Routing Fees



Route
Take
Provide
Lit
Dark
Liquidity Provider
Day
IOC

TVMDARK

26
26
No
Yes
Yes
Yes
Yes

TVMDARKS

22
22
Yes
Yes
Yes
Yes
Yes

TVMEXTRA

36
36
Yes
Yes
Yes
Yes
Yes

TVMLIT

65
-15.4
Yes
Yes
Yes
Yes
Yes

TVMMID

20
20
No
Yes
Yes
Yes
Yes

TVMMIDXTRA

33
33
No
Yes
Yes
Yes
Yes

TVMPHIT

-21
-15.4
Yes
Yes
Yes
Yes
Yes

TVMPOST

33
20
Yes
Yes
Yes
Yes
Yes

TVMSMART

33
-15.4
Yes
Yes
Yes
Yes
Yes

TVMEXTHRS

33
-15.4
Yes
Yes
Yes
Yes
Yes

TVMPEG

-12.25
-12.25
Yes
Yes
Yes
Yes
Yes

TVMVWAP

39
39
Yes
Yes
Yes
Yes
Yes

TVMTWAP

39
39
Yes
Yes
Yes
Yes
Yes

TVMPOV

39
39
Yes
Yes
Yes
Yes
Yes

TVMDARK: $0.0026 all in rate
DAY and IOC orders. Intelligently seeks liquidity at all dark destinations up to the trader’s limit. If the trader sends a DAY order, any unfilled balance will be allocated dynamically in dark pools using proprietary technology that attempts to maximize fill probability.
TVMDARKS: $0.0022 all in rate
DAY and IOC orders. An enhanced version to BAODARK, accessing more liquidity.
TVMEXTRA: $0.0036 all in rate
This route is the next enhancement to our proprietary Smart Order Router, BAOSMART. It sources Lit and Dark liquidity from all venues, Lit and Dark and the Select direct market making relationships we have, taking all liquidity up to the trader’s limit. This new version includes additional logic and signals that interact with extra sources of liquidity based on the market’s initial reaction to the order.
TVMLIT: $0.0065 cost to take / $0.0015.4 rebate to provide
DAY and IOC orders. Takes the lit venues first, eliminating any latency and reducing probability of missing displayed liquidity by avoiding dark pools during the first iteration. If there is any unexecuted quantity it looks for additional liquidity in dark pools and posts the remaining quantity across multiple lit rebate-paying exchanges in order to maximize fill probability.
TVMMID: $0.0020 all in rate
DAY and IOC orders. Intelligently seeks mid-point or better liquidity at all dark destinations, pegging the market at mid within the NBBO up to the trader’s limit. If the trader sends a DAY order, any unfilled balance will be allocated dynamically in dark pools using proprietary technology that attempts to maximize fill probability.
TVMMIDXTRA: $0.0033 all in rate
DAY and IOC orders. Intelligently seeks mid-point or better liquidity at all dark destinations and hidden liquidity on exchanges, pegging the market at mid within the NBBO up to the traders limit. If the trader sends a DAY order, any unfilled balance will be allocated dynamically in dark pools using proprietary technology that attempts to maximize fill probability.
TVMPHIT: Between $0 and $0.0021 rebate to take / $0.00154 rebate to provide
DAY and IOC orders. Intelligently seeks liquidity in Lit exchanges & Dark pools up to the trader’s limit. It has explicit price points based on where the order gets executed. If it’s a DAY order, any non-marketable quantity will be posted at the limit across all the major rebate paying exchanges for rebate.
TVMPOST: $0.0033 cost to take / $0.0020 cost to provide
DAY orders (IOCs are supported, will take liquidity like BAOSMART). It will spread the order across multiple lit exchanges, including inverted exchanges and dark pools where the order will be posted at a cost, in order to maximize fill probability. This route does not provide passive rebates, but is focused on the highest possible fill-rates for passive, liquidity providing orders.
TVMSMART: $0.0033cost to take / $0.0015.4 rebate to provide
DAY and IOC orders. Intelligently seeks liquidity in Lit exchanges & Dark pools up to the trader’s limit. If it’s a DAY order, any non-marketable quantity will be posted at the limit across all the major rebate paying exchanges. Will post any non-marketable balance for rebate.
TVMEXTHRS: $0.0033 cost to take / $0.0015.4 rebate to provide
Incorporates all the liquidity of BAOSMART, additionally accepting orders pre and post market.
TVMPEG: $0.0012.25 rebate all in
Algo that will peg an order to the passive side of the market, so for example a buy order will always join the best bid and will never cross the spread. It will always generate a rebate.
TVMVWAP: $0.0039 all in rate
Volume Weighted Average Price: Tracks the VWAP during the day. If an order is sent before the market open, it will start when the market opens and complete at market close. If an order is sent after the opening bell, it will start immediately and complete at market close.
TVMTWAP: $0.0039 all in rate
Time Weighted Average Price: Linearly trades the order during the day. If an order is sent before the market open, it will start when the market opens and complete at market close. If an order is sent after the opening bell, it will start immediately and complete at market close.
TVMPOV: $0.0039 all in rate
Percent Of Volume Participation: It participates with volume in the market (e.g. 10% participation means an order for 1,000 shares will complete when 10,000 shares have been executed in the overall marketplace). If an order is sent before the market open, it will start when the market opens and complete based on the participation target specified. If an order is sent after the opening bell, it will start immediately and complete based on the participation target specified. POV has predefined participation targets of 5%, 10%, 15% and 20%.