Pricing Disclosures

1. Per-share equities commissions, which under certain circumstances may be lower and more advantageous to smaller-share-per-order traders, are primarily designed for use by active individual, institutional, and professional stock traders desiring the highest level of execution quality and speed. As such, the intelligent-routing algorithm predominantly leverages the advantages of more expensive execution destinations such as ECNs and electronic exchanges.

2. Flat-fee equities commissions, which under certain circumstances may be lower and more advantageous to larger-share-per-order traders, are primarily designed for use by individual traders who value execution quality and speed, and desire the highest level of flexibility with their execution costs. As such, the intelligent-routing algorithm may favor less expensive execution destinations including market makers.
   
   

   Flat-fee and per-share commissions shown are based on intelligent order routing. Direct routing of flat-fee orders is available at no additional charge for orders of up to 5000 shares; direct-routed flat-fee orders of over 5000 shares will be charged an additional $.005 per share in excess of 5000 shares. Flat-fee commission rate for the first calendar month will be $6.99 per trade for all equities trades. In subsequent calendar months, the flat-fee commission rate will be based on the equities trading activity in your account from the prior month. For example, if the total number of equities trades in all your TradeStation flat-fee accounts under the same customer ID is 20 in July, then all equities trades placed in your commission accounts in August will be $7.99 per trade.
   
   

   A monthly Account Service Fee may apply based on trading volume or account balance. There is a regulatory transaction fee of 0.00192% of the total dollar amount of securities sold. Commissions do not include NFA fees. Prices, fees, costs and terms are subject to change.

Competitive Pricing Disclosure

The competitive information provided here was verified as of 9/4/2011. Some of the above firms may offer reduced commissions or waive fees, including but not limited to inactivity or maintenance fees if certain account activity and/or account balance criteria are met, and may offer products or services TradeStation does not offer. Some of the above firms may offer different or additional services. TradeStation charges a $99.95 per month Account Service Fee unless waived by account activity or balance thresholds.

3. E*Trade pricing for flat-fee equities trades based on $9.99 per trade for those who place 0-149 trades per quarter (up to 2000 shares per trade).

4. Fidelity pricing for flat-fee equities trades based on $7.95 per trade. Commissions may vary based on actual trading activity and/or account balance.

5. OptionsXpress pricing for flat-fee equities trades based on $9.95 per trade (up to 1000 shares per trade).

6. Schwab pricing for flat-fee equities trades based on $8.95 per trade. Commissions may vary based on actual trading activity and/or account balance.

7. TD Ameritrade pricing for flat-fee equities trades based on $9.99 per trade for all trades. Commissions may vary based on actual trading activity and/or account balance. ETFs eligible for commission-free trading must be held at least 30 days, otherwise a short-term trading fee will apply.