From http://www.realtick.com/v2_getpage.asp?page=anno_0625_0200 Pro Users Non-Pro Users QuoteView* Top of file quotes for each Nasdaq market participant regardless of price level. $40 per terminal $9 per terminal DepthView Cumulative depth available at top five price levels. $50 per terminal $50 per terminal PowerView Combined display with QuoteView and DepthView. $75 per terminal $44 per terminal TotalView Detailed depth at top five price levels, in addition to PowerView. $150 per terminal Can someone please explain to me why there are new fees for naz L2 data?????????
Don't you have NASDAQ to thank for that, with their new SuperMontage I guess they want new fees as well.
Atleast Realtick seems to be ready for supermontage. My gut feeling is that some of the DAT platforms are not. Guess we will know in a month or so. I guess the bigger ones have been preparing for it for a while. I also wonder if some of the prop firms that trade almost exclusively nyse are going to finally start to trade Nasdaq more. Though you won't get price improvement in the NYSE sense atleast it seems to me that the depth of the market will finally allow nasdaq traders to trade some bigger size without the fear of getting trapped and having to pay through the roof to get out. Are any of you NYSE traders going to start looking at Nasdaq more if the liquidity is there? Also it would be interesting if Don and some other prop firm owners would post the volume the firm does as a whole on the nyse vs. the nasdaq...not the numbers but the percentages. My personal opinion having used redi+ before is that I don't think any firm using it trades more than 20% of their total daily volume on the nasdaq. There may be reasons for that, the most obvious being that traders can obviously trade larger size on the nyse, or as Don might joke, "most of the big nasdaq traders have gone bust", but on the the retail side of things where realtick and similar platforms are more the norm the trading volume seems to be the exact opposite or much more balanced. So my main question I guess is this. Why is it that most prop firms trade NYSE and most retail firms gravitate to Nasdaq? Is it that Pro's are smarter and realize the inherent superiority of the specialst system, the fact that NYSE stocks seem better behaved, the fact that reading the tape is the most common strategy used which can't be employed on the fragmented nasdaq market. Maybe the availablity of bullets is part of it, Or is it that many prop firms don't give their traders the tools to succed on the nasdaq market. Seriously? Is their a software divide. It seems the main tool of the nasdaq trader is mainly the chart where as the main tool of the nyse trader is the time and sales and bid/ask. Gene has said before that redi+ is mainly an execution platform suggesting atleast to me that if you use charts and some other "bell and whistles" that you might want to add something like First Alert to go along with it. Yeah you could do that....OR you could just get a DAT platform that already has that stuff built in. I don't know maybe I am completely off base here but it sure seems strange to me how all the prop firms lean toward NYSE and the Retail stay at home traders lean toward Nasdaq or a mixture of the two. Anyone have thoughts on why things have developed this way? Also you redi+ users? How do you handle multiple positions say ten or more with redi when the portolio manager doesn't seperate out your closed p and l with a particular position with that positions open p&l if you have gotten back in the stock? or have the fixed that? Disgruntled redi user....Avalanche. :eek:
i trade both. very different techniques for both markets, yes. those new naz fees are not going to help their volume, however...presumably, the fee is per institution or per individual - so what you and i pay and what merril lynch pays are the same. i pay $75/month and do 100k shares, merril pays 75/month and does 1 billion. makes perfect sense to me. maybe the new fees are trying to shake out more daytraders...knock it back to the days of dime and quarter spreads. whooppee. this is all pure speculation, but these new fees are going to kill data vendors, brokers, newbie daytraders....
It looks to me it's a "per device" fee, so if Merril is paying only $75/mo, they are pushing all 1 billion of those shares through one terminal or PC:eek: