How much do you feel you spend per day in ECN fees and such? In certain markets (fast moving) do you really worry about how/where you are being routed or do you just want to be filled? Thanks
Many of us end up with a net ECN rebate vs. paying (I know I do). I keep one montage set to NYSE (with button) and my quote window set to ARCA (with both buttons), and will make an "error" on occassion and pay the pennies vs. collecting them, but I don't mind since I must have felt that I really needed/wanted that particular trade quickly. All this is changing, and will likely continue to evolve...and, yes, getting the proper trade outweighs the "collecting" of ECN rebates, but there is no reason to pay ECN fees (for listed) in any event (unless you're receiving a full penny of price improvement). By using our Sigma (smart order router) we can assure ourselves of the best price, even "in-between" bid and offer (dark liquidity pools) which is starting to be more and more attractive as well. All the best, Don
My 2cents worth: it really depends on your trading style. For example, if you are only trading 2,000 shares per day the ECN fee won't really affect you one way or another. However, if you are trading 100,000 shares a day the fees can either help or kill your profits depending on rebate/take out (see Don Bright's post above).