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Other Fees > Cancel/Modify Fees - Options

 

 Cancel/Modify Order Fees - Options

 

Overview

Stocks

Options

 

 

 

 

Cancel/Modify Order Fees - Options Orders - US & Europe

 

 
 United States - Smart2
Fee per Order3

Execution Credit 4 5

USD 0.03 USD 0.01 per executed contract up to 10 contracts, capped at the lower of USD 0.10 and 1/3 IB commissions on the contracts that count towards the credit.

 

 United States - AMEX, BATS, BOX, CBOE, ISE, NASDAQ, PHLX, PSE
Fee per Order3

Execution Credit 4 5

USD0.03 USD 0.01 per executed contract, capped at the lower of USD 0.03 per order (up to 3 contracts per order) and 1/3 Place Trade commissions on the contracts that count towards the credit.

 

Europe
Asset/Order Origin Routing Venue Fee per Order3

Execution Credit 4 5

TWS and API/CTCI All EUR0.50 EUR 2.50 per Eurex execution in the same product on the same day.

 

Please note that orders with a time in force that specifies an expiration time, such as GTC, will be assessed cancel fees according to the above schedule.

 

 

 

        United States - Smart Routed Options Orders 2

 

     Example

     A Smart Routed Buy Order:  for 40 Contracts is routed to PHLX, which charges a cancel fee of USD 0.03

 

Example 1


All contracts execute at a premium less than USD 0.05, and so commissions are .25 per contract.

 

Execution Credit is the lesser of:
0.10 cap (.01 x 10 contracts)
0.83 (1/3 commissions on the 10 contracts eligible for credit)

Execution Credit = USD 0.10

 

Fee per Order3

USD 0.03 

 

 

Example 2


Contracts execute at different premiums which dictate different commissions, as follows: 

20 at 0.04 (20 x .25 = 5.00) 
10 at 0.08 (10 x .50 = 5.00) 
10 at 0.11 (10 x .70 = 7.00) 
Total Commissions of 17.00 
 

In this case, we need to figure out the average commission, and apply it to the 10 contracts eligible for the credit. 

17.00 total commissions/40 contracts = 0.425 average commission 
0.425 average commission x 10 eligible contracts = 4.25 
 

Execution Credit is the lesser of: 
0.10 cap (.01 x 10 contracts) 
1.42 (1/3 of the 4.25 commissions on the 10 contracts eligible for credit) 
 

Execution Credit = USD 0.10 

 
     

Execution Credit4, 5

USD 0.01 per executed contract up to 10 contracts, capped at the lower of USD 0.10 and 1/3 Place Trade commissions on the contracts that count towards the credit.

 

 
         

 

 

 

   

         United States - AMEX, BATS, BOX, CBOE, ISE, NASDAQ, PHLX, PSE 

 Example

 

 

 

If a customer buys 20 contracts, the credit of $0.01 is given only for the first 3 contracts,
and is capped at 1/3 of the commissions paid for the first 3 contracts.

3 contracts at $0.70/contract in commissions:
Cap = min($0.03, $0.70*3*1/3) = min($0.03, $0.70) = $0.03

 

 Execution Credit4, 5

 

USD 0.01 per executed contract, capped at the lower of USD 0.03 per order (up to 3 contracts per order) and 1/3 Place Trade commissions on the contracts that count towards the credit.

 
  Fee per Order3      
 

USD 0.03 

 

     

 

 

Notes:
  • [1] Neither cancel/modify fees nor execution credits are applied to US Option combination orders.
  • [2] Smart-routed Continuous Update Volatility and Pegged-to-Stock orders will only be routed to BOX or PSE and will not incur modify fees.
  • [3] Unless otherwise specified, the per-order fee applies to both order cancellations and modifications.
  • [4] Execution credits are applied against cancel or modify fees for the day. Execution credits cannot exceed cancel/modify fees.
  • [5] For options, credit is the lesser of (1/3 of commissions paid on those contracts that count towards credit) and (Execution Credit).

 

 

 

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