National Stock Exchange, Inc. (“NSX” or the “Exchange”) is issuing this Information Circular to advise Exchange Equity Trading Permit (“ETP”) Holders that, subject to review by the Securities and Exchange Commission, as of April 1, 2014 the Exchange has changed the fees and rebates applicable to transactions in securities priced at $1.00 or greater under Section I of the Exchange’s Fee and Rebate Schedule issued pursuant to Exchange Rule 16.1.
The Exchange has changed the fee structure applicable to ETP Holders providing liquidity on the Exchange (“Maker”) in securities priced at $1.00 and above, retiring the current tiered fee structure based on percentages of total consolidated volume of added liquidity and adopting a single fee amount of $0.0018 per executed share, to be paid by ETP Holders for providing liquidity in any security priced at $1.00 and above, across all Tapes and without regard to order type.
ETP Holders removing liquidity (“Taker”) will receive a rebate of $0.0017 per executed share in any security priced at $1.00 and above, across all Tapes and without regard to order type.
