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Effective Tuesday, September 3, 2013, Direct Edge® will introduce the following pricing changes on the EDGX ExchangeSM (EDGX®) and EDGA ExchangeSM (EDGA®), pending filing with the Securities and Exchange Commission (SEC).
New Tape B Step-Up Tier on EDGX
EDGX will introduce a new tier offering an increased rebate of $0.0025 per share for Members trading Tape B securities when they meet the following criterion:
- Adds at least 600,000 shares of Tape B securities in average daily volume (ADV) more than their ADV of Tape B securities in August 2013
This tier will affect Flags B and 4.
New Mega Tier on EDGX
EDGX will introduce the Mega Tier 3, offering an increased rebate of $0.0032 per share for Members that meet both of the following criteria:
- Add or route at least 1,500,000 shares of ADV prior to 9:30 a.m. or after 4:00 p.m.; and
- Add a minimum of 0.75% of the TCV on a daily basis measured monthly, including during both market hours and pre- and post-trading hours
New Step-Up Tier on EDGA
EDGA will introduce the Step-Up Tier 2, offering a reduced add fee of $0.0003 per share for Members that meet both of the following criteria on an MPID basis:
- Add at least 0.05% of total consolidated volume (TCV) on EDGA on a daily basis, measured monthly, more than the MPID's December 2012 added TCV; and
- Have an "added liquidity" to “added plus removed liquidity" ratio of at least 85%
MPIDs with no baseline from December 2012 trading will be given a default TCV baseline of 10,000,000 shares.
RP Flag Update on EDGA
The fee per share for adding liquidity on EDGA using the Route Peg Order, Flag RP, will decrease to $0.0004 per share.
More Information
- EDGX Fee Schedule for September 2013 (pending filing with the SEC)
- EDGA Fee Schedule for September 2013 (pending filing with the SEC)
