ECN
Fees Computation Policy
January 28, 2009
Please be advised that Sterling has
a long-standing policy regarding computation of so-called
ECN fees on behalf of the clients. A significant number
of clients have asked Sterling to compute these fees
based on the information posted by various ECNs and
exchanges. These fees are designed to track cost and
benefit of adding liquidity to the specific order book,
removing liquidity from the order book, order routing
and re-routing, and other functions performed by the
ECNs or exchanges.
Please be advised that Sterling
has made every effort to compute ECN fees as accurately
as possible. However, due to many reasons, such as insufficient
or incomplete data provided to Sterling by the ECNs
or exchanges, 100% accuracy is not achievable when computing
the fees. Therefore, the Sterling ECN fees computations
should be understood as a “best effort”
estimate. Clients may use the Sterling computations
for their own purposes, but Sterling may not be and
will not be financially liable for their use. Sterling
makes every effort to update ECN fees computation methods
in the system every time changes become necessary. We
will work closely with our clients to correct and modify
any discrepancy in fees computation which are brought
to our attention. If needed, Sterling will provide clients
with additional data files or transmissions that would
allow clients to compute the ECN fees internally or
use it for fee calculation verification.
Because of recent inquiries from the
clients we want to remind all interested parties of
our ECN fees computation policy. Sterling has informed
clients of this policy in the past through individual
ECN fees announcements changes. These announcements
were sent to all clients at the time and are posted
on our website at www.sterlingtrader.com.
If you need more information about this
matter, please feel free to contact our Sterling Help
Desk at extension 290.
Management of Sterling Trader, Inc.
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