CHX Announces Record Volume And Increased Provide Rebate

The Chicago Stock Exchange (CHX) today announced that October was a post Reg NMS record month for both share and trade volume. CHX daily volume averaged 40.7 million shares, a 45% increase over September. In addition, trade volume surged more than 100% over August's record breaking levels. Capitalizing on this momentum, the CHX has instituted the most aggressive Tape B rebate plan in the industry.

Dave Herron, CHX CEO, said, "We are gratified that the street has recognized the attraction of our business model and is rewarding us with record volumes. We are building liquidity with a mix of natural retail, institutional and algorithmic customers meeting in an open, accessible platform that is not dependant on competing ECN's, or slowed by an order delivery process. This clean functionality enhances the speed and reliability of our trading engine. With added volume at the CHX, we are able to enhance our fee schedule to further reward those who provide liquidity on the exchange. In line with our goals of building for long-term success, we have chosen to establish a fee structure that can be sustainable over time, rather than a one-time offering."

According to the new fee schedule, customers that provide more than 5 million average daily shares of Tape A and/or Tape C volume will receive a rebate of $0.36 per 100 shares on all Tape B provide activity. Below that tier, customers receive a Tape B rebate of $0.32 per 100 shares. These rebates apply to ALL Tape B securities.