CostPlus Fee Plans

Our CostPlus model uses a variable cost of execution in determining effective commission rates

Our CostPlus Commission Fee Plan is offered to  high-volume electronic-access clients.

In sharp contrast to traditional fixed rate per share commission structures, the CostPlus model uses a variable cost of execution in determining effective commission rates.

The total Commission applied to your bundled trade is calculated using the liquidity tags associated with each individual execution, and in cases where an exchange provides a rebate, we pass some or all of the savings directly back to you *

 

Full Cost Transparency

You will be provided with a rate schedule detailing all costs, and daily emailed activity reports showing how those costs are applied to each trade

Volume Discount Incentives

We provide a scaled rate for the commission, or ‘Plus” portion of your commission under this plan

End-Of-Day Cost/Rebate Reports

A detailed report is provide to you via email at the end of each day detailing how your commission is calculated

You Bought 30,000 shares

Execution Fees
10,000 added liquidity (10,000 x $.0015 Rebate) = $15.00 credit

10,000 flat-fee destination (10,000 x $.001 Fee) = $10.00 cost
10,000 removed liquidity (10,000 x $.003 Fee) = $30.00 cost

Commission
($.0030 x 30,000 shrs) = $90.00 Cost

System Fee
($.0005/shr x 30,000 shrs) = $15.00 Cost

Clearance Fee
$10.00 Cost


Net cost: ($25.00)+($90.00)+($15.00)+($10.00) = $140.00

Effective Cost of Trade = $.00467/shr

You Sold 30,000 shares

Execution Fees
30,000 added liquidity (30,000 x $.0015 Rebate) = $45.00 credit

Commission
($.0030 x 30,000 shrs) = $90.00 Cost

System Fee
($.0005/shr x 30,000 shrs) = $15.00 Cost

Clearance Fee
$10.00 Cost


Net cost: (-$45.00)+($90.00)+($15.00)+($10.00) = $70.00

Effective Cost of Trade = $.00233/shr

Formula used

Total Commission  =
(Execution Fees) + (Commission) + (System Fee) + (Clearance Fee)

Execution Fees – These are variable fees based on market center. (Fees range from a cost of $.004/shr when removing liquidity, to a rebate of $.0020/shr when adding liquidity)

Commission – This is a fixed rate per share (separately negotiated)

System Fee – This is a fixed rate per share, varying by the system used (Rates per share range from $0.00 to $.0005)

* RJL’s CostPlus Commission Plans are not intended to provide a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in this Plan may be greater than the costs paid by RJL to the relevant exchange, regulator, clearinghouse or third party. Customers invited to participate in the Plan will be provided with a Schedule that will set forth all relevant costs used to calculate the total commission applied under the Plan