Instinet Terminal- They have repriced there web based product under $100 per month, however, the firm that is providing a terminal to traders usually has to guarantee or put up 1 million deposit at Instinet(or have their clearing firm write a guarantee letter), this is why most small firms do not have INCA terminals. We have three and they are of limited use. The order entry is slower than most EDAT software, however , you can see the INCA book, have a reserve feature(show only part of an order), send messages to others who have terminals, negotiate the price of a stock to other terminal users etc. INCA terminals are useful for large NASDAQ traders & Market Makers, they have limit use for daytraders & swing traders. INCA can now be accessed directly by many EDAT software platforms. Bloomberg-A great tool for hedge funds,institutions,Market Makers etc. The $1200 per month price per terminal makes Bloomberg too expensive for most traders . I would say Bloomberg is of limited use for short term traders and probably not worth $1200 per month. A good charting & news package from AT Financial(+ Dow Jones News or Reuters), E-Signal, Bridgestation etc., would be more cost effective and useful than a Bloomberg terminal. Gene Weissman Lieber & Weissman Sec., LLC gweissman@stocktrade.net
So if one guy wanted an instinet machine for his personal use, what would be the easiest way to lease one? Are there firms that will re-distribute them to traders? Do you have to clear through instinet to be able to transmit orders with the terminal? And finally, does the terminal support order types from other ECNS (i.e. can I send a hidden order to the Bloomberg book)?
bungrider, You cannot get an Instinet terminal as an individual. If you want one with a trading firm(like ours), join the firm and you will be able to use a terminal at a branch office, providing you are a qualified professional trader at the firm . Generally the rules of Instinet(in their agreement) requires trading to be done at a firm branch office. Instinet terminals are generally not available for retail customers(as remote traders) or for home use. If you are a customer of a Broker/Dealer (as a Hedge Fund), you will be able to get an Instinet terminal, providing you meet Instinets rules and capital requirements. Instinet and/or your clearing firm will make the final decision on who qualifies for an instinet terminal. Gene Weissman Lieber & Weissman Sec., LLC gweissman@stocktrade.net
Bummer. So if I were part of the firm, I would have to clear thru that firm according to their own fee schedule, which may or may not be the same as INCA's?
bungrider , The rate you would be charged for INCA(using a terminal) would be up to your introducing broker. Gene Weissman Lieber & Weissman Sec., LLC gweissman@stocktrade.net
So if one has access to EDAT software,but not an INCA terminal,i assume you can still have direct access to INCA,and if so,will one's bid or offer show up on Level 2 under INCA? Will you also have the ability to place reserve orders?
Vinny1, I believe you cannot place reserve orders on INCA, unless you have an INCA terminal . The terminal is a good tool for traders, but most daytraders would find an INCA terminal of limited use since at our firm and others, INCA can be accessed faster on EDAT software than an INCA terminal. The INCA terminal has alot of cool features, but most daytraders would not use them. Gene Weissman Lieber & Weissman Sec., LLC gweissman@stocktrade.net
Vinny1, On REDI+ & ROX( we have two direct access platforms available), your Bid and Offer will show up on NASDAQ Level II. Many other EDAT software platforms also have direct access to INCA. Gene Weissman Lieber & Weissman Sec., LLC gweissman@stocktrade.net