Direct Edge Lowering Fees on Under-$1 Stocks
April 16, 2010
Direct Edge said Friday it intends to reduce its charges for orders on stocks trading below $1 a share.
The newest stock market said it would reduce its fees to 0.2% of the value of the dollar amount traded in sub-$1 stocks when routed to the Nasdaq electronic stock exchange. The fee would be 0.15% of the value when routed to the Nasdaq BX exchange, formerly known as the Boston Stock Exchange.
The changes must first be proposed to the Securities and Exchange Commission and approved.
If approved, the changes would take effect as early as May 3.
“These changes are consistent with our advocacy for a comprehensive regulatory approach to access fees and the minimum price variation, or MPV,” said Bryan Harkins, Head of Sales and Strategy at Direct Edge. “
