Notes:

1. IB’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 IB’s Tiered commission schedule may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. For example, IB may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market. For example, IB may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to clients. Likewise IB does not pass to clients all of the rebates IB may receive for liquidity taking orders, complex orders or orders executed in price improvement auctions. Traditional exchange payment for order flow programs result in payments to specialists or primary market makers, some portion of which may be paid on to IB. IB does not pass these payments directly to clients.
2. The Options Regulatory Fee (“ORF”) is charged by the following exchanges: AMEX, BATS, BOX, CBOE, CBOE2, ISE, GEMINI, MIAX, NOM, NASDAQBX, PCX, PHLX.
3. Fee applies to executions which clear in the “Customer” account with OCC. This will generally include Public Customer and Professional Customer transactions.
4. Transaction fees are only charged for sell orders.
5. Volumes on both US and Canadian markets contribute to sliding scale.

• Commissions apply to all order types.
• Commissions are not charged for US exercise and assignment.
• Commissions are not charged for US cabinet buy-to-close trades.
• IB considers exchange fees and/or rebates in determining where to route an order. Under certain circumstances, IB may route a marketable order to an exchange that is not currently posting the national best bid or offer (NBBO) but which may be willing to “step up” and execute the order at the NBBO, in order to avoid or reduce the exchange fee for executing the order. If this routing method is used, the client generally will pay a lower execution fee than client would have otherwise paid. In those cases where IB routes to an exchange that is not currently posting the NBBO in order to reduce or avoid exchange fees, IB will guarantee the client a fill at the NBBO at the time that IB routed the order.
• Volume breaks are applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade. Contract volumes for advisor, separate trading limit, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 12,000 US contracts in a month, your execution costs would be:
  10,000 contracts at USD 0.70
  2,000 contracts at USD 0.50
• 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 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders.
• Order minimums will be applied to the individual legs of a COMBO order.