Pricing

Boost Margin Efficiency with our Innovative Pricing Structure

Routers

Aggressive Routes


Time	Route	Route	Remove Liquidity	Add Liquidity	Route Away	Strategy Description
4:00am to 8:00pm	Guardian Smart*	N/A	0.0019	-0.0023	0.0019	Default Routing for Market, Limit, STOP Routes. Utilizes Velocity-managed destinations to maximize cost-effective routing for all market sessions. STOP orders will not trigger outside market hours
9:30am to 4:00pm	VTRD*	GTVTRD	0.0017	-0.0023	0.0017	High Liquidity Router, Accesses Off-Exchange Liquidity providers as well as ECNs to provide a high Fill rate and high rebate simultaneously.
9:30am to 4:00pm	VFAN	GTVFAN	0.0032	-0.002	0.0032	Pings Major Exchanges and Dark Pools simultaneously to maximize Liquidity access. Utilizes IOC order types to minimize market impact and supports max floor settings to keep shares hidden.
4:00am to 8:00pm	ANGO*	GTANGO	0.0019	-0.0022	0.0019	Velocity destination offering high fill rates and liquidity rebates based on market conditions. Accesses off-exchange liquidity to reduce costs to the trader.
4:00am to 8:00pm	JOVV*	GTJOVV	0.0019	-0.0023	0.002	Aggressive Route that utilizes off-exchange liquidity for cost-effective fills. Also posts to ECN on your behalf passing thru High rebates for passive orders
4:00am to 8:00pm	LSTSP	GTLSTSP	0.00375	-0.002	0.00375	Sweeps Major Exchanges during all Market Sessions assisting in finding Liquidity outside of Market hours.
4:00am to 8:00pm	TLML*	GTTLML	0.0019	-0.0022	0.0019	Velocity destination that accesses Displayed and Non-Displayed Liquidity to allow aggressive and passive trading simultaneously.
9:30am to 4:00pm	SPDRX	GTSPDRX	0.002	-0.0015	0.002	High Liquidity Router for NMS securities
9:30am to 4:00pm	HEAT	GTHEAT	0.0015	0.0015	0.0015	High Liquidity router hits both DARK and Lit Markets

ECN & Exchange Access


Time	Route	Route	Remove Liquidity	Add Liquidity	Route Away	Strategy Description
4:00am to 8:00pm	ARCA	GTARCA	0.003	-0.0022	0.0035	Direct route to ARCA enabling higher rebates offered
7:00am to 8:00pm	BYX	GTBYX	-0.0005	0.003	0.003	Direct to Bats BYX Exchange
7:00am to 8:00pm	BZX	GTBZX	0.003	-0.002	0.003	Direct to BATS BZX Exchange
7:00am to 8:00pm	EDGX	GTEDGX	0.003	-0.001	0.0035	EDGX Exchange
7:00am to 8:00pm	EDGA	GTEDGA	-0.001	0.003	0.0035	EDGA Exchange
8:00am to 5:00pm	IEXV	GTIEXV	0.0015	0.001	NA	IEX “Investors Exchange”. IEX Exchange delivers the ECN trading experience at a lower cost. Take advantage of IEX’s increasing midpoint liquidity to expand your trading.
8:00am to 5:00pm	DLMT	N/A	.0015	.001	NA	Utilizes Discretionary Limit (D-Limit) Order Type at IEX. Dark or Displayed order type. Built to improve displayed trading on IEX.
4:00am to 8:00pm	NQBX	GTNQBX	-0.001	0.003	0.0035	Direct to Nasdaq BX exchange
4:00am to 8:00pm	NSDQ	GTNSDQ	0.003	-0.0022	0.0035	Direct to Nasdaq Exchange
9:30am to 4:00pm	OTCX	GTOTCX	0.004	0.004	0.004	Direct To OTCX Exchange $.0001 for fills priced below $1

Dark Liquidity Aggregators


Time	Route	Route	Remove Liquidity	Add Liquidity	Route Away	Strategy Description
9:30am to 4:00pm	DARK	GTDARK	0.0017	0.0017	0.0017	Dark Pool Access offering High Liquidity Access
9:30am to 4:00pm	SHDW	GTSHDW	.003	.003	.003	Shadow Route, Sweeps Hidden Midpoint Liquidity and Rests Hidden on Major Exchanges.
9:30am to 4:00pm	GDMX	GTGDMX	0.002	0.002	0.002	Dark Pool Aggregator designed for High Fill Rates
9:30am to 4:00 pm	DKSW	GTDKSW	0.0025	0.0025	0.0025	Dark Pool Sweep Strategy, Utilizes Probe and Resting orders to attempt to minimize Market Impact

Midpoint and Algo Specialty Routes


Time	Route	Route	Remove Liquidity	Add Liquidity	Route Away	Strategy Description
9:30am to 4:30pm	IEXD	GTIEXD	0.0015	0.0010	NA	Utilizes Discretionary Peg (D-PEG) Order Type at IEX. Dark order type, Assists Trader in Optimizing Executions within the Spread.
9:30am to 4:00pm	VMID	GTVMID	0.0015	0.001	NA	Velocity Midpoint Route, designed to execute orders at the midpoint during market hours.
9:30am to 4:00pm	STMD	GTSTMD	0.002	0.002	0.002	Accesses multiple MidPoint Destinations offering maximum liquidity
4:00am to 8:00pm	VPOST	GTVPOST	0.002	0.002	0.002	Velocity Route built for Pre Market and Post Market Access, also available during market hours.
9:30am to 4:30pm	ALGO		0.0025	0.0025	0.0025	Guardian Trading ALGO Suite
9:30am to 4:00pm	GTPO	GTPO	.003	.003	.003	Smart Router that Pegs Orders to Near Side of Spread plus 1 Tick allowing more effective Trading within Wider Spreads
9:20am to 4:00pm	VWAP*	GTFRVWAP	0.0025	0.0025	0.0025	Customizable router designed to Fill at Volume Weighted Average Price
9:20am to 4:00pm	TWAP*	GTFRTWAP	0.0025	0.0025	0.0025	Customizable router designed to Fill at an Average Price corresponding to a user defined time period.
9:20am to 4:00pm	TWAP5*	N/A	0.0025	0.0025	0.0025	Customizable router designed to Fill at an Average Price in 5 minute defined time period. Accepts orders at 9:20, only executes during market hours.
9:20am to 4:00pm	TWAP10*	N/A	0.0025	0.0025	0.0025	Customizable router designed to Fill at an Average Price in 10 minute defined time period
9:20am to 4:00pm	TWAP20*	N/A	0.0025	0.0025	0.0025	Customizable router designed to Fill at an Average Price in 20 minute defined time period
9:20am to 4:00pm	TWAP30*	GTFRVWAP30	0.0025	0.0025	0.0025	Customizable router designed to Fill at an Average Price in 30 minute defined time period


Time	Route	Route	Remove Liquidity	Add Liquidity	Route Away	Strategy Description
9:30am to 4:00pm	MDRK	GTMDRK	0.003	0.003	0.003	Utilizes an Arrival Price Strategy to Source Dark Liquidty at Midpoint and Rests Non-Displayed On-Exchange. Offers " I would" Sweep functionality.
9:30am to 4:00pm	DTCH	GTDTCH	0.003	0.003	0.003	Arrival Price Strategy Accessing a Full Spread of Dark Venues and Order Types to enhance liquidity access. Offers " I would" Sweep functionality
9:30am to 4:00pm	HUNT	GTHUNT	0.003	0.003	0.003	Functions as a Dark VWAP to source high Quality Dark Liquidity to complete orders with an Arrival Price Benchmark.

*Guardian SMART pricing reflects highest possible cost and lowest possible rebate during market hours. For Pre-Market and Post Market sessions please see pricing for ARCA, EDGX, NSDQ routes

“Rates above only apply to NMS symbols =>$1.00 executed during Core Market
hours, charges could exceed what is listed above for executions in stocks below $1.”

*Rebates on JOVV, VTRD, TLML, ANGO route apply to fills on ARCA and EDGX only

*TWAP and VWAP orders will be accepted starting at 9:20 to ensure opening auction participation if desired. Will not execute outside market hours.