Direct Edge Trading Notice #12-18: Update: Message Efficiency Incentive Program Postponed Until June 1, 2012

As announced, Direct Edge will introduce the Message Efficiency Incentive Program (MEIP).  Members of EDGA Exchange, Inc. and EDGX Exchange, Inc. will receive standard rebates only in instances where the Member’s average monthly inbound message-to-trade ratio is at or less than 100 to 1. Members with a monthly average of more than 100 to 1 will have their rebate reduced by $0.0001 per share, regardless of the tier for which they would otherwise qualify. (Note: Inbound messages are defined to include orders, cancels, and cancel/replace messages.)

To give Members additional time to prepare and to coordinate our program with another exchange, the launch of the MEIP has been postponed to Friday, June 1, 2012.