I think we can conclude that Goodtrader has minimal credibility and we can regard his posts as humor serving to liven up the summer doldrums. Continue to make us chuckle, Goodtrader P.S. Do you live up to your nick? Just curious ...
I've heard Bright has lost a lot of good traders to Echo recently. rtharp... are you sure Bright charges a fee for cancellations? Is that for NYSE or NASDAQ or AMEX? I've never heard of that before. Fletch
Opps meant to edit a post and accidently deleted it. Well anyhow I stand corrected. Bright charges for QQQ cancellations not all. rtharp
I thought the QQQ cancellation fees were an AMEX fee passed along to all brokers? (which was one reason NYSE decided to start trading the Qs) Fletch
To my knowledge I don't recieve cancellations fee's on QQQ. I'll test it tomorrow and we will see (I'll report back Friday as being a member gives me 3 days for commissions/fees to him my account instead of instantly after a trade.) rtharp
I have heard that the QQQ cancel charges only apply to companies that clear with SLK, some kind of minor war between SLK and Susquehanna (the QQQ specialist firm). I have no idea if this is correct or not, but are there any traders here who trade at a firm that does not clear SLK that has been hit with the cancel charges? I also trade at Echo and have never been hit with the cancel charges, which I hear for some big traders at have gone as high as $30K a month and more. I would love any input from larger QQQ traders...
Just a note on QQQ's. We have some traders that trade QQQ in size and trade a good portion of the trades on the AMEX. The cancellation charge for QQQ is charged by the AMEX specialist in the QQQ-Susquhanna Investment Group. This charge is usually passed through to the trader. If your firm does not send your QQQ order to the AMEX , there will be no cancellation fee. If you trade on REDI+ , you should have routes for QQQ to NYSE,NYSE(NX-direct),ISLD and AMEX. I hope this clears up some confusion about QQQ cancels. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
Gene, I just called Echotrade and confirmed, their QQQ orders go to the Amex (they also let you preference ISLD or NYSE if you want), and they have never been hit with cancel charges. According to the guy I spoke with, they have some traders that do a big volume in the QQQ's and have never been charged a cancel fee by Susquhanna. They have heard of it, but also say the only traders they have heard of getting charged are traders that go through SLK. I guess the best answer is, are there other traders here who do not go through SLK that do get hit with the cancel charge? def - does IB get hit with the cancel charge? For quite some time I have heard that it was a selective thing by Susquhanna, if this is true and you trade the QQQ's, talk to a firm that doesn't clear SLK and you may save a ton. -Jim
TraderJim, Did you get my e-mail awhile back regarding echo? What platform are you using? I see they offer a couple. Leland