Direct Edge Ends Rebates On Sub-$1 Stocks - Company To Implement Change Immediately Upon Filing With The SEC - To Argue For Comprehensive Approach In Response To SEC Concept Release

Direct Edge announced today that, upon making the requisite filing with the U.S Securities and Exchange Commission (“SEC”), Direct Edge will immediately cease to offer liquidity-provision rebates for stocks trading below $1 per share on its EDGX platform. The fee for removing liquidity on EDGX in sub-$1 stocks will be reduced from 0.3% to 0.1% of the value of the dollar volume traded. This change will take effect Monday, April 5, 2010. Direct Edge will also argue for a comprehensive regulatory approach to access fees and the minimum price variation (“MPV”) when it provides its response to the SEC market structure concept release later this month.

“With some exchanges offering rebates up to 25 times the current MPV in sub-$1, Direct Edge has become increasingly concerned about the effect of this market structure anomaly on the trading and investing public,” said William O’Brien, Chief Executive Officer of Direct Edge. “As America’s newest stock exchange, Direct Edge decided to take a leadership position on this issue to improve the quality of our markets.”

“Access fees and their relation to the minimum price variation for quoting and trading must be looked at as highly inter-dependent features of our market structure,” said O’Brien. “While we intend to argue for a comprehensive approach in our response to the concept release, taking this step as a business in the interim is an appropriate first step to show we are willing to make our practices consistent with our position 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.