Effective Monday, June 3, 2013, Direct Edge® will introduce the following pricing changes, pending filing with the Securities and Exchange Commission (SEC).
EDGX Exchange Updates
New MidPoint Match Volume Tier
EDGX Exchange (EDGX®) will introduce a new volume tier for using the MidPoint Match order type. Any Member who adds and/or removes three million shares or more in average daily volume (ADV) on a monthly basis using the MidPoint Match order type yielding flags MM and/or MT will have their fee to add waived (Flag MM is free). Refer to footnote 3 in the EDGX Fee Schedule for June 2013.
Mega Tier Update
EDGX will reduce the fee for removing and/or routing liquidity to $0.0015 per share from $0.0020 per share for Members that qualify for the $0.0035 per share Mega Tier rebate for adding liquidity. EDGX is also updating the criteria to qualify for these rates. Members will be required to add or route at least four million shares in average daily volume (ADV) prior to 9:30 a.m. or after 4:00 p.m., an increase from two million shares ADV. In addition, Members will still be required to add a minimum of 35 million shares in ADV overall, including pre- and post-trading hours. Refer to footnote 1 in the EDGX fee schedule for additional details.
Standard Rebate
EDGX will update the standard rebate for adding liquidity to $0.0020 per share. Members are eligible to earn higher rebates via other Volume Tiers as noted in the footnotes to the fee schedule. Affected flags include B, V, Y, 3 and 4.
Internalization Pricing Changes
EDGX will update the fee for internalized trades to $0.0005 per share per side. Affected flags include 5, EA and ER.
EDGA Exchange Updates
Add Volume Tier Updates
Members who meet the criteria for the volume tiers on EDGA Exchange (EDGA®) will be charged a discounted add fee of $0.0004 per share. See footnote 4 in the EDGA fee schedule for details.
Standard Rebate
EDGA will update the standard rebate for removing liquidity to $0.0003 per share. Affected flags include N, W, 6, BB, CR, PR and XR.
Internalization
EDGA will update the fee for internalized trades to $0.00015 per share per side. Affected flags include 5, EA and ER.
EDGA and EDGX Exchange Updates
The following flags will be updated on both EDGA and EDGX to reflect changes to the NASDAQ OMX BX and NASDAQ OMX PSX fee schedules:
|
Flag |
Description |
Rebate Per Share |
|
RS |
Routed to PSX, adds liquidity |
($0.0020) |
|
RB |
Routed to BX, adds liquidity |
$0.0020 |
More Information
- EDGA Fee Schedule for June 2013 (pending filing with the SEC)
- EDGX Fee Schedule for June 2013 (pending filing with the SEC)
