The CBOE Stock Exchange, LLC (CBSX) on Monday, August 16 will institute new pricing in 24 of the most-active, lower-priced securities traded on CBSX. The pricing will pay "takers" a substantial rebate to remove liquidity when the security's price is above one dollar, creating an incentive for customers to route their orders to CBSX.
The new pricing inverts traditional maker and taker rates, with "makers" charged an $0.0018 fee per share and "takers" receiving a credit of $0.0014 per share for the following securities:
Bank of America (BAC) |
Motorola (MOT) |
Citigroup (C) |
Nokia (NOK) |
UltraShort Dow 30 ProShares (DXD) |
Qwest Communications (Q) |
EMC Corporation (EMC) |
ProShares UltraShort QQQ (QID) |
i-Shares MSCI Japan Index (EWJ) |
Sprint Nextel Corp. (S) |
Ford Motor Company (F) |
Sirius XM Radio Inc. (SIRI) |
Aberdeen Asia-Pacific Income Fund (FAX) |
ProSharesUltraShort Financials (SKF) |
Direxion Daily Financial Bear 3x Shares (FAZ) |
AT&T (T) |
General Electric (GE) |
ProShares UltraShort Russell 200 (TWM) |
Intel (INTC) |
United States Natural Gas (UNG) |
Microsoft (MSFT) |
ProShares UltraRussell 2000 (UWM) |
Micron Technology (MU) |
Financial Select Sector SPDR (XLF) |
"CBSX is responding to customers who desire to access regulated, transparent public markets by directly incentivizing order routing behavior that selects a public exchange - in this case, CBSX - as the first destination," CBSX CEO David Harris said. "We believe that this pricing model, limited in scope at this time, will offer overall economic benefits to customers."