were previously only valid for one day; they will be valid for 360 days with Release 14.
The new fee schedule comes on top of a series of other cost-friendly features at Alpha: free opening trades, an existing '25 mils / -21 mils' fee structure for all securities with a value greater than or equal to $1 and a value below $5, full rebates on iceberg orders
, not capping rebates and the lowest active / passive ratio for dealers posting their resting orders on Alpha.
The fact that Alpha does not charge for opening auction trades and provides a full rebate on iceberg orders
represents millions of dollars of additional monthly savings to the industry that market participants can benefit from when trading on Alpha.
Synthetic iceberg orders
on CQG rely on server-side technology to place iceberg-style orders while monitoring the order book to recognize and react to favorable market conditions that last only a millisecond.
These benefits, including a higher likelihood of execution for resting orders, a balanced fee structure during continuous trading that takes all market participants interests into consideration, a full rebate on iceberg orders
and no fees for opening trades, are some of the key drivers behind this evolution.
This new functionally includes full charting capabilities, pre-trade allocation, and the ability to process iceberg orders