Looking for opinions on suggestions for direct-trading brokers that may fit this criteria: 1)lowest commissions and fees trading blocks in 25-100k area for stocks .30 to $1, 2)good executions, 3)stocks marginable under $1, 4)good short inventory on low priced stocks. I'd appreciate any suggestions.
Lets rephrase that, def(since this thread is about large block trades). Brokers that charge flat fees, charge ecn fees for removing liquidity. Other brokers who dont charge flat fees either include ecn fees as part of the all in fee or route orders to MM for rebates on order flow or internalized matching trades to save on ecn fees, which they make a lot more money on.
PointDirex apparently does not credit a trader for adding liquidity. It appears that to remove liquidity via Inca on 100000 shares of a 2 buck stock is gonna cost you around half a cent a share in ECN fees, plus the $7.95, plus the SEC fee of about 6 bux. At least Interactive Brokers (I'm not a client, but I did stay at a Holiday Inn Express last night) includes the ECN fee so although you aren't capped on a per share basis the amount you pay per share isn't rapage per the ECN's added fee which would be $500 in the above example. They also ice the cake by including the SEC fee, but are one of very very few brokers who do include that. If you really want to trade large blocks then negotiate a private rate schedule with a BD that caters to the way you trade. You can beat the pants off the canned deals advertised at most shops, both retail and "professional."