Direct Edge Continues Reform Efforts For Sub-$1 Pricing - Reduced Routing Charges To Remaining High-Rebate Markets Effective May 3rd - Re-Institutes Liquidity Rebates To Serve As Model For The Industry

Direct Edge is announcing that, upon making the requisite filing with the U.S. Securities and Exchange Commission (“SEC”), effective May 1st, Direct Edge will make further changes to its rate structure for stocks trading below $1 per share. Routing charges for orders in sub-$1 stocks routed to NASDAQ and NASDAQ BX will be reduced to 0.2% and 0.15% of the value of the dollar volume traded respectively, which matches the removal charges assessed by the only two remaining high-rebate markets. Direct Edge will also reinstitute liquidity-provision rebates for stocks trading below $1 per share on its EDGX platform at a rate of $.00003 (three one-thousandths of a penny) per share. Subject to sumbission of the filings to the SEC and receiving necessary regulatory approvals, these changes will take effect the first trading day of May - Monday, May 3, 2010.

“These changes are consistent with our advocacy for a comprehensive regulatory approach to access fees and the minimum price variation, or MPV,” said Bryan Harkins, Head of Sales and Strategy at Direct Edge. “As trading in sub-$1 securities has become an increasing component of overall trading volume, providing rebates to incentivize the provision of liquidity while confining such rebates to 30% of the MPV strikes an appropriate balance between competition and preservation of market quality.”

“In our response to the SEC’s concept release we will continue to argue for such an approach,” said Harkins. “In the interim, making this change as a business is intended to continue our market leadership on the issue.”

Direct Edge received SEC approval to migrate its ECNs to exchange status in March 2010. More information about Direct Edge is available at www.directedge.com