DAS TRADER ROUTES
| ROUTE | DESCRIPTION | ADDING LIQUIDITY | TAKING LIQUIDITY | OUTBOUND | H / NH |
|---|---|---|---|---|---|
| ARCAC | CODA NYSE ARCA | 0.0022 | -0.0035 | -0.004 | Not Held |
| CDRG | Citadel Equities | -0.0018 | -0.0018 | -0.0018 | Held |
| CDRO | Citadel Options | 0 | 0 | 0 | Held |
| CDXM | CODA Smart | 0 | -0.0035 | -0.004 | Not Held |
| CMID | CODA Mid | -0.0013 | -0.0013 | -0.0013 | Not Held |
| CMND | CODA SOR | 0.0025 | 0 | 0 | Not Held |
| CP | ClearPool TWAP VWAP Algo | -0.0025 | -0.0025 | -0.0025 | Not Held |
| CPSR | ClearPool Algo | -0.0025 | -0.0025 | -0.0025 | Not Held |
| IEXN | Instinet DMA to IEX | 0 | -0.0029 | -0.0029 | Held |
| INSR | Instinet SOR | -0.0015 | -0.0015 | -0.0015 | Not Held |
| INST | CODA Institutional | 0.0025 | 0 | 0 | Not Held |
| IMID | Instinet Premium Mid | -0.0015 | -0.0015 | -0.0015 | Not Held |
| ISTN | Instinet SOR | 0.0025 | 0 | 0 | Not Held |
| LAMP | Lampost Capital | 0 | 0 | 0 | Held |
| LIMIT | Instinet SOR *** | -0.0015 | -0.0015 | -0.0015 | Not Held |
| MARKET | Instinet SOR *** | -0.0015 | -0.0015 | -0.0015 | Not Held |
| MNGD | Apex Route | -0.0015 | -0.0015 | -0.0015 | Held |
| NITE | Virtu Route | -0.0015 | -0.0015 | -0.0015 | Held |
| NMID | Instinet Mid | -0.0013 | -0.0013 | -0.0013 | Not Held |
| NSDQC | CODA NASDAQ | 0.0022 | -0.0035 | -0.0035 | Not Held |
| OTCN | Instinet GOTC | 0 | -0.0037 | -0.0047 | Held |
| OTCS | Sage Trader OTCX | 0 | 0 | 0 | Held |
| PBAT | CODA CBOE BYX | 0 | 0 | 0 | Not Held |
| PDQ | CODA Router | 0 | 0 | 0 | Not Held |
| PEDG | CODA CBOE EDGA | -0.0034 | 0.001 | -0.0034 | Not Held |
| PMID | CODA Premium Mid | -0.0015 | -0.0015 | -0.0015 | Not Held |
| POST | Lampost Capital Not Held | 0 | 0 | 0 | Not Held |
| SAUC | Sage Trader SOR | 0 | 0 | 0 | Not Held |
| SIOC | Sage Trader IOC | 0 | 0 | 0 | Not Held |
| SPR | Siebert Pro | 0 | -0.0015 | -0.0015 | Not Held |
| SSR | AEXG* IOC Short Sale Route | -0.010* | -0.010* | -0.010* | Held |
| STM | Sage Trader** STMG | 0.0025** | 0 | 0 | Not Held |
The above routing guide only applies to securities priced above $1.00 during core trading session 9:30am – 4:00 pm ET.
Securities priced below $1.00 are subject to different routing charges and are not rebate eligible. Additional fees may apply.
Adding liquidity rebate may vary from above and may be less than indicated. Above guide shows maximum possible rebate.
All rates are subject to change without notice.
This page is a good faith estimate of the current rates but may not be completely accurate. We are not liable for any discrepancies between listed rates and the actual rates applied.
If necessary, we reserve the right to charge or adjust for venue, routing, or exchange fees based on vendor changes in routing rates. We reserve the right to mark up or adjust any routing fees at our sole discretion.
Rebates are subject to forfeiture in the event an ECN or exchange does not remit the rebate.
Positive values represent a rebate. Negative values represent a charge.
*AEXG is Alternative Execution Group
*SSR $50 – $150/share – .02 | $150 – $250/ share – .04 | $250 – $375/share – .06 | over $375/share – .08
*SSR is for short selling of SSR securities ONLY and allows users to potentially short without an uptick.
*SSR is more costly thn other routes with minimum .01/share fee.
*SSR – Orders are executed as IOC (immediate or cancel), so the order will either execute, or cancel back the unexecuted amount.
**STM – During pre and post hours, STM will go to Lampost and show in DAS as STML route
**STM – Pre and post pricing for STML: -0.0015 to ADD and -0.0025 to REMOVE
*** We may receive certain *order-flow rebates, credits, or fee reductions* when routing orders to the INSR route.
These payments create a potential conflict of interest because they could incentivize us to route orders to this venue rather than another that might result in a better execution outcome for you. INSR destination may pay or charge us *exchange fees, liquidity rebates, or other transaction-based incentives*, which could vary depending on whether your order adds or removes liquidity.
*** LIMIT – During pre and post hours, LIMIT will go to Lampost and show in DAS as LAMP route and Instinet and show in DAS as INSR.
*** MARKET – During core hours will go to APEX and show in DAS as MNGD and Instinet and show in DAS as INSR.
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st@regalsecurities.com
* Be Sure to Mention "MIC" on the phone or chat for special discounted rates!