Institutionally Low Pricing

Detailed Pricing

• Equities

  Volume-tiered rates. Hit a higher tier mid-month and the new rate applies immediately.

  Monthly Volume

  40M+Shares

  ---

  20M+Shares

  ---

  5M+Shares

  ---

  2.5M - 5MShares

  ---

  Up to 2.5MShares

  Rate

  $0.0003NewPer Share

  ---

  $0.0004NewPer Share

  ---

  $0.0005Per Share

  ---

  $0.00075Per Share

  ---

  $0.0010Per Share

  *If you hit a higher tier mid-month, you immediately receive the new rate and it carries forward into the next month. If you miss the tier in a given month, you move to the previous applicable tier the following month.

• Options

  Per-contract pricing tiered by monthly volume. Index options carry an additional exchange surcharge.

  Monthly Volume

  > 50k contracts

  ---

  > 25k contracts

  ---

  <= 25k contracts

  Pricing per contract

  $0.10

  ---

  $0.20

  ---

  $0.30

  SPXIndex Options

  $0.65per contract

  All OtherIndex Options

  $0.40per contract

  Commission rates do not include regulatory fees and index fees. Pricing is subject to change.

• Regulatory Fees

  Required by FINRA and the SEC — applied to certain transactions and subject to change.

  SEC

  $0.0000206per dollar, sell side only

  TAF

  $0.000166per share (sell), max $8.30

• Margin

  Interest charged on debit balances.

  Margin Rate

  7.5%

  Margin Requirements

  View margin requirements for buying power, maintenance, and short positions

  Learn more
• Platform & Data

  DAS Platform

  $125 / mo

  DAS Platform + API

  Non pro

  $225 / mo

  Pro

  $375 / mo

  BlackArrow Ultra

  $99 / mo

  Compare platform features in the SageTrader Lab

  Full feature breakdown, demos, and platform comparisons.

  Visit SageTrader Lab

  DAS Platform & APIBlackArrow Ultra

  Core Market Data

  ProductTypeNon-ProProDescription

  Level 1 Package

  Core Data

  $15

  $95

  Level 1 feeds for NYSE, NSDQ and AMEX.

  NYSE Level 1 (Tape A)

  Core Data

  $3

  $32.50

  Allows traders to see all trades in Tape A via any CTA participating member exchanges.

  AMEX/ARCA Level 1 (Tape B)

  Core Data

  $3

  $32.50

  Allows traders to see all trades in Tape B via any CTA participating member exchanges (ie: SPY, DIA).

  NASDAQ Level 1 (Tape C)

  Core Data

  $2

  $45

  Allows traders to see all trades in Tape C via any CTA participating member exchanges.

  OPRA Level 1

  Core Data

  $15

  $45

  Real-time top-of-book options quotes for all OPRA-listed options, including best bid/ask and last sale across U.S. options exchanges.

  Market Depth Feeds

  ProductTypeNon-ProProDescription

  IEX Book

  Market Depth

  $5

  $5

  Full IEX book depth.

  NYSE ARCA Book

  Market Depth

  $15

  $65

  Arca depth of market in Tape A, B and C (NYSE, NASDAQ and AMEX listed).

  Nasdaq Total View

  Market Depth

  $20

  $100

  All Nasdaq quotes, including full depth of NSDQ feed.

  OPRA Level 2

  Market Depth

  $50

  $75

  Full depth-of-book options market data showing all displayed quotes and price levels across OPRA-listed options exchanges.

  News & Data

  ProductTypeNon-ProProDescription

  Replay Level 1

  Data

  $25

  $25

  Level 1 historical market data for Market Replay, including top-of-book quotes and trades for replay and strategy review.

  Indices

  Data

  $5

  $5

  Market indices (included by default; provides benchmark market index data required for charts and performance insights).

  Fundamental Data (FLOAT)

  Data

  $15

  $25

  Various fundamental data for stocks.

  Imbalance Data

  Data

  $25

  $25

  Opening and closing auction imbalances from Nasdaq.

  News Headline

  News

  $15

  $15

  News headlines from various providers.

  News Body

  News

  $25

  $25

  News articles from various providers.

  Trade Signal Scan

  Trade Tools

  $35

  $35

  Signals from DAS Scanner.
• Routes & Execution

  Professional-grade smart routing and direct market access.

  Access smart routing and direct exchange destinations designed for active traders.

  25+

  Route Pricing

  View routing fees and execution pricing for stocks above and below $1.00.

  View Table
• Locates

  No inflated rates dressed up as discounts. Just the locate price, set fairly.

  Institutional-Grade Locates

  We help power some of Wall-Street’s largest financial institutions. This gives us access to extremely competitive locate prices.

  Our Lowest Rate

  We provide our best available locate price upfront no delayed discounts or pricing games

  How It Works

  Locate Access Model

  Our multi-vendor locate router scans connected inventory sources and returns the best available price in seconds

  How Locate Fees Are Charged

  Locate fees vary based on stock availability, demand, and borrow scarcity. Pricing is shown before confirmation.

  Early Locate Notes

  Hard-to-borrow inventory changes quickly. Early locates may improve availability before the market open.

• Fees

  Administrative fees for wire transfers, ACATS, IRA custody and account maintenance.

  Money Transfers

  Fedwire$25 / wireInternational Wire$50 / wireInbound WireNo feeReturned Wire$20 / wireACH*No feeACH Return$30 / ACH Return

  ACATS Transfers

  Outbound$50 / accountInboundNo fee

  Reorganization Fees

  Voluntary$40 / eventMandatoryFree

  IRA Custody

  Annual Fee$40 (billed quarterly)Termination Fee$55

  Other Fees

  Inactivity Fee$15 (billed quarterly)

  * Note the Firm will not process third party wires or ACH.