Effective Friday, March 1, 2013, Direct Edge® will introduce the following pricing changes, pending filing with the Securities and Exchange Commission (SEC).
New Single MPID Step-up Tier on EDGA
EDGA Exchange (EDGA®) will introduce a new step-up tier based on volume added through any single MPID. MPIDs that add an average daily volume (ADV) of 0.10% of the total consolidated volume (TCV) more than their December 2012 added TCV will qualify for a discounted fee of $0.0005 per share for adding liquidity to EDGA.
MPIDs that did not post any volume in December 2012 will be assigned a baseline of 10 million shares. Flags that qualify for the discounted rate for MPIDs that meet the criteria are B, V, Y, 3 and 4.
New Retail Volume Tier on EDGX
EDGX Exchange (EDGX®) will introduce a new Retail Volume Tier. Any Member who adds 0.25% or more of TCV in ADV using the Retail Order Designation (returning the ZA flag) will qualify for an increased rebate of $0.0034 per share.
Update to AA Flag on EDGX
The rate for the AA flag on EDGX will be $0.0012 per share.
Flag |
Description |
Fee Per Share |
AA |
Midpoint Match Cross (same MPID) |
$0.0012 |
Updates to Support NASDAQ OMX BX Pricing Changes
The following flags will be updated to reflect changes to the NASDAQ OMX BX fee schedule:
Exchange |
Flag |
Description |
Rebate Per Share |
EDGA |
C |
Routed to BX, removes liquidity |
($0.0010) |
EDGX |
C |
Routed to BX, removes liquidity |
($0.0004) |
Under $1 Disclosure
In an effort to provide more transparency on the EDGA and EDGX fee schedules and added convenience for our Members, Direct Edge will now detail by liquidity flag the rates for securities that trade under $1.
More Information
- EDGA Fee Schedule for March 2013 (pending filing with the SEC)
- EDGX Fee Schedule for March 2013 (pending filing with the SEC)