Routes and Fees

Review our routes and fees for DAS Trader.

StartCloseCategoryRouteAdding LiquidityTaking LiquidityDescription
7:30 AM5:00 PMMarket MakerLIMIT-0.002-0.002DAS auto programmed route to hit route CPGO as a limit order
7:30 AM5:00 PMMarket MakerMARKET-0.002-0.002DAS auto programmed route to hit route CPGO as a market order
4:00 AM8:00 PMSmart RouterARCS0.002-0.0032Smart router. Posts on ARCA. No rebate for stocks <$1.00
4:00 AM8:00 PMSmart RouterNSDS0.002-0.0032Smart router. Posts on Nasdaq. No rebate for stocks <$1.00
7:00 AM7:00 PMSmart RouterBARC0.001-0.0039Barclays Smart router that posts on ARCA
7:00 AM7:00 PMSmart RouterBNSQ0.001-0.0039Barclays Smart router that posts on NSDQ
7:00 AM7:00 PMSmart RouterBSMT0.001-0.0039Barclays Smart router that sweeps and posts on various venues
9:30 AM4:00 PMSmart RouterEDGA-0.0032-0.0032EDGA Smart router
9:30 AM4:00 PMSmart RouterEDGX0.002-0.0032EDGX Smart router
4:00 AM8:00 PMSmart RouterFAN0.002-0.0032Virtu Smart router. Aggressively seeks execution when taking liquidity
9:30 AM4:00 PMSmart RouterMARKT-0.0032-0.0032Smart router used for market orders
9:30 AM4:00 PMSmart RouterNITEP-0.0025-0.0025Virtu passive algo smart router
4:00 AM8:00 PMSmart RouterXALL-0.0032-0.0032Aggressive Smart router sweeps dark and lit destinations, execution over cost
7:00 AM5:00 PMSmart RouterCFAN-0.002-0.0028Aggressive Smart order router. Aggressively seeks execution when taking liquidity
7:30 AM5:00 PMMarket MakerCPGO-0.002-0.002Market Maker Route. Best for <500 share lots
9:30 AM4:00 PMMarket MakerCPMM-0.0015-0.0015Market maker wheel route
9:30 AM4:00 PMMarket MakerXDRK-0.002-0.002Market maker wheel route
9:30 AM4:00 PMMarket MakerHEAT-0.002-0.002Market maker wheel route
9:30 AM4:00 PMSpecializedPMID-0.0025-0.0025Mid-point route
9:30 AM4:00 PMSpecializedPIOC-0.001-0.001Immediate or cancel route. Best for marketable orders of very liquid stocks
9:30 AM4:00 PMSpecializedPDRK-0.0025-0.0025Dark pool route. Seeks alternative liquidity other than lit venues
9:30 AM4:00 PMSpecializedPSMT-0.0024-0.0024Aggressive route. Good for taking liquidity at lower rate
9:30 AM4:00 PMSpecializedXDAG-0.0025-0.0025Most aggressive dark aggregator route. Sweeps major dark pool destinations
9:30 AM4:00 PMSpecializedXMID-0.0025-0.0025Dark aggregator that sweeps major dark destinations executing at mid-pt. or better
9:30 AM4:00 PMSpecializedALGO-0.0025-0.0025Algo Suite Order Entry
9:30 AM4:00 PMSpecializedTWAP-0.0025-0.0025TWAP route, will work the order from time of entry to 4:00 PM EST
9:30 AM4:00 PMSpecializedDKAP-0.004-0.004Dark pool TWAP route, will work the order from time of entry to 4:00 PM EST
9:30 AM4:00 PMOTCBBARCAE <$1-0.0035-0.0035ARCA Smart router for OTCBB's under $1
9:30 AM4:00 PMOTCBBARCAE-0.004-0.004ARCA Smart router for OTCBB's over $1
9:30 AM4:00 PMOTCBBSPDRM-0.002-0.002Market maker wheel route for OTCBB's
9:30 AM4:00 PMOTCBBDBOT-0.001-0.0045DBOT Smart router
9:30 AM4:00 PMOTCBBCLST-0.002-0.002Market maker route for OTCBB's
9:30 AM4:00 PMOTCBBOTCX**-0.001-0.0045OTCX router
9:30 AM4:00 PMOTCBBPUMA-0.002-0.002Market maker route for OTCBB's
StartCloseCategoryRouteAdding LiquidityTaking LiquidityDescription
6:00 AM5:00 PMSmart RouterARCASMRT0.002-0.0032Smart router. Posts on ARCA. No rebate for stocks <$1.00
6:00 AM5:00 PMSmart RouterNSDQSMRT0.002-0.0032Smart router. Posts on Nasdaq. No rebate for stocks <$1.00
7:00 AM7:00 PMSmart RouterBACARCA0.001-0.0039Barclays Smart router that posts on ARCA
7:00 AM7:00 PMSmart RouterBACNSDQ0.001-0.0039Barclays Smart router that posts on NSDQ
7:00 AM7:00 PMSmart RouterBACSMT0.001-0.0039Barclays Smart router that sweeps and posts on various venues
6:00 AM5:00 PMSmart RouterEDGA-0.0032-0.0032EDGA Smart router
6:00 AM5:00 PMSmart RouterEDGX0.002-0.0032EDGX Smart router
4:00 AM8:00 PMSmart RouterNITEFAN0.002-0.0032Virtu Smart router. Aggressively seeks execution when taking liquidity
9:30 AM4:00 PMSmart RouterNITEPASS-0.0025-0.0025Virtu passive algo smart router
4:00 AM8:00 PMSmart RouterXALL-0.0032-0.0032Aggressive Smart router sweeps dark and lit destinations, execution over cost
7:00 AM5:00 PMSmart RouterCFAN-0.002-0.0028Aggressive Smart order router. Aggressively seeks execution when taking liquidity
9:30 AM4:00 PMMarket MakerCSFBDESK-0.002-0.002Market maker route
9:30 AM4:00 PMMarket MakerHEAT-0.002-0.002Market maker wheel route
9:30 AM4:00 PMMarket MakerCPMM-0.0015-0.0015Market maker wheel route
9:30 AM4:00 PMMarket MakerXDRK-0.002-0.002Market maker wheel route IOC
9:30 AM4:00 PMSpecializedCPMID-0.0025-0.0025Mid-point route
9:30 AM4:00 PMSpecializedCPIOC-0.001-0.001Immediate or cancel route. Best for marketable orders of very liquid stocks
9:30 AM4:00 PMSpecializedCPDARK-0.0025-0.0025Dark pool route. Seeks alternative liquidity other than lit venues
9:30 AM4:00 PMSpecializedCPSMRT-0.0024-0.0024Aggressive route. Good for taking liquidity at lower rate
9:30 AM4:00 PMSpecializedXDAG-0.0025-0.0025Most aggressive dark aggregator route. Sweeps major dark pool destinations
9:30 AM4:00 PMSpecializedXMID-0.0025-0.0025Dark aggregator that sweeps major dark destinations executing at mid-pt. or better
9:30 AM4:00 PMSpecializedNITETWAP-0.0025-0.0025TWAP route, will work the order from time of entry to 4:00 PM EST
9:30 AM4:00 PMSpecializedNITEVWAP-0.0025-0.0025Dark pool TWAP route, will work the order from time of entry to 4:00 PM EST
9:30 AM4:00 PMOTCBBARCAEDGE <$1-0.0035-0.0035ARCA Smart router for OTCBB's under $1
9:30 AM4:00 PMOTCBBARCAEDGE-0.004-0.004ARCA Smart router for OTCBB's over $1
9:30 AM4:00 PMOTCBBSPDRPNK1-0.002-0.002Market maker wheel route for OTCBB's
9:30 AM4:00 PMOTCBBSPDRDBOT-0.001-0.0045DBOT Smart router
9:30 AM4:00 PMOTCBBCLST-0.002-0.002Market maker route for OTCBB's
9:30 AM4:00 PMOTCBBPUMA-0.002-0.002Market maker route for OTCBB's

Rates are subject to change at any time. Please call the support desk for most up to date pricing (1-844-811-0118).

Adding liquidity for stocks <$1.00 will incur a charge of 0.0005

Route times are Eastern Standard Time

On DAS, all routes above will end in ‘L’ or ‘M.’ Use ‘L’ for Limit orders and ‘M’ for Market orders

Regulatory Fees:

SEC: 0.0000221 (Multiply this amount by the principal amount sold)

FINRA TAF: 0.000119/share $5.95 max. Covers sales of exchange registered securities. Multiply by # of shares sold.

NSCC, DTC Fees: 0.00004/share  (Maximum 0.5% of trade value)

Disclosure:

All routes are directed to other broker dealers for execution. The descriptions listed above are based on information provided to us by these brokers. The smart routers, and logic programmed into the routers that determines order destination, is under full control of the brokers that receive the orders.

**Any stock under $1/share will incur a $0.0045/share routing fee when using the OTCX route.