As announced in Direct Edge Trading Notice #12-25, Direct Edge® launched attribution functionality for order entry and a new market data product to support attributed quotes on our depth of book feeds for EDGA Exchange (EDGA®) and EDGX Exchange (EDGX®). The attribution functionality is available to any Member who wishes to increase their transparency on the orders they send to EDGA and/or EDGX.
EdgeBook Attributed Fees
Effective Friday, February 1, 2013, EDGA and EDGX will introduce market data fees for EdgeBook AttributedSM. EdgeBook Attributed provides firms with valuable data regarding the origin of the orders on the EDGA and/or EDGX books. This additional transparency helps our Members make more educated trading decisions and better understand the liquidity available on the EDGA and/or EDGX Exchanges.
You must subscribe to EdgeBook DepthSM in order to receive EdgeBook Attributed messages. EdgeBook Depth subscribers who opt-in to read the attributed order message will incur the following fees in addition to current EdgeBook Depth fees:
|
Delivery |
Fee |
|
Internal Distributor |
$2,500/month |
|
External Distributor |
$5,000/month |
Edge Attribution Incentive Program
The Edge Attribution Incentive Program has been designed to reward Members for providing Direct Edge Exchanges with valuable data and increased transparency for investors. Starting in February 2013, each month, EDGA and EDGX will each set aside 25% of the revenue generated in connection with fees received from EdgeBook Attributed (the “Revenue Allotment”). From the Revenue Allotment, the Exchanges will provide a payment to eligible Members who qualified for the Attributed Order Incentive Program based on the percentage of executed share volume from their Attributable Orders entered into the Exchange’s System.
Members can qualify for the Edge Attribution Incentive Program by entering Attributable Orders into the Exchange’s System in at least 100 symbols over 10 consecutive trading days over the course of a month.
Sending Attributed Orders
Members will have the flexibility to attribute on an order-by-order basis or at the session/MPID level. Unless specifically permissioned, orders will be unattributed by default. To begin sending orders with attribution, please submit the following to Direct Edge Member Services:
- Execute and submit an attribution addendum to the User Agreement.
- Submit a Logical Port Request Form to identify sessions and MPIDs for entitlement.
To designate an order for display with attribution, populate FIX Tag 9140 or XPRS field at offset 31 with the value “A”.
More Information
- Refer to the Trading with Attribution and EdgeBook Attributed pages on the Direct Edge website.
