Orders per month		Commission per order
1-100		$18.00
101-150		$16.00	Rebate -11%
151-200		$14.00	Rebate -22%
200+		$12.95	Rebate -28%
Options		$10.95/order + $1.95/contract

Example : you execute 160 orders during a month. All orders will be charged at $14.00.

Options : minimum $18.95 per order.

An order executed in slices the same day will only incur a single commission.

Commissions decrease rapidly when your number of orders increases.

	Plateform	Real-time quotes
WHS Elite Idem with options	$ 99/month*	$ 12 (Nyse, Amex, Nasdaq level2, OTCBB, PS) $ 12 + $ 1 (as above + 5 options markets)
WHS Elite Lite	$ 24/month**	$ 12 (Nyse, Amex, Nasdaq level2, OTCBB, PS)

*FREE after 50 orders per month. The real-time quotes include the pre- and aftermarket!

**FREE after 30 orders per month. The real-time quotes include the pre- and aftermarket!

Each trading platform is updated with new functionalities on a regular basis. You will receive FREE of charge all future version of your trading platform.

Subscriptions can be cancelled temporarily if you inform us by e-mail before the 25th of the month.

For only $ 3 per month you can additionally subscribe to real-time quotes for over 30 indices.

The stock exchanges and ECNs (Instinet, Island, …) will charge you when you route your order to their system. Many brokers inflate the ECN costs. We don’t. When you compare brokers. Always compare the available ECNs and their costs. The most important order routers are Instinet, Island and DOT/ISI.

Router	Name	Billable	Fee per order	Fee per share
	NYSE, AMEX, NASDAQ
ISLD	INET - formally Island ECN Limit orders Market orders	- -	- -	$0.0019 $0.0035
ARCA	Arca ECN (Archipelago)	-	-	$0.0040
EDGE	EDGE ECN	-	-	$0.0025
CITX	Citrix	-	-	$0.0018
	NYSE, AMEX
NYSE/AMEX	Super Dot	Non-Billable	-	$0.0030
NYSE/AMEX	Super Dot	Billable (1)		$0.0095
MLX	Super Dot	Non-Billable		$0.0030
MLX	Super Dot	Billable (1)		$0.0120
	NASDAQ
BTRD	Bloomberg ECN	-	-	$0.0075
	OTCBB
ATD	Autotradedesk	-	$7.00	-
ARCA	Arca ECN for stocks <1$	-	0.4%	-
ARCA	Arca ECN for stocks >1$	-	-	$0.0040
	OPTIONS
ADP	ADP	-	No fee	No fee
ITS	ITS	-	No fee	No fee
MLO	MLO	-	No fee	No fee

(1) The rules of the NYSE and AMEX specify that their specialists charge more for the order execution if an order is not executed within 2 minutes. To avoid this surcharge you can either cancel and replace your order before 2 minutes elapse or use another router such as ATD, ARCA or ISLD.

In accordance with US market laws, all sell orders for securities will be subjected to a

1. SEC fee of $19.20 per $1 000 000;
2. Trading Activity fee of $0.000090 per share sold (but with a maximum of $4.50) or $0.002 per option contract sold.

Note: These fees represent investors’ contribution to the operational costs of the stock exchange watchdogs SEC and NASD. These fees, if applicable, are displayed together with the ECN fees in the column "Other Commissions" of the "Trade History" page on the secured website of depository bank Penson.