As announced in Direct Edge Trading Notice #12-53, Direct Edge will introduce a new Retail Order designation for Members that submit orders to EDGX Exchange (EDGX®) on behalf of their retail customers. This new functionality will be available on EDGX effective Monday, December 17, 2012.
Pricing for Retail Orders will be as follows: F
Flag |
Description |
(Rebate)/Fee |
ZA |
Retail Order, adds liquidity |
($0.0032) |
ZR |
Retail Order, removes liquidity |
$0.0030 |
Refer to footnote 4 in the EDGX Fee Schedule for December 2012 for more information.
Retail Definition
As described in Rule Filing SR-EDGX-2012-47 , to qualify as a “Retail Order”, an order must meet all of the following criteria:
- Must be an agency order that originates from a natural person
- Must be submitted by a Member, provided that no change is made to the terms of the order
- Cannot originate from a trading algorithm or any other computerized methodology
A Member that wishes to designate orders as Retail Orders will be required to furnish an attestation to Direct Edge Member Services in advance. The Attestation Form can be obtained from the Member Documents section of the Direct Edge website.
Technical Details
The Retail Order designation will be available via the FIX protocol only. To designate an order as Retail, enter “R” in Custom Tag 9211 (CustomerType).
More Information
- Refer to the EDGX Fee Schedule for December 2012.
- Refer to Direct Edge Trading Notice #12-53.
- Refer to Rule Filing SR-EDGX-2012-47.