Commissions

Notes:

1. Venom by Cobra Trading’s Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Venom by Cobra Trading’s Tiered commission schedule may be greater than the costs paid by Venom by Cobra Trading to the relevant exchange, regulator, clearinghouse or third party. For example, Venom by Cobra Trading may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Venom by Cobra Trading may be less than the rebates Venom by Cobra Trading receives from the relevant market. For example, Venom by Cobra Trading may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
2. Volume tiers are applied based on monthly cumulative trade volume summed across all stock and ETF shares at the time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institutions, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 500,000 US shares in a month, your Venom by Cobra Trading Tiered fees would be:
   • 300,000 shares at USD 0.004
   • 200,000 shares at USD 0.0035
3. Transaction fees are only charged for sell orders.
4. No exchange, clearing or transaction fees charged.
5. Maximum 1% of trade value.
6. Orders where the commission cap is applied do not count towards the monthly volume tiers.

• Commissions apply to all order types.
• Venom by Cobra Trading’s Tiered fee will be capped at 1% of trade value.
• When using SmartRouting, clients should be aware that Venom by Cobra Trading may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).
• All exchange, special and other fees are charged on a per-share basis.
• In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders by various market centers. For example, Venom by Cobra Trading may receive payments from “dark pools” for routing orders to those dark pools. Venom by Cobra Trading passes roughly 50% of the blended average rebates it receives from dark pools to clients in the Tiered commission structure. Please consult our fee page for each market center for more information.
• Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• If Venom by Cobra Trading receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the clients.
• Accumulate/Distribute and Scale Orders will be subject to standard Venom by Cobra Trading Order minimums for each new slice of the algorithm which is submitted.