Fees

Future Fee Schedule effective July 1st, 2017

1    FASTMATCH ECN - ALL MATCHING ENGINES:

 

FastMatch Anonymous ECN (Bilateral)1

Day Orders Providing Liquidity and Open to All Users1

DisclosedMatch (Bilateral)1

MidMatch (Bilateral)1

ManageMatch

AlgoMatch

  ""

$3.00 per side

FREE

$1.00 per side

$1.00 per side

$2.50 for both sides

0.001% markup rounded per currency pair convention

Additional CCP Surcharge for CLS Pairs - $2.00. Non-CLS pairs - $2.00 and 0.001% markup rounded per currency pair

n/a

1 Fee is expressed in USD per million or equivalent notional traded. For some trades, bilateral Users will be automatically switched to utilize services of central clearing counterparty (for example, no credit exists or the credit is exhausted) and may incur a 0.001% markup rounded per currency pair convention. A User may elect to trade on a 0.001% markup in lieu of invoiced fees. Fee applies to all Users except as otherwise provided in applicable FastMatch contract.

2    THIRD PARTY ADDITIONAL FEE:

  • If a User is using a third party vendor to connect to FastMatch, and the vendor charges fees to FastMatch for its services, FastMatch may add those costs to fees.

3    PORT FEES:

  • FIX and Binary ports for order entry, market making and market data are free of charge for the first three months of port creation for actively trading Users. After the three month period, FastMatch will keep providing two free ports for every USD 0.5 billion or equivalent notional traded by User billing month and FastMatch will charge $250 per month per port to Users that do not meet the free ports volume requirement.

4    MARKET DATA FEES:

  • Users that do not remove (take) liquidity: $7,500 per month via Binary or FIX protocol. Market Data fee includes one free Binary or FIX port. Additional port fees will be charged at standard rates.

5    PRICE IMPROVEMENT:

  • FastMatch passes all price improvement to the taker as standard practice. Only upon written mutual agreement between a User and FastMatch, can a User request not to receive price improvement on their taking orders in lieu of commission or a markup, provided that the User’s price improvement policies are in compliance with all rules, regulations, policies and guidelines of the National Futures Association and any other governing body or agency in the User’s jurisdiction with authority over the User.

Current Fee Schedule effective February 1st, 2017

applies to all clients except as otherwise provided in applicable FastMatch contract

1    FASTMATCH ECN - ALL MATCHING ENGINES:

 

Client % of Platform’s ADV per Month Across All Products

FastMatch Anonymous ECN (Bilateral)3

Day Orders Providing Liquidity and Open to All Participants3

DisclosedMatch (Bilateral)3

MidMatch (Bilateral)3

ManageMatch

AlgoMatch

  ""

0 < 5% ADV1

$3.00 per side

FREE

$1.00 per side

$1.00 per side

$2.50 for both sides

0.001% markup rounded per currency pair convention

5% ADV <= 10% ADV1

$2.50 per side

10% ADV <= 15% ADV1

$2.00 per side

 Super Tier: > 15% ADV2

$1.50 per side

Additional CCP Surcharge

CLS Pairs - $2.00. Non-CLS pairs - $2.00 and 0.001% markup rounded per currency pair

n/a

1 ADV – single counted Average Daily Volume of Fastmatch platform expressed in USD or equivalent notional traded. When a client reaches a new volume tier discount, the discount is only applied to the incremental volume traded above the tier breakpoint.

2 When a client reaches the super tier, the discount is applied to all volume traded (from the first USD million notional or equivalent).

3 Fee is expressed in USD per million or equivalent notional traded. Bilateral clients that exhausted or do not have bilateral credit with counterparties will be automatically switched to utilize services of central clearing counterparty and may incur a 0.001% markup rounded per currency pair convention.

2    THIRD PARTY ADDITIONAL FEE:

  • If a client is using a third party vendor to connect to FastMatch, and the vendor charges fees to FastMatch for its services, FastMatch may add those costs to commissions.

3    PORT FEES:

  • Market making FIX ports are free of charge.
  • Binary market making ports are free of charge.
  • Binary order entry ports are free of charge.
  • FIX ports for order entry and market data free of charge for the first three months of port creation for actively trading clients. After the three months, FastMatch will keep providing two free ports for every USD 0.5 billion or equivalent notional traded by client billing month. All extra ports are charged at the rate of USD 250 per month.
  • FastMatch will provide binary market data ports free of charge for the first three months of port creation for actively trading clients. After the three months, the rate for market data binary ports will be USD 3,000 for each 10 ports block per month.

4    FX TAPE MARKET DATA FEES:

  • Non Trading clients that receive market data including real time and historical quotes and trades (FX TAPE) information: USD 3,000 per month. FX Tape fee includes on free binary or FIX port. Additional port fees will be charged at standard rates.

5    RETAIL BROKERS FREE TRADING:

  • Clients that have FX Retail or equivalent registration with relevant authorities and send order flow from their retail clients to FastMatch platform may qualify for FREE trading based on FastMatch evaluation of the quality for the order flow.

6    PRICE IMPROVEMENT:

  • FastMatch passes all price improvement to the taker as standard practice. Only upon written mutual agreement between a client and FastMatch, can a client request not to receive price improvement on their taking orders in lieu of commission or a markup, provided that the client’s price improvement policies are in compliance with all rules, regulations, policies and guidelines of the National Futures Association and any other governing body or agency in the client’s jurisdiction with authority over the client.

Prior Schedule Effective March 1st, 2016

1    FASTMATCH ANONYMOUS - ECN All Matching Engines:

1.1    Clients That ARE NOT UTILIZING services of CCP (Bilateral Mode)
  • Clients trading more than ADV USD 2.0 billion or equivalent notional per billing month – USD 1.50 per USD 1 million or equivalent notional on all volume traded up to ADV USD 3.00 billion, any volume traded that exceeds ADV USD 3.0 billion per billing month – FREE.
  • Clients trading more than ADV USD 1 billion or equivalent notional per billing month or 10% of single counted volume of the platform (whichever is less) – USD 2.50 per USD 1 million or equivalent notional traded on all volume traded.
  • Clients trading equal or less than ADV USD 1 billion or equivalent notional per billing month or 10% of single counted volume of the platform (whichever is less) – USD 3.00 per USD 1 million or equivalent notional traded on all volume traded.
  • Clients that add liquidity (displayed or hidden) via orders with Day time in force or providing 100% fill rate via Last Look and NOT restricting trading counterparties - FREE for adding liquidity on all volume traded.
1.2    Clients That ARE UTILIZING services of CCP
  • Clients that are utilizing services of central clearing counterparty and would like to be charged a commission will incur USD 2.00 per USD 1 million or equivalent notional traded CCP surcharge to the above bilateral mode rates.
  • Clients that are utilizing services of central clearing counterparty and would like to be charged a markup will incur a 0.001% markup rounded per currency pair convention.
  • Clients that exhausted or do not have bilateral credit with counterparties will be automatically switched to utilize services of central clearing counterparty and will incur a 0.001% markup rounded per currency pair convention.

2    THIRD PARTY ADDITIONAL FEE:

  • If a client is using a third party vendor to connect to FastMatch, and the vendor charges fees to FastMatch for its services, FastMatch will add those costs to commissions.

3    PORT FEES:

  • Market making FIX ports are free of charge.
  • Binary market making ports are free of charge.
  • Binary order entry ports are free of charge.
  • FIX ports for order entry and market data free of charge for the first three months of port creation for actively trading clients. After the three months, FastMatch will keep providing two free ports for every USD 0.5 billion or equivalent notional traded by client billing month. All extra ports are charged at the rate of USD 250 per month.
  • FastMatch will provide binary market data ports free of charge for the first three months of port creation for actively trading clients. After the three months, the rate for market data binary ports will be USD 3,000 for each 10 ports block per month.

4    FX TAPE MARKET DATA FEES:

  • Non Trading clients that receive market data including real time and historical quotes and trades (FX TAPE) information over FIX API: USD 3,000 per month.
  • Non Trading mass news distribution vendors (for example, Bloomberg, Thompson Reuters. Yahoo, Google, etc.) will receive market data for FREE.

5    FASTMATCH’S SIGNIFICANT EQUITY HOLDERS AND RETAIL BROKERS:

  • Clients that own more than 20% of equity interest in FastMatch, Inc. and NOT using services of central clearing counterparty: FREE trading and market data.
  • Clients that have FX Retail or equivalent registration with relevant authorities and send order flow from their retail clients to FastMatch platform may qualify for FREE trading based on FastMatch evaluation of the quality for the order flow.

6    PRICE IMPROVEMENT:

  • FastMatch passes all price improvement to the taker as standard practice. Only upon written mutual agreement between a client and FastMatch, can a client request not to receive price improvement on their taking orders in lieu of commission or a markup, provided that the client’s price improvement policies are in compliance with all rules, regulations, policies and guidelines of the National Futures Association and any other governing body or agency in the client’s jurisdiction with authority over the client.

7    DISCLOSED TRADING:

  • Clients that are using FastMatch platform to trade with each other on a fully disclosed basis without using services of central clearing counterparty (bilateral mode): USD 1 per USD 1 million or equivalent notional traded per side. One client in a fully disclosed relationship may elect to pay the fees for both sides of the trade.
  • Clients that are using FastMatch platform to trade with each other on a fully disclosed basis using services of central clearing counterparty: USD 3 per USD 1 million or equivalent notional traded per side. The fee includes CCP surcharge of USD 2 per USD 1 million or equivalent notional traded per side. One client in a fully disclosed relationship may elect to pay the fees for both sides of the trade.
  • Disclosed trading clients that exhausted or do not have bilateral credit with each other, but still have credit with central clearing counterparty, will be automatically switched to utilize services of central clearing counterparty and will incur a 0.001% markup rounded per currency pair convention.

Fee Schedule Effective November 1st, 2015

1    FastMatch ECN New York and London Matching Engines:

  • Commissioned clients that connect to FastMatch ECN via FIX API or using FastMatch GUI: USD 3 per USD 1 million or equivalent notional traded for removing and adding liquidity.
  • Commissioned clients that connect to FastMatch ECN via FIX API, removing more than USD 1 billion ADV during the billing month across all matching engines and NOT using services of central clearing counterparty: USD 2.50 per USD 1 million or equivalent notional traded for removing and adding liquidity.
  • Clients that connect to FastMatch ECN via FIX API or using FastMatch GUI and would like to be on a markup: 0.001% rounded per currency pair convention for removing and adding liquidity.
  • Commissioned clients that connect to FastMatch ECN via FIX API or using FastMatch GUI, that add more than USD 500 million in a month during the billing month (cumulative across all matching engines) using orders to add liquidity and NOT restricting counterparties and NOT using services of central clearing counterparty: FREE for adding liquidity and USD 2.50 per USD 1 million or equivalent notional traded for removing liquidity.

2    FastMatch ECN Tokyo Matching Engine:

  • Commissioned clients that connect to FastMatch ECN via FIX API and NOT using services of central clearing counterparty: FREE for removing liquidity and USD 3 per USD 1 million or equivalent notional for adding liquidity.
  • Commissioned clients that connect to FastMatch ECN via FIX API, removing more than USD 1 billion ADV during the billing month across all matching engines and NOT using services of central clearing counterparty: USD 2.50 per USD 1 million or equivalent notional for adding liquidity and FREE for removing liquidity.
  • Clients that connect to FastMatch ECN via FIX API or using FastMatch GUI and would like to be on a markup: 0.001% rounded per currency pair convention for removing and adding liquidity.

3    Third Party Additional Fee:

  • If a client is using a third party vendor to connect to FastMatch, and the vendor charges fees to FastMatch for its services, FastMatch will add those costs to the commissions bill or a markup.

4    Port Fees:

  • FastMatch will provide FIX ports for order entry and market data free of charge for the first three months of port creation for actively trading clients. After the three months, FastMatch will keep providing two free ports for every USD 0.5 billion or equivalent notional traded by client billing month. All extra ports are charged at the rate of USD 250 per month.
  • FastMatch will provide binary ports free of charge for the first three months of port creation for actively trading clients. After the three months, the rate for binary ports will be USD 3,000 per 10 ports per month.

5    FX Tape Market Data Fees:

  • Non Trading clients that receive market data including real time and historical quotes and trades (FX TAPE) information over FIX API: USD 3,000 per month.
  • Non Trading distribution vendors (for example, Bloomberg, Thompson Reuters. Yahoo, Google, etc.) that publish information for mass distribution and market efficiency and receive market data including real time and historical quotes and trades (FX TAPE) information over FIX API and Binary: FREE.
  • Universities and other public research organizations concentrating on FX market microstructure research and receive market data including real time and historical quotes and trades (FX TAPE) information over FIX API and Binary: FREE.

6    FastMatch’s Significant Equity Holders and their affiliates:

  • Clients that own more than 20% of equity interest in FastMatch, Inc and NOT using services of central clearing counterparty: FREE trading and market data.

7    Disclosed Trading:

  • Clients that are using FastMatch platform to trade with each other on a fully disclosed basis: USD 1 per USD 1 million or equivalent notional traded per side.