X_TRADER® ASP MONTHLY FEES

X_TRADER® and X_TRADER® Pro All Other X_TRADER® ASP Offerings FIX Adapter
User Minimum Fee1 $50

For X_TRADER Pro: $4002

N/A
Transaction Cap $1,0003

For X_TRADER Pro3: $1,800

N/A Uncapped for all FIX transactions
CHARGE PER CONTRACT, LOT OR SIDE
A. Default – all Futures, Energy Products, Options on Futures and Energy Products* $0.30 N/A $0.05
B. Fixed Income Cash Instruments $3.00 $0.50
C. FX Cash (1M Base) $3.00 $0.50
D. Stocks and ETFs $0.003 $0.0005
E. Options on Stocks and ETFs $0.30 $0.05
F. Single Stock Futures $0.30 $0.05
G. Energy Products quoted in MWh (e.g. electricity contracts and continental European gas products)** $0.005 per MWh $0.005 per MWh

* Not including Energy Products quoted in MWh – See Section G above.

** Such Energy Products will be billed accordingly provided that TT has programmatic access to information relating to the number of MWh for these Energy Products via the exchange APIs. If an exchange does not provide such information to TT, the Transaction Rates in Section A will apply.

All fees and costs listed are exclusive of market data fees, which will be applied even if a user is not considered active.

Market Access Provider4 Fees

$3,000 per Exchange5

Market Data Fees

Buy-side Company Connectivity Fees (Paid by Brokers)

  • Buy­-Side Companies connecting over the Internet
    • There is no connectivity fee for Buy-­Side Companies connecting over the Internet.
  • Buy­-Side Company PIP sites
    • TT will procure all circuits into X_TRADER® ASP.
    • TT will facilitate the selection of PIP configuration with each Buy-Side Company and their respective Brokers.
  • Buy-Side Companies will have the final call on their connectivity, and Brokers can choose whether to accept them as customers by sponsoring their PIP site.
    • Where there is only one broker sponsoring a Buy-Side Company, TT will charge the Broker a fee per PIP site (for which they sponsor) according to the PIP configuration:
      • 1 circuit + IPSEC backup + IPSEC DR $2,000/month
      • 2 circuits + IPSEC DR $3,000/month
      • 3 circuits $4,000/month
      • Fees for partial months are prorated.
    • Where there is more than one broker sponsoring a Buy-Side Company, TT will charge each Broker a fee per PIP site (for which they sponsor) according to the PIP configuration.
      • 1 circuit + IPSEC backup + IPSEC DR $1,000/month
      • 2 circuits + IPSEC DR $1,500/month
      • 3 circuits $2,000/month
      • Fees for partial months are prorated.
    • If TT deems the cost of circuits to be excessive, it will not procure the circuits unless the Buy-Side Company elects to pay for its own PIP connectivity. In these situations, Brokers may not be charged for sponsoring the Buy-Side Company’s PIP site, and TT may bill the Buy-Side Company directly for a standard PIP site ($1,200/month plus the cost of the circuits); or TT and Broker may agree to an alternative pricing structure.
    • TT will not incur the cost of a telco build-out. If a Buy-Side Company would like to proceed with connectivity that requires a telco build-out, TT will bill the Buy-Side Company for that cost.
  • Buy-Side Company direct connects
    • If a Buy-­Side Company chooses to connect to X_TRADER® ASP via a direct connect service:
      • Where there is only one broker sponsoring a Buy­-Side Company, TT will charge the Broker the following fees per direct connect (for which they sponsor):
        • $800/month per direct connect (Australian Liquidity Centre (ALC))
        • $600/month per direct connect (All other data centers)
        • $400/month per Radianz connection6
        • $200/month per Bloomberg connection6
      • Where there is more than one broker sponsoring a Buy­-Side Company or where BuySide Company also has a single Broker environment, TT will charge each Broker a fee per direct connect (for which they sponsor):
        • $400/month per Broker, per direct connect (Australian Liquidity Centre (ALC))
        • $300/month per Broker, per direct connect (All other data centers)
        • $200/month per Broker, per Radianz connection6
        • $100/month per Broker, per Bloomberg connection6
      • Fees for partial months are prorated.

Broker Connectivity Fees7

  • PIP: $1,200 plus telco charges.8
  • Direct Connect: $300 per 20mbps rate plus cross­-connect charges.8
  • Radianz: $200 for first 64KB and $1 per 1KB thereafter. Available in 64KB increments. Priced per connection.6
  • Bloomberg: $100 per connection.6
  • IPSEC: $500 per month.
  • SSL VPN:
    • Where there is only one broker sponsoring a Buy-Side Company, the fee will be $100/month per Broker.
    • Where there is more than one broker sponsoring a Buy­-Side Company, the fee will be $50/month, per Broker.
  • Stunnel: No Charge.
  • Internet: No Charge.

Buy­-Side Companies Service Fees

TT will not charge Buy-Side Companies for Software License Fees, hosting, or connectivity (except in the cases described above regarding excessive circuit costs and build-outs).

Footnotes

1 All users (including admins) who log into any X_TRADER® ASP offerings in a given month will be billed $50 per month per company relationship. Company relationship is defined as either (i) a broker if a broker pays for the user’s Service Fees or (ii) the user or user’s company if the user or its company pays for the user’s Service Fees.

2 When a user has order activity using X_TRADER® Pro, an additional $350 will be billed totaling a $400/month minimum fee for X_TRADER® Pro.

3 If a user logs in with both X_TRADER® and X_TRADER® Pro during a calendar month, the X_TRADER® Pro cap will apply to that user for that calendar month.

4 “Market Access Provider” is a Customer that (i) is authorized by an Exchange to access and permit access to the Exchange for the purpose of placing orders or utilizing market data on the Exchange and (ii) uses such authorization in conjunction with TT Gateway Software.

5 Charged per enabled connection to an Exchange. Fee is not contingent on activity like a transactional based pricing model.

6 This fee is the TTNET management fee for the physical connection. Customers will also be billed by Radianz and Bloomberg directly for each physical connection.

7 Brokers who are current TTNET customers may use their existing TTNET connectivity to X_TRADER® ASP, subject to sufficient bandwidth.

8 E.g., Data Lines charges pursuant to Article II (J) of Appendix A to the Facility Management Agreement between TT and Customer.