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Disponible en Anglais seulement !
FD de Leeuw & Associés, Inc Trade Desk America has established relationships with the ECN Archipelago and Instinet.
Some types of orders routed to these venues generate revenue that is retained by
FD de Leeuw & Associés, Inc Trade Desk America. Here is a description of those type of payments:
Information concerning the significant venues for securities listed on the NASDAQ Stock Market:
1. INET ATS (f/k/a Island ECN & Instinet ECN)
Material aspects of the relationship with INET ATS
The first phase of the Island and Instinet consolidation took place on October 27, 2003.
At that time, Island officially changed its NASDAQ Market Participant Identifier (MPID) from "ISLD" to "INET".
Beginning on this date, transactions entered via INET (formerly Island) interfaces were locked-in using
the new NASDAQ Market Participant ID “INET”. INET pays subscribers, such as
FD de Leeuw & Associés, Inc Trade Desk America, a rebate of .0025 per executed share for orders that add
liquidity to the INET book. According to SEC rules, this rebate may be considered payment for order flow.
INET also charges subscribers $.003 per executed share for trades that remove liquidity from the INET book.
2. Archipelago Exchange
Material aspects of the relationship with Archipelago Exchange
Archipelago ECN is a broker-dealer registered with the SEC and is an ECN. The Archipelago Exchange
is a national securities exchange registered with the SEC (collectively “Archipelago”).
Archipelago publishes quotations and executes trades in NASDAQ securities. Archipelago pays subscribers,
such as FD de Leeuw & Associés, Inc Trade Desk America, a rebate of $.002 per executed share for orders that
add liquidity to the Archipelago book. According to SEC rules, this rebate may be considered payment for order flow.
Archipelago also charges subscribers $.003 per executed share for trades that remove liquidity from the
Archipelago book, and $.004 per executed share that removes liquidity from the Archipelago book if
Archipelago re-routes the order to an alternative exchange for execution.
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