Stocks, and ETFs listed on U.S. exchanges - Fees Charged By Regulatory Agencies & Exchanges
Bivo does not charge commissions for trading stocks, and ETFs listed on U.S. exchanges. Fees are applied by certain regulatory agencies, some of which are passed from the broker dealer to clients as a pass-through transaction. Bivo does not profit from these fees.
| Types | Fees | Rule | Charged By |
|---|---|---|---|
| Regulatory Transaction Fee | $0.0000278*Total $ Trade Amount (Min $0.01) | Sells Only | Securities and Exchange Commission (SEC) |
| Regulatory Fee | $0.000166 * Total Trade Volume Min $0.01 per - Max $8.30 per | Sells Only | Financial Industry Regulatory Authority (FINRA) |
* Regulatory Transaction Fee: The Securities and Exchange Commission (SEC) assesses transaction fees on national securities exchanges and self-regulatory organizations at a rate consistent with Section 31 of the Securities Exchange Act of 1934. National securities exchanges and self-regulatory organizations offset the transaction fees by charging their member broker-dealers such as Bivo, and we, in turn, offset this fee by charging you a Regulatory Transaction Fee for covered sell transactions. The fee is ultimately intended to cover the costs incurred by the government, including the SEC, for supervising and regulating the securities markets and securities professionals. The SEC recalculates the amount of this fee periodically – at least annually but sometimes more often. Learn more
* Finra Trading Activity Fee: The Trading Activity Fee will be assessed at a rate consistent with Section 1 of Schedule A of FINRA’s By-Laws for trading activity. Current rates are: $0.000166 per share for each sale of a covered equity security, with a maximum charge of $8.30 per trade; $0.00279 per contract for each sale of an option contract. Learn more
| Types | Fees |
|---|---|
| OTC & Pink Sheet Securities | $0.004 per share (minimum: $1, maximum: 1.5% charge of principal value) |
| Illiquidity Charge | Additional fees and interest may be charged for trading activity that triggers an NSCC illiquidity charge, as determined by the NSCC. |
| Types | Fees |
|---|---|
| Transfer to Bivo | $0.00 Please contact the contra Broker for details. |
| Transfer from Bivo | $100 per Outgoing Stock Transfer Please contact the contra Broker for details. |
* Bivo's tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Bivo’s Tiered commission schedule may be greater than the costs paid by Bivo to the relevant exchange, regulator, clearinghouse or third party. For example, Bivo may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Bivo may be less than the rebates Bivo receives from the relevant market. For example, Bivo may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. In certain circumstances, Bivo may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
* Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for bonds with $200,000 Face Value is submitted and $100,000 face value executes, then you modify the order and another $100,000 face value executes, a commission minimum where applicable would be applied to both $100,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
* If Bivo receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the client.
* Bivo may change these rates at any time in its sole discretion.