XCore Pricing (Draft)
XCore Pricing
Each Live XCore is charged based on the maximum (not the sum) of Instance Fees, Connectivity Fees, and Volume Fees :
Live XCore Fee = Max (Instance Fees, Connectivity Fees, Volume Fees)
The Monthly Fee is equal to the sum of all Live XCore Fees :
Monthly Fee = Sum (Live XCore Fee for each Live XCore)
Instance, Connectivity, Volume, and Transaction Fees are different fee groups defined below.
1. Instance Fees
Each XCore instance is charged a fixed monthly minimum fee. The Instance Fees are the sum of all such fees.
| Fee Group | Item | Price | Description |
|---|---|---|---|
| Instance Fees | XCore Instance | $2500 | Minimum fee of $2500 per each xcore instance. |
2. Connectivity Fees
Connectivity via each connectivity interface which has been enabled on more than 2 days during the billing period is charged a fixed monthly fee. The Connectivity Fees are the sum of all such fees.
| Fee Group | Item | Price | Description |
|---|---|---|---|
| Connectivity Fees | FIX Taker | $100 | Connectivity via each XCore Trader or FIX Taker is charged a fixed monthly fee of $100. Included are one pricing and one trading connection. |
| MT4/5 Taker | $1000 | Connectivity via each MT4 or MT5 Taker is charged a fixed monthly fee of $1000. Included are one pricing and one trading connection, one bridge and one feeder. | |
| FIX Maker | $400 | Connectivity via each FIX Maker is charged a fixed monthly fee of $400. Included are one pricing and one trading connection. | |
| Others | $400 | Any other post trade interface is charged a fixed monthly fee of $400 per each connection. |
3. Volume Fees
Volume Fees are charged monthly according to the below Volume Fee Schedule and are the sum of all such fees.
A client may form one XCore Group by combining any three Live XCore instances to benefit from Volume Fee discounts.
Volume is measured in millions of USD notional, denoted as [M]. Volume Fees are adjusted based on a discount curve.
Volume Fee Schedule:
| Fee Group | Item | Formula | Description |
|---|---|---|---|
| Volume Fees | XCore Group Volume | 1.00 [USD/M] | XCore Group Volume is the total ABook trading Volume executed with XCore Instances of the same XCore Group. |
| ABook and Margined BBook | 2.00 [USD/M] * Discount curve | ABook Volume is the total trading volume executed with external Makers. Margined BBook Volume is the total BBook trading volume margined with XCore. | |
| Non Margined BBook | 1.00 [USD/M] * Discount curve | Non Margined BBook Volume is the total BBook trading Volume that is not margined. | |
| Crypto | 10.00 [USD/M] * Discount curve | Crypto Volume is the total trading Volume executed from Crypto Asset Classes. |
The Discount curve is a function that takes the total trading volume transacted within an XCore Group as input and returns a percentage discount, which is applied to the Volume Fees. As trading volume increases, the discount percentage grows, reducing the overall Volume Fees based on the discount curve.