My understanding from talking with them several times over the past week is that they currently clear through CCS, but have gotten approval for self clearing and are planning to begin self clearing in ~2 weeks. I may be wrong, but this is my understanding. -Eric
I think they make their money the Walmart way, with volume. Their firm processes ~25MM shares per day on Nasdaq, and this enables them to have extremely low costs as well as being able to charge low rates and still make a good profit. Again, I do not know any of this first-hand, but have spoken with their reps as well as their founder on the phone a number of times. I plan to check them out and I'll have a better idea after I've done that. From what I've learned so far, however, they seem like the real deal. -Eric
This can't include all fees right? ECNs are in addition right (and SEC of course)? But they don't actually mention that on their commissions page (as far as I can see). Some1 from genesis please clearify (I see they are now a sponsor), or some1 trading with them.
Okay I just contact genesis and they clarified their fees for me, They do charge the ECN fees as I suspected (how could they not, they would go bankrupt pretty quickly). ECN Fees (NASDAQ) Add Liquidity Remove Liquidity BRUT $0.0023 $0.0027 ARCA $0.0020 $0.0030 INET $0.0020 $0.0030 TRAC $0.0025 $0.0030 SIZE (Supermontage) $0.0020 $0.0030 There is also the Trading Activity Fee charged by the NASD which is 0.0001 per share sold (more info on it here: http://www.nasd.com/trading_fee2.asp) And there is the SEC sales tax which is $39.00 per $1,000,000 in securities sold. PS. They are going to update their website to incl. this info.
So does mean its retail, what is teh definition of retail? No series 7 so 4 to 1 leverage? Or can you get 10 to 1? Anyways seems really low but if you have a series 7 wouldn't it be better to go to a firm with these rates (sub .003 for 50k per day volume) but get pro leverage... What would be the pros/cons with a retail account? Also any comments on the software? doesn't look so hot... Any comments?
ok..so if I use ARCA and take liq on both sides I still pay .008+ sec fees...whats so great about that? The race to 0 perpetuated by the defunct day tradinghouses is pretty much over. Even with better tech and more volume BD`s have to at a minimum keep the lights on plus make a little on the side.
If max comiss thru Genesis is .003 and arca is .003 wouldnt it be .006 + SEC? Or am I missing something? Amp