Tradelogiq Markets Inc. is pleased to announce that it has received regulatory approval to introduce a new inverted fee model that will be applicable to trading on Lynx ATS’ Periodic Match (“Lynx Periodic Match”), effective as of its launch date planned for April 25, 2025.
As reminder, Lynx Periodic Match will consist of two separate books: a “Visible Book” and a functionally separate “Midpoint Book”. The Midpoint Book will consist solely of fully hidden Midpoint Peg orders, which are only eligible to interact against other Midpoint Pegs. All other order types entered into Lynx Periodic Match participate only in the Visible Book. The fee model is presented separately for each book.
The new fee schedule and associated details are provided in the appendix to this notice. These new fees are intended to strategically position Lynx Periodic Match relative to other inverted venues, but also include the following new features:
- Differentiated active rates for certified Trader IDs, which will receive active rebates, with all other Trader IDs receiving a zero-fee trade. Unlike other inverted venues, the preferential active rates will be extended to both the retail and institutional community, instead of making them available to retail-only. This differentiated approach to active rates is designed to work in conjunction with the mechanics of the Lynx Periodic Match to bolster execution quality, while also extending the preferential rebate structure to a larger group.
- Note that certified Retail Trader IDs currently registered for the preferential active rebates on Omega ATS will automatically be included as certified IDs on Lynx Periodic Match as at the launch date – no further action is necessary for these already-certified Trader IDs. Subscribers wishing to submit institutional IDs or additional retail IDs for active rebates on Lynx must submit to Tradelogiq Markets Inc. the form included in the appendix.
- Introduction of a lower-cost “Under $0.10” price category for trades in the Visible Book to acknowledge that fee-sensitivity is more acute at these price levels.
- A “Fee Holiday” applicable until further notice to trades in the Midpoint Book and the EOC Final Turn stage of matching in the Visible Book to promote adoption of these new trading features.
There are no changes to existing connectivity and market data fees specific to Lynx. (Fees for access, redistribution, display, and use of Lynx market data will continue to be subject to a “Fee Holiday”.)
For any questions regarding the new Lynx Periodic Match model and trading fees, please direct them to [email protected].
For technical questions regarding specifications or testing, please contact [email protected].
APPENDIX
Lynx Trading Fees
- Midpoint Book
- All Midpoint Book trades are subject to a “Fee Holiday” until further notice.
- Visible Book
| EOC-to-DAY Stage of Matching | EOC Final Turn | ||||
|---|---|---|---|---|---|
| Active | Passive | Active | Passive | ||
| Retail & Institutional | All Other | ||||
|
Equities - Unintentional crosses - any price - All other equities trades: - Trade price < $0.10 - Trade price ≥ $0.10 and < $1.00 - Trade price ≥ $1 |
($0.0002) ($0.0002) ($0.0004) ($0.0025) |
Free Free Free Free |
$0.0004 $0.0004 $0.0006 $0.0027 |
Fee Holiday Fee Holiday Fee Holiday Fee Holiday |
Fee Holiday Fee Holiday Fee Holiday Fee Holiday |
| ETFs | Free | Free | $0.0004 | Fee Holiday | Fee Holiday |
| Listed Fixed Income |
($0.085)/ $1,000 par value |
Free |
$0.095/ $1,000 par value |
Fee Holiday | Fee Holiday |
Notes:
- All trades occurring during the “EOC Final Turn” stage of matching in the Lynx Periodic Match Visible Book are subject to a “Fee Holiday” until further notice. For information regarding the different stages of matching in the Visible Book, please see our Trading Functionality Guide.
- Subscribers must submit the Lynx Periodic Match Retail & Institutional Trader ID Certification Form (“Form”) to receive the “Retail & Institutional” active rebates. The Form requires the subscriber to certify that the identified Trader IDs meet the requirements for eligibility contained therein.
- Forms must be received by April 30, 2025 in order for the Trader IDs being certified to be eligible to receive the above-noted rebates for the four trading days starting as at the launch date on April 25 and ending April 30.
- Forms do not need to be provided for Trader IDs already certified for the purposes of the “Retail” rates available on Omega ATS. All such “Retail Trader IDs” will be automatically eligible to receive the “Retail & Institutional” rates on Lynx ATS as at launch date.
- Please refer to the Form for details on Trader ID eligibility.
- Subscribers may elect to have their unintentional cross trades in equities and ETFs assigned active rebates and passive fees at different rates, so long as the net fee is the same as would otherwise have resulted from the applicable stated rates. Such election may be made for unintentional crosses on a subscriber-wide basis or based on a specified list of the subscriber’s Trader IDs. Where based on a list of Trader IDs, the elected rates will only be applied where the election was made for the Trader IDs on both sides of the trade, otherwise each side of the trade will be charged at the above stated rates.
