Tape Designations

Every US equity has a Tape designation, which is dependent on which stock exchange they are listed on. There are three major tapes in the United States: Tape A,Tape B and Tape C.

TapeDescription
Tape AContains stocks listed on the NYSE exchange.

Tape B

Contains stocks listed on the NYSE (AMEX) exchange and regional exchanges.
Tape CContains stocks listed on the NASDAQ exchange.

Understanding How the Tape Effects Your Trading

A symbols tape designation is important because ECN rates can be different in some cases, depending on what tape they are listed on. If you are interested in understanding exactly how a security's tape designation is used, please read the example below of a previously released ARCA fee schedule:

(warning) Please note the figures used below are for this example only and do not reflect current ARCA rates.

For Tape A and C securities, the rebate is $0.23 for orders that add liquidity and the fee is $0.29 for orders that remove liquidity. For Tape B securities, the rebate is $0.22 for orders that add liquidity and the fee is $0.30 for orders that remove liquidity. The routing fee for Tape B and Tape C securities is $0.35 for orders executed by another market center or participant. In Tape A securities, the routing fee is $0.30 for orders executed by another market center or participant, except on the NYSE where the routing fee is $0.10 

Trade Fee Schedules

Below is a screenshot of a fee schedule in PropReports that shows how ECN fees are often dependent upon the securities tape: 

Related Topics / How to

Fee rules
Fee schedule formulas