Trading Pricing

Platform	Monthly Fee
DAS Trader Pro	$125	Waived if you trade 250,000 shares/month
Sterling Trader Pro	$200	Waived if you trade 300,000 shares/month
with Options Module	$230
RealTick Express	$200	Waived if you trade 300,000 shares/month
RealTick PRO	$350	Waived if you trade 500,000 shares/month

*Software waiver only applies to software fee and not any additional market data charges. Software fees are billed the following month after volumes have been calculated. In the event the software is cancelled current and next month charges will apply.

Interested in taking one of these platforms for a test drive?

Basic Data Package ($/month)
Non-Pro	25.00
Pro	79.00

Includes Nasdaq Level 1 data, Nasdaq Level 2 data, NYSE Level 1 data, NYSE Level 2 data, Pink Level 1 data, Basic US Indices, OPRA.

Market Data Fees ($/month)
ARCA Global OTC	50.00
CME E-mini Level I	45.00
.Net Toolkit App	100.00
Dow Jones News	100.00
Real Tick UltraLite	50.00
ISE Spreads Book Level 2	25.00
Nasdaq Level I Pro	20.00
Nasdaq TotalView Non-Pro	20.00
Nasdaq TotalView Pro	86.00
NYSE ArcaBook Non-Pro	15.00
NYSE Euronext Global Indicies Feed	6.00
NYSE Euronext Global Indicies Feed	6.00
NYSE Mkt Pro Tape B Level 2	10.00
NYSE OpenBook Non-Pro	20.00
Pink Level 2 Non-Pro	20.00
Trade Spreads	50.00
Real Tick UltraLite w/ desktop Version	100.00

Equity Exchange Fees

Sterling Trader Pro

Route	Add Liquidity ($/Share)	Remove Liquidity ($/share)
ARCA	0.0020	(0.0035)
BACARCA	0.0020	(0.0035)
BACNSDQ	0.0015	(0.0032)
BARCSMT	(0.0025)	(0.0025)
BATS	0.0020	(0.0030)
BYX	(0.0009)	0.0019
CHX	0.0015	(0.003)
CODAMID	(0.001)	(0.001)
CODASMART	(0.001)	(0.001)
CPCIT	(0.001)	(0.001)
CPETRD	(0.001)	(0.001)
CPKCG	(0.001)	(0.001)
CSFBDESK	FREE	FREE
EDGA	(0.0003)	(0.0003)
EDGX	0.0019	(0.0030)
IEX	FREE	FREE
ITGDUAL	(0.0025)	(0.0025)
ITGSMRT	FREE	FREE
MLSMART	(0.0025)	(0.0025)
NITE1	0.0022	(0.0029)
NIX2	(0.003)	(0.003)
NBQX	(0.0035)	0.0003
NSDQ	0.0015	(0.0032)
NYSE	(0.001)	(0.0035)
PDQMID	(0.0016)	(0.0016)
PDQSMART	FREE	FREE
SENSOR5	(0.001)	(0.001)
SPDRREBATE	FREE	FREE
SPDRRTE	(0.0005)	(0.0005)
SPDRX	(0.0010)	(0.0010)
STEALTH2	(0.0015)	(0.0015)
STRIKE	(0.0015)	(0.0015)
TAILOR1	(0.001)	(0.001)
TSIOC	FREE	FREE

RealTick

Route	Add Liquidity ($/Share)	Remove Liquidity ($/share)
ARCA-COBRA	0.0020	(0.0035)
ARCA-PMKT	0.0020	(0.0035)
CSFB-COBRA	FREE	FREE
NITE-FAN	0.0022	(0.0029)
NSDQ-COBRA	0.0020	(0.0032)
SMART-COBRA	(0.0025)	(0.0025)

DAS Trader Pro

Route	Add Liquidity ($/Share)	Remove Liquidity ($/share)
ARCA	0.002	-0.0035
BATS	0.002	(0.003)
DASH	(0.001)	(0.001)
DRK	(0.003)	(0.003)
EDGA	(0.0003)	(0.0003)
EDGX	0.0019	(0.003)
FAN	FREE	FREE
HCITI	(0.001)	(0.001)
HEAT	(0.0015)	(0.0015)
HELIX	(0.001)	(0.001)
HETR	(0.001)	(0.001)
HKCG	(0.001)	(0.001)
LIMIT	FREE	FREE
MARKET	FREE	FREE
NIX	(0.003)	(0.003)
NQBX	(0.0035)	0.0003
NSDQ	0.0015	(0.0032)
NYSE	(0.001)	(0.0035)
PSMT	FREE	FREE
REBATE	FREE	FREE
SPDR	(0.0005)	(0.0005)
STOP	(0.001)	(0.001)
STTH	(0.0015)	(0.0015)
TIOC	FREE	FREE
TSIG	FREE	FREE
YBAT	(0.0009)	0.0019

Amounts in parenthesis ( ) are a CHARGE to your account, in addition to you regular commission. Amounts without parenthesis are a REBATE.

Option Exchange Fees

Route	Add Liquidity ($/Share)	Remove Liquidity ($/share)
CLEANSWEEP	FREE	FREE
DASH	FREE	FREE
DELTA-ADJ	FREE	FREE
DMA	FREE	FREE
FAST SWEEP	FREE	FREE
MLOPT-DELTA	FREE	FREE
MLXOPT	FREE	FREE
TWAP	FREE	FREE

Option Routing and Regulatory Fees ($/contract)

EQUITY	.05
SPX Indicies	.55
ALL OTHER INDICIES	.40
ETFs	.20
OCC CLEARING FEES	.05
OPTION REGULATORY FEE (ORF)	.0427

FINRA Trading Activity Fees

$0.000119 * Quantity of Shares Sold ($5.95 per trade maximum)

SEC Section 31

In addition to your regular commission, a separate transaction fee (equal to the principal amount x 0.00002180) will apply to the sale of all equitites, options, and exchange-traded fund (ETF) securities. The fee, calculated as stated above, only applies to the sale of equitites, options, and ETF securities and will be displayed on your trade confirmation. The transaction fee is a fee collected by the United State Securities and Exchange Commission to recover the costs to the Government for the supervision and regulation of the securities markets and securities professionals. All fees will be rounded to the next penny.

Foreign Transaction Tax

Some securities traded in the U.S. markets, American Depository Receipts (ADR) are an example, can be subject to foreign transaction tax collection. The amount and method of calculation can vary from country to country. Please note that by executing transactions in the subjected securities our account will be subject to the foreign financial transaction tax. As a tax, this fee is not rolled into the cost of the trade but rather collected at a later date.

*All fees listed are in addition to normal commission rate. Routes ARCA-PMKT, CSFB-COBRA, SPD-RTE and VAN_DESK are subject to $1.00/trade fee on the RealTick and RealTick Express platforms. ECN rebates do not apply to stocks below $1.00. ECN rebates cannot bring the total commission on any given trade below $0.00. All fees are subject to change without notice. This page is a good faith estimate of the current rates but may not be completely accurate. Cobra Trading is not liable for any discrepancies between listed rates and the actual rates applied.

**If necessary, we reserve the right to charge or adjust for venue, routing, or exchange fees based on vendor changes in routing rates. We reserve the right to mark up or adjust any routing fees at our sole discretion. Clients trading on per ticket rates are not eligible for ECN rebates unless agreed to in writing by management. We do receive payment for order flow when routing certain equity and options orders with specific routes or market centers, more information available upon request. There may be other routes available that are not listed here, which may charge a fee. You should always call and check the fee on any route before using it.

At Cobra Trading we realize that active traders and investors often utilize margin to hold positions overnight. For that reason we believe our low margin rates can help you as a trader keep your costs in line and allow you to keep more of your hard earned money.

Cobra Trading charges a low 4.00% margin rate on margin balances of $1.00 or $1,000,000.00*.

Compare Cobra Trading’s Margin rates with some of our competitors

Cobra Trading	4.00%
Lightspeed Trading	6.00%
ETrade	6.39%
Options House	6.50%
Scottrade	6.50%
Think or Swim	7.50%

(Comparison based on 9/7/16 posted margin rates and based on a $100,000 margin balance.
*If your margin balance exceeds $1,000,000.00 please contact us for special margin pricing.

Broker Assisted Trades	FREE
Emailed Statements	FREE
Email Confirms	FREE
ACAT Transfer (outgoing)	$95.00
ACH Transfers	No Charge
Annual IRA Fee	$35.00
Annual Outside Investment IRA Fee	$200.00
Blue Sheet Inquiry	No Charge
Certificate Deposits	$100.00 plus transfer fee / $500.00+ for restricted securities
Check Requests	No Charge
Disposition of Worthless Security	$50.00
Fed Call Extensions	$10.00 plus interest
Option Assignment or Exercise	$10,00 + Regular equity commission on the exercised shares
Outgoing Wire	$20.00
Outgoing Wire (International)	$25.00
Overnight Delivery (US)	$25.00
Paper confirms	$2.00 per confirm / $5.00 international
Paper statements	$2.00 per statement / $5.00 international
Quarterly Inactivity Fee	$15.00
Returned Checks	$25.00
Returned Wire	$20.00