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Additional Auction Benefits

Who says your auction can't be fair?

Fair Exchange Fees

CHX fees for executions at CHX during a SNAPSM Auction will only be charged to orders receiving National Best Bid and Offer (NBBO) price improvement from the SNAP Auction. Orders not receiving NBBO price improvement will pay nothing. Initially, the CHX execution fee for price-improved orders executed at CHX in a SNAP Auction will be zero ($0.0000 per share executed).

CHX will charge its standard fee for orders executed in another marketplace using CHX routing services as part of a SNAP Auction.

Matched Buy / Sell Orders

If your buy order is matched at CHX as part of a SNAP Auction, you will be charged CHX's SNAP Auction transaction fee for each share matched only if you received NBBO price improvement.

If your sell order is matched at CHX as part of a SNAP Auction, you will be charged CHX's SNAP Auction transaction fee for each share matched only if you received NBBO price improvement.

CHX's SNAP Auction transaction fee will be far less than the typical take fee of $0.0030. Initially it will be zero ($0.0000) per share executed.

If your order is routed to another exchange during a SNAP Auction as a Reg NMS Satisfaction Order, then typically you will receive a price that is superior to the SNAP Auction Price. Your away execution will be subject to CHX's standard order routing fee instead of CHX's SNAP Auction transaction fee.

Anonymous Order Matching

Unless you permit CHX to do so, we will never provide contra party information for any SNAP Auction trade. CHX submits SNAP Auction trades to clearing anonymously in a manner assuring that contra party information is not available through the clearing function.

Special Procedures

CHX can run any number of simultaneous SNAP Auctions in different securities.

If a second SNAP Order is for a different symbol, a new SNAP Auction will be started for the second symbol.

If the second SNAP Order is for the same symbol for a SNAP Auction already underway, the following procedures apply:

  • If the deadline for submission of new orders to that SNAP Auction has not passed, CHX will allow the second Start SNAP Order to be included in the SNAP Auction already underway by converting it to a SNAP AOO. This is done at the election of the Start SNAP Order sender. The second Start SNAP Order does not need to meet all of the requirements of a SNAP Order to be treated as a SNAP AOO. It must only meet minimum size requirements for a SNAP AOO or it will be cancelled.
  • If the deadline for submission of new orders to that SNAP Auction has already passed, the second Start SNAP Order will be cancelled and returned to its sender.

 

Benefits for small investors, institutional investors, and across the marketplace.