The distinguishing feature of PSX is that it allows for any "pro rata" priority at all -- other US equities markets follow a price-time priority only (aside from the fact that a few exchanges such as NYSE that allow "special" firms, "DMM's" on NYSE, to cut the queue). In other words, with PSX, you can match the bid/offer and then get some allocation of any incoming order, as per the formula on the Web page you list. On the MOST other exchanges, the FIRST person at the best price gets fully filled first, followed by the next in the queue at that same price, etc., until everyone at the price has been filled. I'm pretty sure what they mean by "price setter" is the FIRST best bid/offer for that price on the PSX -- on most other exchanges, the "price setter" gets 100% of incoming orders (up to the point of the size of their order, of course). PSX hasn't been particularly successful with this model, and that probably has something to do with the fact that the market is highly fragmented anyway.
Does anybody know what those condition symbol like "S", "L" from IB mean? I got a Sell order filled on BATS today and the price was above the Bid but I didn't get the rebate and I noticed that the fill on the T&S had a "S" symbol at the "Condition" and I checked it states that the order was part of a Swap order. What does that mean? Anybody know? Thanks
Wow I just switched to IB Tiered rate commission. I paid $50 to buy 10k shares two weeks ago. Today, I sold my shares and only paid $15.48. I always add liquidity, so should have switched to Tiered structure years ago.
I know BATS has the higher rebate (i think it is $2.50/1,000 shares), I have fusion, how do I make sure that when I add liquidity I don't get switch from adding to removing, are there any settings to make sure I don't get slid to removing, I want to make sure I get a rebate of $2.50 per thousand shares, also does anyone else recommend any other routes other than BATS, I know ARCA pays a rebate when you add liquidity but I'm not sure the amount, are there any other routes other than BATS and ARCA that pay high rebates when adding liquidity or is BATS and ARCA the only 2?
What other good routes do you recommend to get rebates for adding liquidity, I know BATS and ARCA already, any other decent ones, specially during afterhour events like earnings etc, any good routes that you recommend to enter during the extended hours? I know BATS has the higher rebate (i think it is $2.50/1,000 shares), I have fusion, how do I make sure that when I add liquidity I don't get switch from adding to removing, are there any settings to make sure I don't get slid to removing, I want to make sure I get a rebate of $2.50 per thousand shares, also does anyone else recommend any other routes other than BATS, I know ARCA pays a rebate when you add liquidity but I'm not sure the amount, are there any other routes other than BATS and ARCA that pay high rebates when adding liquidity or is BATS and ARCA the only 2?
You have to click on each exchange here: https://www.interactivebrokers.co.uk/en/index.php?f=1590&p=stocks2
It's a limit order in other words. By the time it actually executes you may end up buying on the ask or selling on the bid, depending on your place in the queue, and how many market orders come in.