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Monday, October 27, 2014

Equity Trader Alert #2014 - 95
Updates to PSX and BX Pricing for November 2014

Category:

  • Pricing

Markets Impacted:

Contact Information:

Effective Monday, November 3, 2014, BX will modify rebates to remove midpoint liquidity.

New Rebates for Removing Midpoint Liquidity on BX


Shares Executed At or Above $1.00
 Per Share Executed
 Liquidity Code
Liquidity-removing orders that execute against a midpoint
 $0.0005 Rebate
 m

Effective Monday, November 3, 2014, the following pricing schedule will be in place for transactions on PSX.

The Excessive Order Fee will be eliminated on PSX

PSX Pricing Schedule

Member Firm Add Requirement (Total Displayed Added Shares Per Day, All Tapes)
  All Tape Securities
 Liquidity Code
Tier 1 Rebate*
 0.12% or greater of Consolidated Volume
 $0.0025 Rebate
 A or V
Tier 2 Rebate
 0.04% or greater of Consolidated Volume
 $0.0024 Rebate  A or V
Orders from MPIDs belonging to a firm that adds greater than 100,000 shares of displayed liquidity per day on average during the month
 100,000 $0.0021 Rebate
  A or V
Orders from all other MPIDs
  - $0.0015 Rebate
  A or V
Added liquidity via a midpoint order
 - $0.0003 Fee
 k
Other non-displayed added liquidity
 - $0.0005 Rebate
 J
All liquidity accessing orders, except midpoint
  - $0.0024 Fee
 R
Accessing midpoint liquidity
 - $0.0003 Fee
 m
Rebate to add liquidity in a security <$1 per share
  - $0.0000
 A or V
Fee to remove liquidity in a security <$1 per share
  - 0.20% (i.e. 20 basis points) of total dollar volume
 R or m

*Provided that (i) the Quote/Order is entered through a PSX MPID in which the member organization displays, on average over the course of the month, 100 shares or more at the national best bid and/or national best offer at least 25% of the time during regular market hours* in the security that is the subject of the Quote/Order; or (ii) the member organization displays, on average over the course of the month, 100 shares or more at the national best bid and/or national best offer at least 25% of the time during regular market hours in 500 or more securities.

 

 

 

 

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