A simplified maker/taker pricing structure for liquidity providers on the ISE Stock Exchange has been introduced, which allows firms quoting on the ISE platform to immediately know the explicit revenue generated from trading.
Effective as of January 2, 2008, the ISE Stock Exchange has increased its maker rebate to $0.0032/share for all shares traded on Tapes A, B, and C by embedding tape revenue rebates into the maker rebate. Currently, the ISE Stock Exchange rebates 50% of quote and trade sharing revenues quarterly to all members responsible for making these markets. The new pricing structure enables members to receive these revenues on a monthly basis as part of their regular maker rebates. The taker rebate will remain unchanged at $0.0030/share.
As part of the pricing changes, ISE also increased the maker rebate for Order Delivery customers to $0.0027/share. Firms using Order Delivery will continue to receive 50% quote and trade revenue rebates on a quarterly basis.
These fee changes are subject to filing with the SEC.