Pricing

Boost Margin Efficiency with our Innovative Pricing Structure

Routers

Aggressive Routes

TimeRoute Route Remove LiquidityAdd LiquidityRoute AwayStrategy Description
4:00am to 8:00pmGuardian Smart*N/A0.0019-0.00230.0019Default 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 4:00pmVTRD*GTVTRD
0.0017-0.00230.0017High Liquidity Router, Accesses Off-Exchange Liquidity providers as well as ECNs to provide a high Fill rate and high rebate simultaneously.
9:30am to 4:00pmVFANGTVFAN
0.0032-0.0020.0032Pings 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 8:00pmANGO*GTANGO
0.0019-0.00220.0019Velocity 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 8:00pmJOVV*GTJOVV
0.0019-0.00230.002Aggressive 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 8:00pmLSTSPGTLSTSP
0.00375-0.0020.00375Sweeps Major Exchanges during all Market Sessions assisting in finding Liquidity outside of Market hours.
4:00am to 8:00pmTLML*GTTLML
0.0019-0.00220.0019Velocity destination that accesses Displayed and Non-Displayed Liquidity to allow aggressive and passive trading simultaneously.
9:30am to 4:00pmSPDRXGTSPDRX
0.002-0.00150.002High Liquidity Router for NMS securities
9:30am to 4:00pmHEATGTHEAT
0.00150.00150.0015High Liquidity router hits both DARK and Lit Markets

ECN & Exchange Access

TimeRouteRoute
Remove LiquidityAdd LiquidityRoute AwayStrategy Description
4:00am to 8:00pmARCAGTARCA
0.003-0.00220.0035Direct route to ARCA enabling higher rebates offered
7:00am to 8:00pmBYXGTBYX
-0.00050.0030.003Direct to Bats BYX Exchange
7:00am to 8:00pmBZXGTBZX
0.003-0.0020.003Direct to BATS BZX Exchange
7:00am to 8:00pmEDGXGTEDGX
0.003-0.0010.0035EDGX Exchange
7:00am to 8:00pmEDGAGTEDGA
0.003-0.0020.0035EDGA Exchange
8:00am to 5:00pmIEXVGTIEXV
0.00150.001NAIEX “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 5:00pmDLMTN/A.0015.001NAUtilizes Discretionary Limit (D-Limit) Order Type at IEX. Dark or Displayed order type. Built to improve displayed trading on IEX.
7:00am to 7:00pmNQBXGTNQBX
-0.0010.0030.0035Direct to Nasdaq BX exchange
4:00am to 8:00pmNSDQGTNSDQ
0.003-0.00220.0035Direct to Nasdaq Exchange
9:30am to 4:00pmOTCXGTOTCX
0.0040.0040.004Direct To OTCX Exchange $.0001 for fills priced below $1

Dark Liquidity Aggregators

TimeRouteRouteRemove LiquidityAdd LiquidityRoute AwayStrategy Description
9:30am to 4:00pmDARKGTDARK
0.00170.00170.0017Dark Pool Access offering High Liquidity Access
9:30am to 4:00pmSHDWGTSHDW
.003.003.003
Shadow Route, Sweeps Hidden Midpoint Liquidity and Rests Hidden on Major Exchanges.
9:30am to 4:00pmGDMXGTGDMX
0.0020.0020.002Dark Pool Aggregator designed for High Fill Rates
9:30am to 4:00 pmDKSWGTDKSW
0.00250.00250.0025Dark Pool Sweep Strategy, Utilizes Probe and Resting orders to attempt to minimize Market Impact

Midpoint and Algo Specialty Routes

TimeRouteRoute
Remove LiquidityAdd LiquidityRoute AwayStrategy Description
9:30am to 4:30pmIEXDGTIEXD
0.00150.0010NAUtilizes Discretionary Peg (D-PEG) Order Type at IEX. Dark order type, Assists Trader in Optimizing Executions within the Spread.

9:30am to 4:00pm
VMIDGTVMID
0.00150.001NAVelocity Midpoint Route, designed to execute orders at the midpoint during market hours.
9:30am to 4:00pm
STMDGTSTMD
0.002
0.002
0.002
Accesses multiple MidPoint Destinations offering maximum liquidity
4:00am to 8:00pmVPOSTGTVPOST
0.0020.0020.002Velocity Route built for Pre Market and Post Market Access, also available during market hours.
9:30am to 4:30pmALGO0.00250.00250.0025Guardian Trading ALGO Suite
9:30am to 4:30pmALPHA10.00250.00250.0025Low-impact, high-discretion route strategy designed for rapid execution within one minute, focusing on spread capture and dark pool activity. It uses advanced price signals and queue layering logic to optimize order placement, leveraging inverted venues and synthetic DLimit orders to adapt to expected price movements.
9:30am to 4:30pmPOV0.00250.00250.0025The POV route is a passive strategy that tracks 7% of market volume, adjusting dynamically between 4% and 10%. With no strict timeout or completion requirement, it emphasizes securing passive fills.
9:30am to 4:00pm
GTPOGTPO.003.003.003Smart Router that Pegs Orders to Near Side of Spread plus 1 Tick allowing more effective Trading within Wider Spreads
9:20am to 4:00pmVWAP*GTFRVWAP
0.00250.00250.0025Customizable router designed to Fill at Volume Weighted Average Price. Select ALGO and Specify in PREF box.
9:20am to 4:00pmTWAP*GTFRTWAP
0.00250.00250.0025Customizable router designed to Fill at an Average Price corresponding to a user defined time period. Select ALGO and Specify in PREF box.
9:20am to 4:00pmTWAP5*N/A
0.00250.00250.0025Customizable router designed to Fill at an Average Price in 5 minute defined time period. Accepts orders at 9:20, only executes during market hours. Select ALGO and Specify in PREF box.
9:20am to 4:00pmTWAP10*N/A
0.00250.00250.0025Customizable router designed to Fill at an Average Price in 10 minute defined time period. Select ALGO and Specify in PREF box.
9:20am to 4:00pmTWAP20*N/A
0.00250.00250.0025Customizable router designed to Fill at an Average Price in 20 minute defined time period. Select ALGO and Specify in PREF box.
9:20am to 4:00pmTWAP30*GTFRVWAP30
0.00250.00250.0025Customizable router designed to Fill at an Average Price in 30 minute defined time period. Select ALGO and Specify in PREF box.
TimeRouteRoute
Remove LiquidityAdd LiquidityRoute AwayStrategy Description
9:30am to 4:00pmMDRK

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 4:00pmDTCH
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
HUNTGTHUNT
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.