Anyone useing Herzog?

Discussion in 'Trading' started by English Ed, Mar 14, 2001.

  1. Hi. I'm trying to decide which broker to go for and execution price is my primary concern. Success Trade appears to have the cheapest commisions at $7.95 but they charge $0.01 per share for nyse limit orders (nyse is the market I intend to trade mostly on) which soon gets the overall cost of 2000 shares upto $55.90 for a round trip!
    However, they mentioned Herzog the MM and that orders routed through them were not charged because of payment for order flow. I asked Praetorian2 and he advises against it which I'll go along with but I was wondering if anyone else uses Herzog, if they have any opinions on the subject or any recomendations for the cheapest overall cost for direct access brokers on 1, 2 and 3000 shares to the NYSE. Have pity I'm in England and yes, it's raining.... cheers
  2. dlincke



    if you're primarily going to trade NYSE stocks then your main criterion should be availability of direct access to SuperDOT. Herzog is a Nasdaq MM and won't be of any help to you when trading on the NYSE. I'm getting excellent NYSE executions at Interactive Brokers and short availability for NYSE stocks (unlike Nasdaq) is phenomenal. If you're routinely trading in very large size their commission schedule may not be optimal for you though.

  3. I think all brokers but datek charge the standard nyse commision rate of 1c a share on the nyse. So that is then irrelevant. I think all brokers route through superdot, so if you are only going to trade nyse, datek isn't a bad choice. I just don't mind paying a bit more to go through cyber and have a platform based program instead of a web based one.
  4. dlincke


    Unless they have changed their listed order handling over the past year Datek is definitely not a good choice for trading NYSE stocks due to their practice of sending most of their listed orders to ISLD. With their order handling you can pretty much forget about ever receiving price improvement or an execution in between the spread except in the rare event that there's actually some liquidity on the ISLD book. E.g. while via SuperDOT a limit sell order may be filled on the offer with Datek it will just sit on the mostly illiquid ISLD book. Only if the NYSE bid should move up to your limit price will your order be filled.
  5. but their market orders are superdot i think. I haven't traded with datek, so I wouldn't know in all honesty. I still recommend cyber.
  6. How much does it cost you to buy 1000 listed shares (limit) on Cyber invest ? I suppose if you are looking for/getting good spreads/ price moves (1/4 1/2 ??!) then you're primary concern is getting it right not saving $10/20 !
  7. I think it is 20 bucks each way for 1k shares on the nyse, but who cares. If i play 1k shares, i want at least .3