ABOUT US

Transcend Capital is dedicated to providing innovative technology, brokerage and trading software solutions for institutional clients and professional traders in the equity and options markets.

The firm is committed to delivering the best possible service and market access to our clients.

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MARKET HOLIDAYS 2015

Order Routing

Transcend provides a comprehensive selection of execution venues designed to give clients access to a deep liquidity pool for trading equities and options. We provide direct access to every major equity and option exchange/ECN, as well as many dark pools and secondary destinations.

Routing Destinations
Option Exchange & Routing Fees
Equity Exchange & Routing Fees
> Free Routes
> Standard Execution Destinations
> Special Execution Destinations
> DMA Routing Fees
> OTCBB / PINK / Grey-Sheet Executions
Regulatory Fees
SEC Rule 606 (formerly 11Ac-1-6)

 

Routing Destinations

We have order routing relationships with the providers listed below:

Venue Equities Options Algo Orders
Equities Options Algo Orders
Equities    
Equities Options Algo Orders

 

Option Exchange & Routing Fees

OPTION ROUTING
Provider / Destination Cost Note
All option exchanges (CBOE, ISE, etc.) Varies See the website of each exchange for pricing.
Orders with an equity leg $0.0025 per share; $2.00 minimum  

 

Equity Exchange & Routing Fees

FREE EXECUTION ROUTES
Venue Provider / Note
HELIX ConvergEx
ITGSMART ITG
NITE Knight

 

STANDARD EXECUTION DESTINATIONS
Venue Add Liquidity (1) Remove Liquidity (2)

Route Out (3)

Provider / Note
ARCA / ARCX $(0.002) $0.003 $0.0035 Multiple providers
BATS (BZX) $(0.002) $0.003 $0.0035 Multiple providers
BATS (BYX) $0.0003 $(0.0001) $0.0035 Multiple providers
EDGA $0.001 $0.00 $0.0035 Multiple providers
EDGX $(0.002) $0.003 $0.0035 Multiple providers
NSDQ / NSDX $(0.002) $0.003 $0.0035 Multiple providers
NSDQBX $0.002 $0.00 $0.0035 Multiple providers
NYSE $0.00 $0.003 $0.0035 Multiple providers
Smart exchange routers $(0.002) $0.003 $0.003 Multiple providers; ask for specific routes.
Sub-dollar securities (all standard routes) 0.0% 0.35% 0.35% Rate refers to fee as a percentage of gross trade principal.

 

SPECIAL EXECUTION DESTINATIONS
Venue Add Liquidity (1) Remove Liquidity (2)

Route Out (3)

Provider / Note
NITE Covert $0.0018 $0.0018 NA Knight Execution Services (dark pool)
Algo orders Varies Varies Varies Price varies by provider & client volume.
Other dark pools Varies Varies Varies Price varies by provider & client volume.
Mid-Point (MIDP) $0.0018 $0.0018 $0.0018 Knight Execution Services
Other unlisted routes Varies Varies Varies For specific routes not listed, please inquire as to availability & pricing.

 

DMA ROUTING
Provider Additional Cost(4) Note
ConvergEx $0.0004 Charge not applicable to Helix route.

 

OTCBB / PINK / GREY-SHEET & RELATED EXECUTIONS
Security Type Processing Fee Note
OTCBB / pink & grey-sheet securities 2.5%; $10 minimum. Rate refers to fee as a percentage of gross trade principal (additional standard broker-order handling fees may apply).
Non-DTCC eligible securities 5%; $200 minimum. Rate refers to fee as a percentage of gross trade principal (additional standard broker-order handling fees may apply).

 

Regulatory Fees

 

Securities & Exchange Commission Fees (SEC Fees)

The Securities and Exchange Commission (SEC) assesses transaction fees on national securities exchanges and self-regulatory organizations based on the aggregate dollar amount of sales of certain securities. The SEC recalculates the amount of this fee periodically-at least once per year but sometimes more often. National securities exchanges and self-regulatory organizations offset the transaction fees by charging their member broker-dealers such as Transcend, and we, in turn, offset this fee by charging you an Exchange Process Fee for covered sell transactions.

 

OCC & Option Regulatory Fees

The Option Clearing Corporation and option exchanges charge broker-dealers per-contract fees for purchases and sales of exchange-listed options. The exchanges may charge these fees even on transactions executed on other exchanges, which can result in multiple fees being imposed on Transcend for a single transaction. These fees are typically passed through by Transcend to our clients.

 

Trading Activity Fees (TAF)

Effective July 1, 2010, Trading Activity Fees (TAF) will be passed through to customers as part of normal transaction processing.

As an industry transaction standard, FINRA levies a Trading Activity Fee (TAF) on the sale of covered securities pursuant to Section 1 of Schedule A to the FINRA By-Laws. Covered securities include: 1) all exchange registered securities wherever executed (other than bonds, debentures, and other evidence of indebtedness), 2) all other equity securities traded otherwise than on an exchange, 3) all security futures wherever executed, 4) all 'TRACE-eligible securities' wherever executed, provided that the transaction also is a 'reportable TRACE transaction' as these terms are defined in Rule 6210; and (5) All municipal securities subject to MSRB reporting requirements.

 

 

Last updated: 6/19/2014

 

(1) Resting an order on an order book before being executed.

(2) Orders that are immediately executed against an existing bid or offer on an exchange's or ECN/ATS's order book.

(3) Orders that are routed by the receiving destination to another destination for immediate execution.

(4) Transcend offers direct market access routing through the high-speed electronic providers listed. Should you choose to route your orders to any exchange/destination using these systems, there is a routing fee for the service that is in addition to any standard exchange fees that may be passed through.


Fee Pass-Through Processing: Equity-related regulatory fees are typically posted on a per-transaction basis to the applicable trade. Most other fees - including equity-related execution, exchange and routing fees - are typically credited or debited to a client's account directly on a net basis and grouped by fee type on the business day following the applicable transaction. Please be aware that the method by which charges and fees are posted to your account (per transaction or via cash activity) may have tax implications that you should discuss with your tax advisor; Transcend is not a tax advisor and can not advise clients on any tax-related matters.

Equities Fees: All rates are quoted in cents per share; negative amounts result in a per share credit while positive amounts result in a per share debit. Rates may be in addition to standard commission rates and are only valid for securities not categorized as OTCBB, pink-, grey-sheet or any similar such type of security. The rates above may exclude orders that are direct market access, hidden, route out or are otherwise non-standard executions, which may be charged separate or additional rates at the sole discretion of Transcend. The availability of routes is based on the trading platform selected and not all routes listed above are available on all software platforms. Transcend reserves the right to not offer selected execution routes to specific clients at our sole and absolute discretion. All rates listed above are subject to change without prior notification.

Options Fees: Exchange fees for customer orders, as defined by the option exchanges, vary depending on the type of option contract executed. Non-customer orders or customer-pro orders can incur exchange fees that are significantly higher and vary greatly. Transcend may charge additional fees for routing orders, regardless of the destination. Routing, exchange and regulatory fees may be in addition to whatever commission you may be charged.

* Clients who execute greater than 5% of their option trades through a free route on index options, which includes ETF, ETN and HOLDR options, may be retroactively charged an additional execution fee of $0.75 / contact at our sole and absolute discretion.

Default Order Routing:Transcend may receive payment for order flow depending on the default order routing setup of a software platform. Click here to learn more about the default routing setup for each platform we offer.

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