Brut billable

Discussion in 'Order Execution' started by catima, Dec 1, 2005.

  1. catima


    Is there such thing as a brut billable ? I am wondering because I just saw a huge backcharge for brut billables, and I had no idea brut charges billables non billables on amex.
  2. alanm


  3. if you are trading listed then you need to read this carefully:

    Securities listed on the NYSE, Amex, or a regional exchange (excluding ETFs)
    Liquidity accessing fee FREE

    Liquidity provider credit FREE

    Routing between books, to ECNs or ITS destinations FREE

    Routing to DOT with orders that attempt to execute in the Brut, INET or NMC books FREE

    Routing to DOT with orders that do not attempt to execute in the Brut, INET or NMC books (per share executed) $0.0004

    *********Any limit order delivered by NASDAQ’s Brut Facility to the NYSE using the NYSE’s proprietary order delivery system if such an order is not an on-close order, is not executed in the opening, and remains at the NYSE for more than 5 minutes (per share executed) $0.009
  4. catima


    This clearly does not apply to ETFs however because of "Securities listed on the NYSE, Amex, or a regional exchange (excluding ETFs)

    I was looking at the pricing list last night, trying to figure if brut even charges billables when you're using it on listed, and if its a special order or routing that you must you to get into a billable situation. I was using just plain ol brut, not routing it out or anything, on an AMEX ETF for that matter. In fact, the pricing sheet clearly states that the fee schedule for ETFs is exactly the same as regular nasdaq stocks:

    "ETF Securities
    All ETF transaction pricing (regardless of listing market) is the same as for NASDAQ-listed securities. All ETF share volume will be combined with NASDAQ share volume to determine a firm's pricing tier. "

    (thanks for the quick reply guys, i was getting worried perhaps I overlooked something)
  5. Brut Billable apply even on ETFs - but if you route to the DOT.
    Looks like you haven't so you shouldn't be charged.
    NASDAQ dropped a ball on this - many people got hit with stupid billable charges - because NQ got hit with them from NYSE.

    oh well. (my hit was 4 bucks!!!)
  6. catima


    I got hit with 1600$ in brut billables, and I know someone who got hit with 45k. Its really terrible, because I didn't enable brut routing or anything, didn't change my configuration, didn't try to route it anywhere.