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Routing Fees

Equities Routing Fees

Venue Add Liquidity Take Liquidity Outbound Shares
LSPT Route* ($0.0015) ($0.0015) N/A
LSPD Dark Assault ($0.0019) ($0.0019) N/A
ARCA $0.002 ($0.0030) ($0.0035)
ARCA (OTCBB) $0.0025 ($0.0030)* ($0.0030)*
Barclays LX ($0.002) ($0.002) N/A
BATS Y ($0.0018) $0.0010 ($0.0033)
BATS Z $0.0020 ($0.0030) ($0.0029)
BOSX ($0.0025) $0 N/A
CROSS+ ($0.0025) ($0.0025) ($0.0025)
CROSSFINDER ($0.0015) ($0.0015) N/A
EDGX $0.002 ($0.0030) ($0.0030)
EDGA ($0.0005) ($0.0030) ($0.0030)
IEX $0 $0 ($0.0035)
Instinet Smart ($0.002) ($0.002) ($0.002)
ITG AlterNet ($0.0015) ($0.0015) N/A
ITG Posit ($0.0017) ($0.0017) N/A
ITG VWAP TWAP ($0.0015) ($0.0015) ($0.0015)
KNIGHT FAN $0.0022 ($0.0029) ($0.0029)
KNIGHT COVERT N/A ($0.002) N/A
NASDAQ $0.0020 ($0.0030) ($0.0030)
NASDAQ Hidden $0.0005 ($0.0030) ($0.0030)
NASDAQ PSX $0.0018 ($0.0035) ($0.0035)
NYSE $0.0013 ($0.0031) ($0.0031)
PDQ ATS N/A ($0.0019) N/A

*The LSPT route is available from 9:30am to 4:00pm EST.

Example of how market center fees impact your total transaction costs!

EXAMPLE 1

If you want to send an order to buy 500 shares of AAPL. Your commission will have two components:1) The $.0045 per share charged by Lightspeed2) The market center fee charged to you or the rebate paid to you.

If you send this 500 share order as a market or marketable limit (take liquidity) order to NASDAQ which charges a $.003 per share fee, your total commission will be $3.75. This charge is made up of the $2.25 commission paid to Lightspeed plus the $1.50 market center fee charged by NASDAQ for taking liquidity.

However, If you send this 500 share order as a limit (adding liquidity) order to NASDAQ which pays a $.002 per share rebate, your total commission will only be $1.25. This charge is made up of the $2.25 commission paid to Lightspeed minus the $1.00 rebate passed on to you from NASDAQ for adding liquidity.

You can choose to route your orders to exchanges which have lower market center fees or in some cases no market center fees at all. We offer the LSPT and LSPD routes which have significantly lower routing costs when compared to the major exchanges and ECNs.

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

EXAMPLE 2

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.

Options Routing Fees
(per contract)

Underlier Fee Additional Details
All Equities, Smart Routed (SMRT) Free
All Equities, Advanced Smart Routed (CSWP) ($0.15) Use the SMRT route in Lightspeed Trader
to avoid this fee
All Equities, Direct Routed ($0.35) Use the SMRT route in Lightspeed Trader
to avoid this fee.
.SPX(S&P 500 Index) ($0.62)
All other Indices ($0.40) Download
Complete List
ETFs ($0.20) Download
Complete List

Regulatory Fees

Fee Rate Additional Details
SEC: ($0.0000218)  Multiply this amount
by the principal amount sold
FINRA TAF: ($0.000119) Covers sales of exchange registered securities whenever executed.
Multiply this amount by the number of shares sold
Options ORF: ($0.0427) Multiply this rate by the number of options contracts traded

*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. Pre and post market orders will have an additional charge of 0.003 per share.

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. 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.

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