CTA/CQ Plans (Consolidated Tape)
The Consolidated Tape is overseen by the Consolidated Tape Association. The CTA/CQ system started in June 1975.
Tape A (also called Network A) contains securities listed on the New York Stock Exchange, and is also administered by the NYSE.
Tape B (also called Network B) contains securities listed on the American Stock Exchange (AMEX), NYSE Arca, and regional stock exchanges (REGIONALS). It is administered by the American Stock Exchange.
Tape C contains over-the-counter stocks listed on the NASDAQ National Market or NASDAQ Small Cap Market, and is overseen by the OTC/UTP Operating Committee.
ECNs fees and rebates
Pricing updates for january 1st, 2008:
| ECNs |
Adding liquidity |
Removing liquidity |
Routing out |
| NSDQ |
+ $0.0020 |
- $0.0030 |
- $0.0040 |
NyseARCA
Tape A |
+ $0.0025 |
- $0.0008 |
- $0.0040 |
NyseARCA
Tape C |
+ $0.0020 |
- $0.0025 |
- $0.0040 |
BATS
Tape A |
+ $0.0024 |
- $0.0025 |
- $0.0028 |
BATS
Tape B |
+ $0.0030 |
- $0.0025 |
- $0.0026 |
BATS
Tape C |
+ $0.0024 |
- $0.0024 |
- $0.0026 |
EDGX
Tape A |
+ $0.0026 |
- $0.0026 |
- $0.0026 |
EDGX
Tape B |
+ $0.0035 |
- $0.0026 |
- $0.0026 |
EDGX
Tape C |
+ $0.0026 |
- $0.0026 |
- $0.0026 |
| EDGA |
FREE |
FREE |
- $0.0026 |
| TRAC |
+ $0.0022**** |
- $0.0023 |
- $0.0026 |
| XFINDER |
- $0.0025** |
| AXFINDER |
- $0.0035** |
** Depending on each deal between the broker/prop trading firm and these ECNs
For securities under $1.00
Pricing updates for january 1st, 2008:
| ECNs |
Adding liquidity |
Removing liquidity |
Routing out |
| NSDQ |
FREE |
- $0.003 |
- $0.004 |
NyseARCA
|
FREE |
- $0.0008 |
- $0.004 |
| BATS |
FREE |
FREE |
- 0.26%*** |
EDGX
|
FREE |
- 0.2%
of dollar value |
- 0.3%
of dollar value |
| TRAC |
+ 0.025%****
of dollar value |
- 0.3%
of dollar value |
- 0.3%
of dollar value |
*** 0.26% of total dollar value of standard routed executions for securities under $1
**** Internal Execution when a direct connection adds or takes liquidity to or from Track ECN
Order Entry System
OES (Nyse destination) = - $0.0005 in providing or taking liquidity
= - $0.003 for orders routed to Nyse |
