Wall Street Letter VOL. XLVI, NO. 7 - July 2014 | Page 17
JULY 2014
NAME OF
EXCHANGE
SUMMARY OF
CHANGE
New York
Stock
Exchange
NYSE Amex
EFFECTIVE
DATE
NEW FEE
CHANGED FROM
Eliminates equity
per share rebate
for some nonFloor Broker
transactions
N/A
$0.0019 per share rebate/$0.0015
per share rebate if an MPL order/or
the Tier 1 adding credit for qualifying
member organizations for all non-Floor
broker transactions that add liquidity
to the NYSE as long as the member
organization executes an ADV during
the billing month of at least 1 million
shares in retail price improvement
orders and a Customer electronic adding ADV during the billing month of at
least 5 million shares
June 1
Amends volume
requirements for
$0.06 per contract rebate if OFP has
electronic Customer volume of at
least 2% of total industry Customer
equity and ETF option ADV (rebate
is only paid on Customer electronic
contract volumes in excess of 200,000
ADV), or if OFP has electronic
volume of at least 0.45% of total
industry Customer equity and ETF
option ADV where 40% of the electronic volume consists of non-NYSE
Amex Options Market Maker, Firm,
Professional Customer and or BrokerDealer (rebate is paid on all Customer
electronic contract volumes)
$0.06 per contract rebate if OFP has
electronic Customer volume of at least
2% of total industry Customer equity
and ETF option ADV (rebate is only
paid on Customer electronic contract
volumes in excess of 200,000 ADV),
or if OFP has electronic volume of at
least 0.75% of total industry Customer
equity and ETF option ADV where
40% of the electronic volume consists
of non-NYSE Amex Options Market
Maker, Firm, Professional Customer
and or Broker-Dealer (rebate is paid
on all Customer electronic contract
volumes)
June 2
Establishes fees
for CUBE auction
mechanism
$0 per contract fee for Customer
CUBE orders and Customer Requests
for Response (RFR), applies to
Penny Pilot and non-Penny Pilot
options; $0.20 per contract fee for
non-Customer CUBE orders, applies
to Penny Pilot and non-Penny Pilot
options;. $0.05 per contract fee for
contra orders, applies to Penny Pilot
and non-Penny Pilot options; $0.55
per contract fee for non-Customer
RFR responses in Penny Pilot options;
$0.90 per contract fee for non-Customer RFR responses in non-Penny
Pilot options
N/A
June 12
Establishes rebates
for CUBE auction
mechanism for initiating participants
$0.40 per contract rebate for CUBE
auction orders in Penny Pilot options;
$0.80 per contract rebate for CUBE
auction orders in non-Penny Pilot
options
N/A
provider rebates
EXPLANATION
introduced in March, to incentivize members to send greater
volumes of retail price improvement orders to the exchange.
Applies to standard options.
qualify for rebates for certain
electronic equity and ETF option
volume – these rebates exclude
volume from QCC orders,
strategy executions, complex
orders and order routed away in
connection with options order
protection and the locked/
crossed market plan.
17
CUBE auction mechanism.
June 12
Only applies to Cube order
contracts that don't trade with
the contra order. CUBE auction
orders will not be counted
towards the fee cap of $350,000
per month for Specialists, eSpecialists, and Market Makers as
applied to an excess of volume
executed beyond 3,500,000.
DISCLAIMER: Most fee changes are effective upon filing. WSL notes fee highlights here, but additional changes may be made post publication. Please visit
exchange websites for the latest fee changes.