Port Charges |
FREE |
| Book Viewer Market Data |
FREE |
| Co-Location Services |
Available On Request |
Liquidity Flags and Associated Fees:
Unless otherwise noted, the following rebates and fees apply to orders on stocks priced $1 and over.
| Flag |
Description |
EDGX |
EDGA |
| A |
Routed to Nasdaq, adds liquidity |
(0.0020) |
(0.0020) |
| B |
Add Liquidity to our Book (Tape B) |
(0.0029)[1] |
0.0002 |
| C |
Routed to Nasdaq BX (Tapes A & C), removes liquidity |
(0.0001) |
(0.0001) |
| D[3] |
Routed or Re-routed to NYSE, removes liquidity |
0.0018 |
0.0018 |
| E[4] |
Customer Internalization |
0.000025 |
FREE |
| F |
Routed to NYSE, adds liquidity |
(0.0010) |
(0.0010) |
| G |
Routed to ARCA (Tapes A & C), removes liquidity |
0.0030 |
0.0030 |
| H[2] |
Hidden Orders |
full rebate |
0.0010 |
| I |
Routed to EDGA (for EDGX orders) or to EDGX (for EDGA orders) |
0.0029 |
0.0029 |
| J |
Routed to Nasdaq, removes liquidity |
0.0030 |
0.0030 |
| K |
Routed to BATS Using ROBA Order Type (EDGA + BATS) |
0.0025 |
0.0025 |
| L[7] |
Routed to Nasdaq using INET Order Type, removes liquidity (Tapes A & C) |
0.0030 |
0.0030 |
| M[6] |
Add Liquidity on LavaFlow |
(0.0024) |
(0.0024) |
| N |
Remove Liquidity from our Book (Tapes B & C) |
0.0029 |
(0.0002)[1] |
| O[5] |
NOOP (Nasdaq Opening Cross) |
0.0005 |
0.0005 |
| P |
Add Liquidity on EDGX via an EDGA-originated ROUC Order Type |
N/A |
(0.0025) |
| Q |
Routed using ROUQ or ROUC Order Types |
0.0015 |
0.0015 |
| R |
Re-routed by exchange |
0.0030 |
0.0030 |
| S |
Directed ISO Order |
0.0033 |
0.0033 |
| T |
Routed using ROUD/ROUE Order Type |
0.0020 |
0.0020 |
| U[6] |
Remove Liquidity from LavaFlow |
0.0029 |
0.0029 |
| V |
Add Liquidity to our Book (Tape A) |
(0.0029)[1] |
0.0002 |
| W |
Remove Liquidity from our Book (Tape A) |
0.0029 |
(0.0002)[1] |
| X |
Routed |
0.0029 |
0.0029 |
| Y |
Add Liquidity to our Book (Tape C) |
(0.0029)[1] |
0.0002 |
| Z |
Routed Using ROUZ Order Type (Book + ELP only) |
0.0010 |
0.0010 |
| 2[8] |
Routed to Nasdaq using INET Order Type, removes liquidity (Tape B) |
0.0030 |
0.0030 |
| 3 |
Add Liquidity - Pre & Post Market (Tapes A & C) |
(0.0029)[1] |
0.0002 |
| 4 |
Add Liquidity - Pre & Post Market (Tape B) |
(0.0029)[1] |
0.0002 |
| 5[4] |
Customer Internalization - Pre & Post Market |
0.000025 |
FREE |
| 6 |
Remove Liquidity - Pre & Post Market (All Tapes) |
0.0029 |
(0.0002)[1] |
| 7 |
Routed - Pre & Post Market |
0.0030 |
0.0030 |
For information on fees charged to ISE members for shares traded on the ISE Stock Exchange, please visit http://www.ise.com/fees
[1] The removal rate on EDGA is 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 (0.20% of dollar value for stocks priced <$1.00).
Any subscriber adding 10,000,000 shares or more of liquidity to EDGX, where such added liquidity on EDGX is at least 5,000,000 shares greater than the previous calendar month 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.
Subscribers can qualify for a rebate of $0.0031 per share for all liquidity posted on EDGX if they add or route at least 5,000,000 shares of average daily volume prior to 9:30 AM or after 4:00 PM (includes all flags except 6) AND add a minimum of 50,000,000 shares of average daily volume on EDGX in total, including during both market hours and pre and post-trading hours.
Subscribers will qualify for the Ultra Tier and will be provided a $0.0031 rebate per share for liquidity added on EDGX if the attributed MPID on a daily basis, measured monthly posts 1% of the Total Consolidated Volume ("TCV") in average daily volume. 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.
Upon subscriber’s request, Direct Edge may consider aggregation of share volume calculations for wholly owned affiliates on a prospective basis.
[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]Stocks priced below $1.00 on the NYSE are charged $0.0018 per share when removing liquidity.
[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] If subscriber posts an average of 50,000 shares or more per day using strategy ROLF (yielding Flag M), then said subscriber's fee when routed to LavaFlow decreases to $0.0022 per share (yielding Flag U).
[7] Subscribers routing an average daily volume ("ADV"): (i) less than 5,000,000 shares will be charged $0.0030 per share, as described in the schedule; (ii) equal to or greater than 5,000,000 shares but less than 20,000,000 shares will be charged Nasdaq's best removal tier rate per share; (iii) equal to or greater than 20,000,000 shares but less than 30,000,001 shares will be charged Nasdaq's best removal tier rate - $0.0001 per share; and (iv) equal to or greater than 30,000,001 shares will be charged Nasdaq's best removal rate tier rate - $0.0002 per share. The rates in all cases are calculated for shares removed from Nasdaq.
[8] Subscribers routing (i) less than 20,000,000 shares will be charged $0.0030 per share as described in the schedule; (ii) equal to or greater than 20,000,000 but less than 30,000,001 shares will be charged $0.0029 per share; and (iii) equal to or greater than 30,000,001 shares will be charged $0.0028 per share. The rates in all cases are calculated for shares removed from Nasdaq.