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Lightspeed Trader

Lightspeed Trader Pricing

Being able to focus on your trading strategies and not worry about what each trade is costing you is exactly what our pricing schedule offers. At Lightspeed, there are NO TICKET CHARGES and NO TRADE MINIMUMS for online stock trading, online options trading or online futures trading..

Compare
Commission
Mkt Center
Futures
Mkt Data
Margin
Other Fees

Equities

Online Trades	100 Share Trade
	$0.40
Tradeking	$4.95
Scottrade	$7.00
E*TRADE	$9.99
optionsXpress	$14.95

Options

Online Trades	Ticket Charge	Per Contract	1 Contract	10 Contracts
	No Charge	$0.50	$0.50	$5.00
Tradeking	$4.95	$0.65	$5.60	$11.45
Scottrade	$7.00	$1.25	$8.25	$19.50
E*TRADE	$9.99	$0.75	$10.74	$17.49
optionsXpress	$14.95	$1.50	$14.95	$15.00

Futures

Online Trades	Ticket Charge	Per Contract	10 Contracts
	No Charge	$0.50	$5.00
Tradeking	N/A	N/A	N/A
Scottrade	N/A	N/A	N/A
E*TRADE	No Charge	$2.99	$29.90
optionsXpress	No Charge	$6.99	$69.90

Equities – Comparison based on 100 share standard rate order placed online or via a trading platform. Pricing does not apply to broker assisted, OTCBB, and Pink Sheet orders. Does not include any equity routing charges/rebates. Pricing is believed to be accurate from the as of date, but not guaranteed. Please see full pricing schedule for details.

Options – Based on standard option rates of listed firms. Pricing comparison is believed to be accurate from the as of date, but not guaranteed. Please see full pricing schedule for details.

Futures – Based on standard futures rates of listed firms offering. Pricing comparison is believed to be accurate from the as of date, but not guaranteed. Does not include any Futures exchange fees which apply to all firms. Please see full pricing schedule for details.

As of: 02/08/10

Product	Cost	Additional Details
Equities	$.00395 per share	plus/minus Market Center Fees
OTCBB	$10.00 per order	plus/minus Market Center Fees
Options	$0.50 per contract	no minimum/no order charges
Futures	$0.50 per contract	no minimum/no order charges plus exchange fees
Phone Orders	$20.00 per order	plus regular commission charges

*Market Center fees not charged to Web Trader users

OTCBB and Pink Sheets pricing is $10 up to 15,000 shares for Lightspeed Trader & 20,000 shares for Lightspeed Web Trader.
All additional shares in excess of respective caps are charged at $0.0005.

Futures trading only available on Lightspeed Trader

Web Trader Note: Odd lot orders < 100 shares are charged $0.40 cents per trade

Venue	Add Liquidity	Take Liquidity	Outbound Shares
ARCA (NASDAQ)	$0.0021	($0.0030)	($0.0035)
ARCA (AMEX)	$0.0022	($0.0030)	($0.0035)
ARCA (NYSE)	$0.0021	($0.0030)	($0.0030)
ARCA (OTCBB)	$0.0000	($0.0030)*	($0.0030)*
BATS	$0.0024	($0.0025)	($0.0027)
BOSX (NYSE/NASDAQ)	($0.0008)	($0.0004)	N/A
BOSX (AMEX)	$0.0008	($0.0004)	N/A
CROSS+	$0.0000	($0.00275)	$0.0000
EDGX	$0.0029	($0.0029)	($0.0029)
EDGA	($0.0002)	$0.0002	($0.0029)
FLOW	$0.0023	($0.0026)	($0.0026)
LSPD Dark Pool	N/A	($0.00225)	N/A
NASDAQ Displayed	$0.0020	($0.0030)	($0.0030)
NASDAQ Hidden	$0.0010	($0.0030)	($0.0030)
NITE (OTCBB)	$0.0000	$0.0000	$0.0000
NYSE	$0.0013	($0.0021)	($0.0030)

*For share prices less than $1.00, 30 basis points times the total trade value will be charged.

Market Center Fees do not apply to Lightspeed Web Trader.

Fee	Multiplier	Additional Details
STC:	($0.0000169)	Multiply this amount by the principal amount sold
FINRA TAF:	($0.0000750)	Covers sales of exchange registered securities whenever executed. Multiply this amount by the number of shares sold

See an example of how market center fees impact your total transaction costs!

EXAMPLE:

If you want to send an order to buy 100 shares of AAPL. Your commission will have two components:

1) The $.00395 per share charged by Lightspeed

2) The market center fee charged to you or paid to you.

If you send this 100 share order as a market or marketable limit (take liquidity) order to NASDAQ, your total commission will be $0.70. This charge is made up of the $0.40 commission paid to Lightspeed plus the $0.30 market center fee charged by NASDAQ for taking liquidity.

However, If you send this 100 share order as a displayed limit (adding liquidity) order to NASDAQ, your total commission will only be $0.20. This charge is made up of the $0.40 commission paid to Lightspeed minus the $0.20 rebate given back to you by NASDAQ for adding liquidity.

You can choose to send your orders to exchanges which have lower market center fees or in some cases no market center fees at all. For Example, the EDGA ECN currently has ZERO charge for taking liquidity. There is also no rebate for adding liquidity. If your 100 share order is executed on the EDGA ECN your total commission will only total the $0.40 charged by Lightspeed.

The term “Outbound” refers to an order which is routed from its original destination to another venue.

EXAMPLE: You send an order to ARCA to buy XYZ at $20.05 while NSDQ is displaying an offer to sell at $20.04. ARCA will route your order to NSDQ for execution at the better price. This order routing is referred to as outbound.

As you can see, Lightspeed gives you full control over your order routing and the associated execution costs. Keep up to date with current routing fees charged by the exchanges to help you make the best decision about where to send your orders. Minimizing your execution costs = Keeping more of your profits.

The venues above represent the most commonly used routes. Lightspeed offers additional routes not listed below. Stocks priced under $1.00 are subject to different routing charges and are not rebate eligible. Lightspeed passes along all rebates at the time of each transaction. Rebates are subject to forfeiture in the event an ECN or exchange does not remit the rebate to Lightspeed. Routing charges are subject to change without prior notice. Call 888-LSPD-123 for more details and pricing.

Sym	Description	Comm	Exch Fees	Init Margin Req	Maint Req
/6A	CME Australian Dollar	$0.50	$1.61	$3,375	$2,500
/6B	CME British Pound	$0.50	$1.61	$2,700	$2,000
/6C	CME Canadian Dollar	$0.50	$1.61	$2,430	$1,800
/6E	Euro (FX) 6E	$0.50	$1.61	$4,050	$3,000
/6N	CME New Zealand Dollar	$0.50	$1.61	$3,990	$3,000
/6S	CME Swiss Franc	$0.50	$1.61	$3,713	$2,750
/BZ	Brent Crude Oil (Last Day)	$0.50	$0.76	$4,400	$4,000
/CL	Light, Sweet Crude Oil	$0.50	$1.46	$5,400	$4,000
/E7	E-Mini Euro FX (E7)	$0.50	$0.86	$2,025	$1,500
/EMD	E-Mini S&P Midcap 400(ME)	$0.50	$1.15	$7,500	$6,000
/ES	E-Mini S&P 500 (ES)	$0.50	$1.15	$5,625	$4,500
/GC	Gold	$0.50	$1.46	$5,403	$4,002
/HG	Comex Copper	$0.50	$1.46	$6,075	$4,500
/HO	Heating Oil	$0.50	$1.46	$5,400	$4,000
/NG	Henry Hub Natural Gas	$0.50	$1.46	$6,750	$5,000
/NKD	Nikkei 225	$0.50	$2.04	$6,250	$5,000
/NQ	E-Mini Nasdaq 100 (NQ)	$0.50	$1.15	$3,500	$2,800
/PA	Palladium	$0.50	$1.46	$2,362.50	$1,750
/PL	Platinum	$0.50	$1.46	$6,075	$4,500
/QG	E-mini Natural Gas Cash	$0.50	$0.51	$1,687.50	$1,250
/QH	E-mini Heating Oil Cash	$0.50	$1.21	$2,200	$2,000
/QM	E-mini Oil Cash	$0.50	$1.46	$2,700	$2,000
/RB	RBOB Gasoline	$0.50	$1.46	$5,400	$4,000
/SI	Comex Silver	$0.50	$1.46	$5,400	$4,000

To view the current contract month use the following code:

F = January	J = April	N = July	V = October
G = February	K = May	Q = August	X = November
H = March	M = June	U = September	Z = December

To view futures quotes in Lightspeed type / followed by the product symbol followed by the expiration month code and last digit of the year.

Example: To see the December 2009 S&P 500 E-mini Contract type in /ESZ9. ES is the product symbol, Z is the December expiration month code, 9 is the last digit of the 2009 expiration year.

Lightspeed Trader

Per User Per Month	Non-Professional	Professional
NYSE Level 1	$1.00	$127.25
NYSE Open Book	$65.00	$65.00
AMEX Level 1	$1.00	$30.20
ARCA Book	$10.00	$30.00
Dow Jones News	$109.10	$109.10
Options	$40.00	$65.00
NASDAQ Level 2 w/Book Depth	$16.00	$96.00
Futures (free w/futures account)	$71.00	$71.00

Lightspeed Web Trader

Per User Per Month	Non-Professional	Professional
Real time level 1	FREE	$105.00

*NYSE data feed subscribers with multiple terminals may be eligible for reduced per/terminal rates

*See link to determine Professional or Non-Professional status

*Fees and rates are subject to change without prior notice.

Company	Margin Rate
	3.25%*
MB Trading	7.45%
Tradeking	6.5%
Scottrade	7.75%

Debit Balance ($)	Rate
0-49,999.99	8.00%
50,000-249,999.99	7.00%
250,000-999,999.99	6.25%
1,000,000- 2,499,999.99	5.75%
2,500,000-4,999,999.99	5.25%
5,000,000-9,999,999.99	4.75%
10,000,000 and up	4.25%

Credit Balance ($)	Rate
All Balances	0.00%

*Any new margin account opened between 11/23/09 and 9/30/10 will receive an introductory 3.25% margin rate on any debit balance during the same time period.

Service Fees
Securities Processing Fees

Description	Fee
ACAT Fees – Inbound	FREE
ACAT Fees – Outbound	$50.00
ACH Recalls / Reversals	$30.00
ACH Returns	$30.00
Certificate Safe Keeping Fee	$15.00/Quarter
Conversion Fees (changing ADR to ODR)	$25.00
DTC Fees	$25.00
Foreign securities-ACAT Fees	Variable
IRA Annual Fee	$35.00
IRA Closing Fee	$20.00
Options Exercise Fee	$25.00
Overnight Checks (Domestic)	$15.00
Overnight Checks (International)	$25.00
Pre Pay Fees	$20.00
Return Certificates	$25.00/Item
Saturday Delivery Checks	$25.00
Stop Pay Fees (W/D) (Only if check is equal to or less than 10 days old)	$30.00
Wire Fees (Domestic)	$20.00
Wire Fees (International)	$50.00
Wires Returned	$30.00

Description	Fee
ADR Hold Fee	$0.03 per share annually
Certificate Processing Fee	$75.00
DRS Statement Withdrawal	$30.00
DWAC and DRS Process Fee	$30.00+Transfer Agent Fees
ESOP Trades	$125.00
Non-DTC Eligible Securities	$75.00
Request of Certificate for DRS eligible issue	$350.00
Research Fee	$25.00
Restricted Stock Processing	$125.00ⁱ
RUSH Transfer Request	$575.00^iv
Transfership request to mail to customer	$235.00ⁱⁱ
Warrant Exercise	$125.00ⁱⁱ
Worthless Security Held	$7.50 / month / cusip
Worthless Security Reinstated	$15.00 / cusip

ⁱ Represents the fee per cusip per deposit at the time of deposit plus all fees associated with clearing stock from client name to street name. This includes all transfer agent fees and UPS mailing fees to and from the transfer agent and DTCC. If the certificate is rejected for paperwork from the transfer agent or DTCC, the rejection fee will be charged to the client account along with any redeposit fees.

ⁱⁱ Additionally any wire transfer, stock processing, DWAC, UPS, or any other additional fees apply

ⁱⁱⁱ Represents the fee per certificate required to satisfy a trade or to re-register from the other B/D to Penson name plus all costs from the transfer agent, DTCC NY window processing fee, and UPS to and from the transfer agent for each breakdown. The typical cost for a breakdown of shares can range from $25-$450 + depending on the number of certificates needed to satisfy the trade or number of certificates received from the other B/D.

^iv Represents the fee per certificate withdrawal plus DTCC fees, UPS fees to customer, and transfer agent fees charged to Penson by DTCC.

^v Charged when a request is made to status a certificate within 10 days from receipt of completed physical stock certificate. The 10 days starts from the date sent to DTCC or transfer agent.

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System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. Securities executed through an affiliated broker dealer, Lightspeed Trading, LLC. (Member FINRA, SIPC)