Tape Designations
- Noah Keats
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.
| Tape | Description |
|---|---|
| Tape A | Contains stocks listed on the NYSE exchange. |
Tape B | Contains stocks listed on the NYSE (AMEX) exchange and regional exchanges. |
| Tape C | Contains 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:
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:
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