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Thursday, June 26, 2014

Equity Trader Alert #2014 - 45
Modifications to PSX Pricing Effective July 1, 2014

Category:

  • Pricing

Markets Impacted:

Contact Information:

Resources:

Beginning Tuesday, July 1, 2014, PSX will modify rates to add and remove liquidity. The rates below apply to all tapes.

Rebates (Apply to All Securities)
 Member Firm Add Requirement (Total Displayed Added Shares Per Day, All Tapes)
 All Tape Securities
  Liquidity Code
Tier 1 Rebate*
 6,000,000
 $0.0025
  A
Tier 2 Rebate*
 2,000,000
 $0.0024
  A
Rebate to Add Displayed Liquidity

 Liquidity Code
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
  A
Orders from all other MPIDs
$0.0015
  A
Non-displayed Pricing

 
Added liquidity via a midpoint order
$0.0003 Fee
  k
Other non-displayed added liquidity
$0.0005 Rebate
  J
Fee to Remove Liquidity


 
All liquidity accessing orders, except midpoint
$0.0026
  R
Accessing midpoint point liquidity
$0.0003
  m
Shares Executed Below $1.00

 
Rebate to Add Liquidity
$0.0000
  A
Fee to Remove Liquidity
0.20% (i.e. 20 basis points) of total dollar volume
  R or m

*Provided that (i) the Quote/Order is entered through a NASDAQ OMX PSX MPID through 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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