Changes effective January 2, 2007

Special Rates to Remove or Route Liquidity in Nasdaq Securities

In order to offer its subscribers the most competitive rates in the industry, effective January 2, 2007, Direct Edge ECN will offer $0.0015 per executed share routing liquidity fee in Nasdaq securities that trade over $1.00.

EDGX will also offer subscribers that add more than 200,000 shares per day $0.0015 per executed share removing liquidity fee in Nasdaq securities that trade over $1.00.

Direct Edge ECN reserves the right to amend its special rate and revert to its regular pricing upon 48 hours notice.

Increased Rebate for Adding Liquidity

Effective January 2, 2007, EDGX will increase its rebate for adding liquidity in Nasdaq and ETF securities that trade over $1.00 to $0.0026 per executed share. EDGX will also increase its rebate for adding liquidity in AMEX and NYSE listed non-ETF securities to $0.0024 per share.

What Does This Mean-

EDGX adding/removing/routing rates for Nasdaq securities will be $0.0026/$0.0015/$0.0015 per executed share subject to conditions above.

EDGX adding/removing/routing rates for AMEX and NYSE non-ETF listed securities will be $0.0024/$0.0028/$0.0025 per executed share.


Changes effective February 1, 2007

EDGA - Lowest Cost ECN with Enhanced Liquidity

Direct Edge ECN is proud to introduce the lowest cost ECN (EDGA model) available in the market place. Effective February 1, 2007, EDGA will lower the removing liquidity fee in Nasdaq securities to $0.0010 per executed share. EDGA will not pay rebates for adding liquidity in Nasdaq securities.

If subscribers send orders to remove liquidity with an excess quantity of what is available on the EDGA's book (oversized orders), the excess quantity will automatically interact with dark books and other market participants.

EDGX - Lower Regular Removal Rate

Effective February 1, 2007, EDGX will decrease its rregular removing liquidity fee for Nasdaq securities to $0.0026 per executed share for subscribers that add more than 200,000 shares per day.

What Does This Mean-

EDGX adding/removing/routing rates for Nasdaq and ETF securities will be $0.0026/$0.0026/$0.0025 per executed share.

EDGA adding/removing rates for Nasdaq securities will be $0.0000/$0.0010 per executed share.