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Wednesday, June 27, 2012

Equity Trader Alert #2012 - 28
PSX Pricing Update Effective Monday, July 2, 2012

Markets Impacted:

Contact Information:

What you need to know:

  • Effective Monday, July 2, 2012, pending filing with the Securities and Exchange Commission (SEC), PSX will update pricing for Tape A, B and C Securities.
  • Removing liquidity on PSX will be free on MPIDs meeting minimal participation requirements
  • Routing fees to access PSX via certain NASDAQ and BX strategies will be reduced

What is changing in regard to PSX fees to remove liquidity for Tape A, B and C shares executed at or above $1?

Effective July 2nd, removing liquidity on PSX will be free on MPIDs that meet the minimum criteria of adding 25,000 or removing 3.5 million shares daily.

All other MPIDs will be charged a $0.0005 per share fee to remove liquidity.

What is changing in regard to PSX fees to add liquidity for Tape A, B and C shares executed at or above $1?

Effective July 2nd, there will be a $0.0002 per share fee to add liquidity on MPIDs adding an average of 10 million shares or more daily.

All other MPIDs will be charged a $0.0005 per share fee to add liquidity.

The special pricing for non-displayed orders, minimum life orders and orders of 2,000 shares or greater will be discontinued.

What is changing in regard to PSX fees to add and remove liquidity for Tape A, B and C shares executed below $1?

Effective July 2nd, the fee to remove liquidity in shares priced below $1 will be reduced to 0.10% (i.e., 10 basis points) of total dollar volume.

There will continue to be no fee to add liquidity in shares priced below $1.

What is changing in regard to NASDAQ fees for routing shares executed at or above $1 to PSX?

Effective July 2nd, routing to PSX via NASDAQ's SAVE, SOLV, CART and TFTY routing strategies will be free. The rate to route Directed Orders to PSX will be $0.0005.

What is changing in regard to BX fees for routing shares executed at or above $1 to PSX?

Effective July 2nd, the fee to route to PSX via any BX routing strategy (including BSTG, BSCN, and BTFY) will decrease to $0.0005.

Where can I find more information?


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