.jpg)
- New $0.0035 rebate tier for displayed market liquidity providers
- MidPoint Match fee lowered to $0.0015 per share for initial pricing tier
The International Securities Exchange (ISE) today announced that the ISE Stock Exchange will introduce two new fee changes. The first is a tiered rebate structure for its displayed market and the second is a simplified pricing structure with a lower initial fee for MidPoint Match®, its non-displayed liquidity pool.
Effective May 1, 2008, liquidity providers on the ISE Stock Exchange's displayed market will receive an increased rebate of $0.0035 per share across all tapes when the monthly average daily volume (ADV) of executed maker shares is over 5 million. The first 5 million shares per day will continue to receive a rebate of $0.0032 per share. The taker price per share will remain at $0.0030 for all volume levels.
As part of the pricing changes, the ISE Stock Exchange will also simplify the fees for MidPoint Match by introducing a 3-tiered structure with a lower starting level of $0.0015 per share for its initial pricing tier, which applies to members trading an ADV of up to 1 million shares. The second tier, for ADV between 1 million and 3 million shares, is $0.0010 per share. Once volume exceeds the 3 million share ADV threshold of the third tier, fees are adjusted retroactively so that a $0.0010 per share fees applies to all volume.
"Our goal is to continue to attract liquidity to our marketplace," said Andrew Brenner, head of the ISE Stock Exchange, "We are pleased to offer our members the industry's highest rebate that is consistent across all three tapes as well as even more competitive fees for orders in MidPoint Match. We believe this new pricing structure will provide an added incentive for traders to send their orders to the ISE Stock Exchange, enabling them to receive the benefits of price improvement."
The ISE Stock Exchange members received more than $14 million in price improvement during the first quarter of 2008.
These fee changes are subject to filing with the SEC. ISE's complete fee schedule is available at www.ise.com/fees .
Note: The maker rebate excludes order delivery orders and executions on securities priced below $1.00.
