The following changes will be effective for EDGX Exchange, Inc. (EDGX®) on January 1, 2013:
EDGX Tier Changes
EDGX will discontinue one way to achieve the Mega Tier rebate of $0.0032 per share, where a Member posts 0.75% of the Total Consolidated Volume (TCV) in average daily volume (ADV), as outlined in footnote 1 of the current fee schedule.
In addition, EDGX will also discontinue the Internalized Ratio Tier for flags EA or ER, where a Member internalizes more than 4% of their ADV on EDGX, as outlined in footnote 11 in the current fee schedule.
EDGX Rebate Update
EDGX will reduce the standard rebate for adding liquidity to EDGX from $0.0023 per share to $0.0021 per share. Members are still eligible to earn higher rebates via other Volume Tiers as noted in the footnotes to the fee schedule.
Affected Flags
Flag |
Description |
B |
Add liquidity to EDGX book (Tape B) |
V |
Add liquidity to EDGX book (Tape A) |
Y |
Add liquidity to EDGX book (Tape C) |
3 |
Add liquidity – pre & post market (Tapes A or C) |
4 |
Add liquidity – pre & post market (Tape B) |
Remove Rate for Under $1 Stocks
EDGX will increase the rate to remove liquidity from EDGX in stocks priced under $1 from .10% of the dollar value of the transaction to .30% of the dollar value of the transaction.
Affected Flags
Flag |
Description |
N |
Remove liquidity from EDGX book (Tape C) |
W |
Remove liquidity from EDGX book (Tape A) |
BB |
Remove liquidity from EDGX book (Tape B) |
MT |
Remove liquidity from Midpoint Match (using Midpoint Match order type) |
PI |
Remove liquidity from EDGX book against the Midpoint Match |
PR |
Remove liquidity from EDGX book using ROUQ routing strategy |
ZR |
Retail Order, Removes liquidity |
6 |
Remove liquidity – pre & post market (All Tapes) |
Internalization Pricing Changes
EDGX will increase the fee for internalized trades. For securities that trade at or above $1.00, the rate to internalize will increase from $0.00035 per share per side to $0.00045 per share per side. For securities that trade below $1.00, the rate to internalize will be .15% of the dollar value of the transaction per share per side, as indicated in footnote 11 in the current fee schedule.
Affected Flags
Flag |
Description |
5 |
Internalization - Pre & post market, per side |
EA |
Internalization - Adds liquidity |
ER |
Internalization - Removes liquidity |
More Information
- Download the EDGX Fee Schedule for January 2013.