Different brokers use different clearing firms. As an active trader, does it matter which clearing firm clears my trades? Are there any clearing firms that are 'better' than others?
Yes it matters. If you are trading though a firm that self clears your commissions should be significantly cheaper than a firm that does not self clear. Your commishion will most likely always boil down to the sheer number of shares you trade a day though.
Can you give an example of such a firm and how their rates compare to a firm that clears through say instinet or SLK? Thanks.