Direct Edge® will introduce the following pricing changes effective Monday, October 1, 2012, pending filing with the Securities and Exchange Commission (SEC).
New ROUC Routing Strategy Tier on EDGA
EDGA Exchange Inc. (EDGA®) will add additional criteria to qualify for a reduced rate for Flag Q when using the ROUC routing strategy. The rate for Flag Q will decrease from $0.0020 per share to $0.0015 per share for Members that execute an average daily volume of 12 million shares or more, measured monthly, using the ROUC routing strategy. Volume traded with the following flags are counted toward this tier:
| Flag | Description |
| C | Routed to BX, removes liquidity |
| D | Routed or re-routed to NYSE, removes liquidity |
| I | Routed to EDGX |
| K | Routed to PSX using ROUC or ROUE routing strategy |
| Q | Routed using ROUQ or ROUC routing strategy |
| X | Routed |
| BY | Routed to BATS BYX Exchange, removes liquidity (using routing strategies ROUC, ROUE, ROBY, ROBB, or ROCO) |
| CR | Remove liquidity from EDGA using eligible routing strategies |
| MT | Routed to EDGX MPM using ICMT, IOCM, ROCO or ROUC routing strategies |
See Footnote 16 in the proposed EDGA October Fee Schedule for more details.
Trading on NASDAQ OMX BX via EDGA
EDGA will remove the volume criteria to qualify for the $0.0014 rebate for routing to NASDAQ OMX BX (BX). Effective Monday, October 1, 2012, all orders routed via EDGA to BX that yield Flag C will receive a $0.0014 per share rebate.
| Flag | Description | Rebate |
| C | Routed to BX, removes liquidity | ($0.0014) |
Updates to EDGX Volume Tiers
EDGX Exchange Inc. (EDGX®) will discontinue the remove tier outlined in footnote 12 in the current EDGX fee schedule. The default fee to remove liquidity from EDGX remains $0.0030 per share.
Updates to Support NYSE Pricing Changes
The following flags have been updated to support changes to the New York Stock Exchange’s fee schedule effective Monday, October 1, 2012:
|
Flag |
Exchange |
Description |
Fee |
|
D |
EDGA |
Routed or re-routed to NYSE, removes liquidity |
$0.0025 |
|
D |
EDGX |
Routed or re-routed to NYSE, removes liquidity |
$0.0025 |
More Information
- EDGA Fee Schedule for October 2012 (pending filing with the SEC)
- EDGX Fee Schedule for October 2012 (pending filing with the SEC)
- Contact the Direct Edge Sales Team at 866.472.5267.
