Direct Edge Trading Notice #12-62: Fee Schedule Changes for EDGX Effective January 1, 2013

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

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

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

More Information

• Download the EDGX Fee Schedule for January 2013.