best ecn for default

Discussion in 'Order Execution' started by mrmoose, Nov 14, 2006.

  1. mrmoose


    I am a a sector trader who mainly trades baskets of large caps both nyse and nasdaq. I have always used Island as my defult ECN. Would switching to Arca give me more liquidity?
  2. maybe.
  3. Since you are trading NYSE stocks also, arca will probably give you the most liquidity.
    But if you are charged ecn fees to take liquidity, I would suggest staying with island since their ecn fees are .003 per share versus arca which is .004 per share.
  4. from my observations, ARCA will fill last almost everytime compared to ISLAND and NYSE.
  5. mcelitetrader

    mcelitetrader ET Sponsor

    ARCA sweeps according to:


    So it give you access to the most liquidity.... 0.002 credit for posting on the book and 0.003 charge for taking liquidity and 0.001 charge for any orders that are routed outside the (ARCA)book.

    There are also no billable charges for ARCA orders resting on the (ARCA)book. If you are aggressive with your orders then ARCA will begin to cost but getting the shares you want at the price level you want is priceless.

    I currently use INETdot for routing onto the NYSE as my default into the open book as it sweeps available inet shares then it rests on the NYOB. Fees are only 0.0002 unless the order takes liquidity then it is 0.001.

    Hope that helps
  6. mrmoose


    im still using NYSE dot for listed i was asking about where i should send my nasdaq orders arca or island. I should also add that I am usually a net adder of liquidity as that i like to sell into strength
  7. maybe you should be more specific about what type of ARCA orders you would be placing?
  8. mrmoose


    i trade baskets of sector stocks that can be either nyse or nasdaq. For example I might decide to short six semiconductor stocks three of which are listed and three of which are nasdaq. All of my opening and closing for a profit transactions are done with limit orders. My default settings have been NYSE for listed and ISLD for Nasdaq and I am considering changing my NAsdaq default to ARCA.