Today S3 announced the release of its options exchange fee subscription service for $2,500 per month. This service, which is a component of S3’s Router Analytics and Exchange Fee Management Suite, gives clients the ability to access up-to-date exchange fee data to enhance pre-trade routing decisions and have an updated source for all current option exchange fees.
Using a simple interface, S3 provides clients with a file that contains a list of underlying symbols and all possible pre-route scenarios for listed options on all eleven U.S. exchanges. Common scenarios include adding liquidity, removing liquidity, client types and volume tier discounts. For each specific scenario, S3 provides an ordered list of each eligible options exchange from least expensive to most expensive along with the estimated exchange fee per contract.
“For a number of years now, clients have been telling us how difficult and expensive it is to keep up with the increasing number of options exchanges and the frequency of their fee changes,” said S3 CEO Mark Davies. “One missed fee change can result in thousands in lost revenue and can impact your reputation with your clients. This product solves those problems at a fraction of the cost of each client manually monitoring and updating its exchange fee routing tables.”
In addition to the Exchange Fee Subscription Feed, S3 also offers a complete smart routing framework, allowing clients to route on a wide variety of execution metrics beyond just price and liquidity, including fees, rebates and historical price improvement. Calculating fees on trades, and reconciling against routing results can then be addressed with S3’s complete Exchange Fee Management Suite, providing intelligence across the entire life cycle of an order, from inception to clearing.