7.3 Ad valorem fee

¹ The ad valorem fee depends on the trade's transaction volume. It is determined in terms of basis points and has both a set minimum (floor) and a set maximum (cap).

² The ad valorem fee is determined by the type of the (partial) execution. Its amount may differ
(a) for orders which are executed from the order book (posters),
(b) for orders which are executed directly with orders in the order book (aggressor) and
(c) for orders which are executed during auction (auction execution).

³ The Exchange may offer trading segments alternative rates (e.g. a standard rate for both posters and aggressors or the market maker tariff).

⁴ The Exchange may institute rate bands for the ad valorem fee in individual trading segments. Where several rate bands are defined, the participant selects the rate band. Participants are subject to the following rules:

1. For a three-month period, new participants may select the specific rate band for newly admitted participants. This period begins on the first day of the month following the commencement of trading;
2. If the participant does not select the standard rate band in each case, it must commit to fulfilling certain criteria ("commitment levels" or the rate for newly admitted participants);
3. The commitment levels in question are essentially minimum fee volumes which are defined monthly;
4. If the participant does not achieve the commitment level defined for the chosen rate band, it must pay a Minimum Activity Charge (MAC);
5. The MAC represents the difference between the commitment level and the eligible fee volume actually generated. Eligible for inclusion in the minimum fee volume pursuant to Clauses 7 and 8 of this Directive are all fees which accrue in the same trading segment, as well as the volume-related fee in accordance with Annex J, Clause 1.1. The MAC is charged on a monthly basis;
6. Changes of the rate band are possible with effect from the beginning of any given month. They must be notified to the Exchange in writing using the corresponding notification form at least seven calendar days before the beginning of the effective month.

⁵ Where several participants which are wholly owned by the same group have each selected a commitment level, these participants may apply for the rate band of the highest commitment level chosen. The Exchange will approve the application provided the participants can prove that they fulfil the conditions of this paragraph. The participants' individual commitment levels and the MACs to be paid upon them remain unchanged by this arrangement.