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- Rebate for liquidity providers will increase to $0.0032/share
- Quote and trade revenue rebates will be embedded into the liquidity provider rebate for displayed market executions
The International Securities Exchange today announced pricing changes for the ISE Stock Exchange that will result in $0.0032/$0.0030 maker/taker pricing per share for orders executed on the ISE Stock Exchange's displayed market.
Effective January 2, 2008, the ISE Stock Exchange will increase its maker rebate to $0.0032/share for all shares traded on Tapes A, B, and C by embedding tape revenue rebates into the maker rebate*. Currently, the ISE Stock Exchange rebates 50% of quote and trade sharing revenues quarterly to all members responsible for making these markets. The new pricing structure will enable members to receive these revenues on a monthly basis as part of their regular maker rebates.
Andrew Brenner, head of the ISE Stock Exchange, said “Our new fee schedule introduces a simplified maker/taker pricing structure for liquidity providers on the ISE Stock Exchange. Embedding the tape revenue rebate into the maker rebate will allow firms quoting on our platform to immediately know the explicit revenue generated from trading at ISE.”
As part of the pricing changes, ISE will also increase the maker rebate for Order Delivery customers to $0.0027/share, resulting in $0.0027/$0.0030 maker/taker pricing for these trades. Firms using Order Delivery will continue to receive 50% quote and trade revenue rebates on a quarterly basis.
These fee changes are subject to filing with the SEC. ISE's complete fee schedule, including fees for MidPoint Match, is available at: www.ise.com/fees.
