The Chicago Stock Exchange (CHX) announced today that it has implemented, effective January 4th, a tiered fee structure designed to reward its most active customers and offering incentive for firms to direct additional business to the CHX.
The new fee structure applies to matching engine trading activity in stocks priced over $1.00 executed during the regular trading session and will allow customers to receive the highest rebates and pay the lowest take fees when executing in excess of 5,000,000 shares of average daily provide volume on the CHX. Those customers will receive .0030/share for providing liquidity in Tape A and C issues and will be charged only .0028/share when taking volume in those issues. The top rates for Tape B will be a .0032/share credit when providing and a fee of .0028/share when accessing liquidity.
“We have implemented a fee structure which will reward loyal active customers while providing a strong basic plan for customers who access CHX on a less regular basis,” stated CHX CEO Dave Herron. “Customer feedback was instrumental in creating this new structure and we feel that it accommodates a wide array of users.”
| Effective January 4, 2010: |
Fee if liquidity is taken from the Matching System | Rebate if liquidity is provided to the Matching System |
| Regular Trading Session: Tape A & C issues priced $1.00/share or more |
$0.0028 if the Average Daily Volume (‘ADV”) is greater than 5,000,000 shares. 1 $0.0029 if the ADV is greater than 500,000 up to and including 5,000,000 shares. $0.003/share if the ADV is 500,000 shares or less. |
$0.003 if the Average Daily Volume (‘ADV”) is greater than 5,000,000 shares. $0.0028 if the ADV is greater than 500,000 up to and including 5,000,000 shares. $0.0026/share if the ADV is 500,000 shares or less. |
| Regular Trading Session: Tape B issues priced $1.00/share or more |
$0.0028/share if the ADV is greater than 5,000,000 shares. $0.0029/share if the ADV is greater than 500,000 up to and including 5,000,000 shares. $0.003/share if the ADV is 500,000 shares or less. |
$0.0032/share if the ADV is greater than 5,000,000 shares. $0.003/share if the ADV is greater than 500,000 up to and including 5,000,000 shares. $0.0028/share if the ADV is 500,000 shares or less. |
| 1 “ADV” means, with respect to a Participant, the number of shares such Participant has executed as a liquidity provider in any and all trading sessions on average per trading day (excluding partial trading days) across all tapes on the trading facilities of the CHX (excluding all cross transactions) for the calendar month in which the executions occurred. | ||
