Routing Fees

Choose from over 25 different routing options.
ECN rebates are provided the month following trade execution.
VenueAdd LiquidityTake LiquidityOutbound Shares

SPTD SMART

0.00150.00150.0015

ARCA


0.0020.0030.0035

COWK


0.0030.0030.003

COWP


0.0030.0030.003

CUGX


0.0040.0040.004

CUTC (Citadel)


0.0040.0040.004

CUTD


0.0040.0040.004

CUTM

0.0040.0040.004

CUTS


.0015.0015.0015

CUTZ

0.0040.0040.004

EDGA (Routable)


0.0030.0030.003

EDGA (Non-Routable)


0.0030.0030.003

GOLD


0.0040.0040.004

EDGX


0.0030.00290.0029

HEAT

0.00150.00150.0015

HELIX


0.00050.00050.0005

INET


0.0000.0030.003

ITG


0.00150.00150.0015

MDPT


0.0030.0030.003

PDQ ATS


0.00150.00150.0015

POSTT


0.00150.00150.0015

PSFLT


0.0030.0030.003

SPDRX


0.00150.00150.0015

XALL


0.0050.0050.005

XDAG


0.0030.0030.003

XDRKI


0.0020.0020.002

BATS


0.0030.0030.003

OTCBB/Pink Sheets (Per-Share – Stocks Priced $1 and Up)

VenueAdd LiquidityTake LiquidityOutbound Shares

DKMX

0.00450.00450.0045

ARCA

0.00250.0030*0.0030*

DBOT

0.0030.0030.003
OTCB0.00450.00450.0045

OTCBB/Pink Sheets (Per-Share – Stocks Priced $0.01-$0.99)

VenueAdd LiquidityTake LiquidityOutbound Shares

OTCX Link

0.00010.00010.0001

SPDRO

0.00040.00040.0004

Options Trading

VENUEFEE

TRAF

Free

VOLX

Free

* ARCA stocks under $1.00 will be charged 30 basis points on trade value and not eligible for rebates.

VenueAdd LiquidityTake LiquidityOutbound Shares

SPTD SMART

0.00150.00150.0015

ARCA

-0.0020.0030.002

COWK


0.0030.0030.003

COWP


0.0030.0030.003

CUGX

0.0040.0040.004

CUTC (Citadel)


0.0040.0040.004

CUTD

0.0040.0040.004

CUTP (NITEFAN)

0.0040.0040.004

CUTM

0.0040.0040.004

CUTZ

0.0040.0040.004

EDGA

00.0030.003

GOLD


0.0040.0040.004

EDGX

00.0030.003

HELIX

0.00150.00150.0015

INET

-0.00150.0030.003

ITG

0.00350.00350.0035

PDQ ATS

0.00150.00150.0015

POSTT

0.00150.00150.0015

SPDRX

0.00150.00150.0015

XALL

0.0050.0050.005

XDAG

0.0030.0030.003

XDRKI

0.0020.0020.002

OTCBB/Pink Sheets (Per-Share – Stocks Priced $1 and up)

VenueAdd LiquidityTake LiquidityOutbound Shares

DKMX

0.00450.00450.0045

ARCAU

0.00450.00450.0045

DBOT

0.0030.0030.003
OTCB0.00450.00450.0045

OTCBB/Pink Sheets (Per-Share – Stocks Priced $0.01-$0.99)

VenueAdd LiquidityTake LiquidityOutbound Shares

SPDRO

0.00040.00040.0004

OTCX Link

0.00010.00010.0001
VenueRoutePer share FeeDescription
ARCAProA0.003Default Proactive , Aggressive Routing
ARCAALO-0.002Add Liquidity Only, Does not Re-Route
ARCAOP+0.0035On Open Plus
ARCAOP+SH0.0035On Open Plus
ARCAOPEN0.0035Primary On Open
ARCAPLO0.0035Passive Liquidity
ARCAPLOS0.0035Passive Liquidity Select
ARCASWPN0.0035Primary Sweep non-routable
ARCASWPR0.0035Primary Sweep Routable
BATSALO-0.002Please See more information on CBOE Website
BATSCYCL0.0035Please See more information on CBOE Website
BATSProA0.003Please See more information on CBOE Website
BATSDRT0.0035Please See more information on CBOE Website
BATSPa2D0.0035Please See more information on CBOE Website
BATSPaD0.0035Please See more information on CBOE Website
BATSPaT0.0035Please See more information on CBOE Website
BATSSLIM0.0035Please See more information on CBOE Website
BATSSLIM+0.0035Please See more information on CBOE Website
BATSTRIM0.0035Please See more information on CBOE Website
BATSTRIM-0.0035Please See more information on CBOE Website
COWNSEED0.002Urgency Lowest. Intelligently executes in either or both Displayed and and non-displayed liquidity venues based on user defned urgency
COWNSEEG0.002Urgency Highest. Intelligently executes in either or both Displayed and non- displayed liquididty venues based on user defined urgency
COWNSEEH0.002Urgency High. Intelligently executes in either or both Displayed and non- displayed liquididty venues based on user defined urgency
COWNSEEL0.002Urgency Low. Intelligently executes in either or both Displayed and non- displayed liquididty venues based on user defined urgency
COWNSEEL0.002Urgency Medium. Intelligently executes in either or both Displayed and non- displayed liquididty venues based on user defined urgency
CUTNCUGX0.004
CUTNCUTC0.004
CUTNCUTD0.004Dark Aggregator
CUTNCUTP0.004Market Maker Route
CUTNCUTR0.004Smart Order Router executes In Dark Liquidity and Lit Markets
CUTNCUTS0.0015Smart Order Router High Liquidity
CUTNCUTZ0.004Smart Order Router with Market Makers
EDGAALO0.0033Please See more information on CBOE Website
EDGAICMT0.004Please See more information on CBOE Website
EDGAINET0.004Please See more information on CBOE Website
EDGAIOCM0.004Please See more information on CBOE Website
EDGAIOCT0.004Please See more information on CBOE Website
EDGAIOCX0.004Please See more information on CBOE Website
EDGAProA-0.002Please See more information on CBOE Website
EDGARDOT0.004Please See more information on CBOE Website
EDGARDOX0.004Please See more information on CBOE Website
EDGARMPT0.004Please See more information on CBOE Website
EDGAROBA0.004Please See more information on CBOE Website
EDGAROBB0.004Please See more information on CBOE Website
EDGAROBX0.004Please See more information on CBOE Website
EDGAROBY0.004Please See more information on CBOE Website
EDGAROCO0.004Please See more information on CBOE Website
EDGAROOC0.004Please See more information on CBOE Website
EDGAROPA0.004Please See more information on CBOE Website
EDGAROUC0.004Please See more information on CBOE Website
EDGAROUD0.004Please See more information on CBOE Website
EDGAROUE0.004Please See more information on CBOE Website
EDGAROUQ0.004Please See more information on CBOE Website
EDGAROUT0.004Please See more information on CBOE Website
EDGAROUX0.004Please See more information on CBOE Website
EDGAROUZ0.004Please See more information on CBOE Website
EDGASWPA0.004Please See more information on CBOE Website
EDGASWPB0.004Please See more information on CBOE Website
EDGXALO-0.002Please See more information on CBOE Website
EDGXICMT0.004Please See more information on CBOE Website
EDGXINET0.004Please See more information on CBOE Website
EDGXIOCM0.004Please See more information on CBOE Website
EDGXIOCT0.004Please See more information on CBOE Website
EDGXIOCX0.004Please See more information on CBOE Website
EDGXProA0.003Please See more information on CBOE Website
EDGXRDOT0.004Please See more information on CBOE Website
EDGXRDOX0.004Please See more information on CBOE Website
EDGXRMPT0.004Please See more information on CBOE Website
EDGXROBA0.004Please See more information on CBOE Website
EDGXROBB0.004Please See more information on CBOE Website
EDGXROBX0.004Please See more information on CBOE Website
EDGXROBY0.004Please See more information on CBOE Website
EDGXROCO0.004Please See more information on CBOE Website
EDGXROOC0.004Please See more information on CBOE Website
EDGXROPA0.004Please See more information on CBOE Website
EDGXROUC0.004Please See more information on CBOE Website
EDGXROUD0.004Please See more information on CBOE Website
EDGXROUE0.004Please See more information on CBOE Website
EDGXROUQ0.004Please See more information on CBOE Website
EDGXROUT0.004Please See more information on CBOE Website
EDGXROUX0.004Please See more information on CBOE Website
EDGXROUZ0.003Please See more information on CBOE Website
EDGXSWPA0.0035Please See more information on CBOE Website
EDGXSWPB0.0035Please See more information on CBOE Website
LAMPPOST0.0026
LAMPPSFL0.0026
LAMPLAMP0.0015
NSDQALO-0.002Please see more information on Nasdaq Website
NSDQCART0.0035Please see more information on Nasdaq Website
NSDQDOTA0.0035Please see more information on Nasdaq Website
NSDQDOTD0.0035Please see more information on Nasdaq Website
NSDQDOTI0.0035Please see more information on Nasdaq Website
NSDQDOTM0.0035Please see more information on Nasdaq Website
NSDQDOTZ0.0035Please see more information on Nasdaq Website
NSDQLIST0.0035Please see more information on Nasdaq Website
NSDQMEXL0.0035Please see more information on Nasdaq Website
NSDQMOPP0.0035Please see more information on Nasdaq Website
NSDQProA0.003Please see more information on Nasdaq Website
NSDQQCST0.0035Please see more information on Nasdaq Website
NSDQQDRK0.0035Please see more information on Nasdaq Website
NSDQQSAV0.0035Please see more information on Nasdaq Website
NSDQQTFY0.0035Please see more information on Nasdaq Website
NSDQSAVE0.0035Please see more information on Nasdaq Website
NSDQSCAN0.0035Please see more information on Nasdaq Website
NSDQSKIP0.0035Please see more information on Nasdaq Website
NSDQSKNY0.0035Please see more information on Nasdaq Website
NSDQSOLV0.0035Please see more information on Nasdaq Website
NSDQSTGY0.0035Please see more information on Nasdaq Website
NSDQTFTY0.0035Please see more information on Nasdaq Website
NYSEALO-0.001Please see more information on Nasdaq Website
NYSEProA0.003Please see more information on Nasdaq Website
PDQARCA0.0027Tiered route that hits Dark venues and then provides a fill at ARCA
PDQBATS0.0027Tiered route that hits Dark venues and then provides a fill at BZX
PDQBATY0.0027Tiered route that hits Dark venues and then provides a fill at BYX
PDQCBLK0.003
PDQCBSX0.003Aggregates venues that provide price improvement.  These venues currently include exchanges, Alternative Trading Systems and market makers.
PDQCDMM0.003
PDQCDSR0.003Smart Order Router
PDQCRSH0.0015Immediate or Cancel Route that also Posts in Dark Liquidity
PDQDKAL0.0018This route pings CODA and 20+ dark venues and market makers.  Final destination utilizes parallel posting algo (posts order in multiple dark pools simultaneously and automatically re-balances to post more shares to the venue that is receiving executions).  
PDQEDGX0.0027Tiered route that hits a few dark venues and then provides a fill at EDG
PDQFPAR0.003not avail
PDQFREE0.003not avail
PDQIEX0.0033Direct route to IEX exchange
PDQMIDP0.0017Midpoint aggregation route that pings all mid venues, non marketable orders post at ARCA Midpoint
PDQMPFT0.0015Sweeps the street at midpoint venues then crosses spread, posts in Dark.
PDQMPPL0.0015Sweeps the street at midpoint venues.  After clearing out Midpoint venues, order crosses the spread
PDQNSDQ0.0027Tiered route that hits a few dark venues and then provides a fill at NSDQ
PDQProA0.003
PDQSCRP0.0015This route first pings CODA and 20+ dark venues and market makers.  Final destination routes to CODA's SOR (smart order router) with fast and efficient fills for all marketable flow.  Non-marketable flow will post for a rebate.
PDQSONE0.0025Tiered Smart Order Router finishing at CODA's order router. Rebates Available for posted Orders
PDQSTWO0.0015Immediate or Cancel Route
PDQSWRK0.0015Immediate or Cancel marketable orders route, non marketable orders Post at Coda's Manager for seeking incoming liquidity.
PDQVWAP0.0015VWAP route
PDQZAPP0.0015direct to NSDQ route (no scraping).  Does not support pegs.  Will post visible if sent hidden
PDQBETR0.005Price improvement route.  IOC orders will only fill at venues that provide price improvement
POOLDRKa0.008Dark Aggregator
POOLDRKm0.008Dark Aggregator Midpoint
POOLDRKp0.008Dark Aggregator Passive
POOLOPT10.005
POOLOPT20.005
POOLOPT30.005
POOLSORa0.003Smart Order Router Aggressive
POOLSORm0.003Smart Order Router Midpoint
POOLSORp0.005Smart Order Router Passive
QSMTADRK0.001Sweeps Dark Pools and net-Destinations, Posts dark at Limit
QSMTAMID0.002Sweeps all ELPs, darks, and lits at midpoint before sweeping all ELPs, darks, and lits at limit
QSMTARCA0.0045Direct to ARCA, EDGE
QSMTBDKS0.0015Sweeps all ELPs and darks, multi-posts in the dark at limit
QSMTBDRK0.002Sprays the full quantity out conditionally to multiple dark pools at limit
QSMTBMDX0.0025Sweeps all midpoint liquidity at darks and lits, order posted at midpoint
QSMTBMID0.002Sweeps all midpoint liquidity at darks, order posted at midpoint in dark
QSMTBPST-0.002Sprays to lit exchanges and pegs and floats to the passive side of the NBBO
QSMTDKVP0.002Sweeps only darks, multi-posts in the dark at limit
QSMTDVPS0.002Dark only sweep of all midpoint liquidity, then a dark only sweep at traders limit, and posts in dark at limit
QSMTIARC0.0035Direct to ARCA
QSMTINSD0.0035Direct to Nasdaq
QSMTINYS0.0035Direct to NYSE
QSMTKRTE0.0035Lit sweep, posts at lit exchange at limit
QSMTNTCV0.002Sweeps ELPs, darks, then sprays full quantity conditionally to multiple dark pools at limit
QSMTPINK0.0045OTCBB SOR sweeps OTCX, ARCA, DBOX, and several liquidity providers. F-shares sweep Canadian markets at limit
QSMTPROP0.0015NMS > $1 (9:30-16:00)
QSMTPROP0.004All Other Fills
QSMTProA0.0015NMS
QSMTQDRF-0.0005Sweeps net-trading destinations, ELPs, darks, and lits, then posts lit
QSMTQDRK0.002Dark only SOR, multi-post in dark at limit
QSMTQDRM0.001Sweeps net-trading destinations, ELPs, darks, and lit exchanges, posts lit at limit
QSMTQDRX0.0015SPDRX
QSMTQFAN0.002Multi-post at dark and lit venues at limit
QSMTQMID0.0025Sweeps all midpoint and hidden liquidity at darks and lits, order posted at midpoint in dark
QSMTSDRK0.0015Smart Dark Router
QSMTSDRk0.0004Smart Router Pinks and Bulletin Boards
QSMTSEDG0.002Sweeps all ELPs and darks before posting at a trader defined destination at limit
QSMTSPST-0.002Pegs and floats with the passive side of the NBBO at lits, full order displayed
QSMTTWAP0.001Adaptive algorithm that works to achieve Time Weighted Average Price. Recommended for trades where volume patterns are highly uncertain (e.g., low-liquidity securities, securities with recent IPOs, corporate actions or earnings events, volatility or risk stocks).
QSMTVWAP0.0015Adaptive algorithm designed to achieve Volume Weighted Average Price. It utilizes dynamic inputs to continuously forecast volume and optimize order price placement
QSMTXFND0.001Sweeps net-trading destinations, ELPs, and darks, posts in the dark at limit
QSMTXMID0.0025Sweeps midpoint liquidity and posts lit at midpoint

ECN rebates will be credits the following month.

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. Clients trading on per ticket rates are not eligible for ECN rebates unless agreed to in writing by management. We do receive payment for order flow when routing certain equity and options orders with specific routes or market centers, more information available upon request. There may be other routes available that are not listed here, which may charge a fee. You should always call and check the fee on any route before using it.

There is also Section 31 regulatory fee of $0.0000218 of the total dollar amount of securities sold. This fee is assessed for all SELL orders and is added to any total commissions charged. (as of February 10, 2016)

There is a FINRA TAF Fee $0.000119 per share of securities sold with a maximum of $5.95 per trade. This fee is assessed on all SELL orders and $0.0002 per option contract and is added to any total commission charged.

Any hard to borrow short locate fees will be passed onto the client, these fees will vary.

Certificate and DWAC deposits and transfers may incur substantially higher fees based on various factors that are not listed on this page.

Clients who do not elect to receive their confirmations and statements electronically will be charged $4 per confirmation and $10 per statement that is physically mailed. If clients request these documents to be sent electronically by email, then there is no fee for that delivery.

Clients cannot trade any foreign stocks trading is U.S. dollars. These stocks are generally 5 letter stock symbols ending in F. If a client does trade a foreign stock ending in F, there will be a foreign stock charge, as incurred per symbol per day. There will also be interest of 6 basis points annualized on these stocks based on the total position dollar value.

Trading non-DTC eligible securities will incur additional settlement fees including; a DTC Physical Trade fee of $150 and a shipping fee $40 (when necessary). There may also be a NYW fee and a TRF AGENT fee, which will vary and may be substantial.

Illiquid Securities Policy – All clients of our firm in aggregate cannot trade in excess of 10% of the previous 20 business day average trading volume of any stock on any day regardless of the stock’s price. In addition, for stocks trading below $1 per share, clients cannot ever trade more than 25% of the current day’s trading volume. There also cannot at anytime ever be more than 5,000,000 shares of any one stock settling during any 3 business day settlement period for our entire firm. If a client trades in excess of these restrictions, then their accounts will be subject to fees and interest charges and possible buy in or sell out of the violating position during the 3-day settlement period of those trades. There will be a $300 fee for any trade that is in violation of this policy. The interest charges will then be assessed on an illiquidity requirement imposed on the clearing firm, which could be many times the value of the trade. The interest rates charged to clients who violate these restrictions will be a minimum overnight rate of 15% of the illiquidity requirement. These are only guideline amounts and lower trading volumes can also trigger illiquid charges, which will be passed through as well. Repeated violations of this policy will result in the account being closed.

The fee information listed here is for informational purposes only. These fees are subject to change at anytime and those changes may not be accurately reflected on this page. This is only a partial list of additional fees.