ECN Fees..... What do you pay?

Discussion in 'Order Execution' started by AutoMate, Feb 2, 2006.

  1. A question for all the active traders out there, what does the ECN schedule look like at the firm you trade at? No need to post firm name, just the add remove fees for the various routes you have available to you.


    NYSE arca .000 .001
    inet .001 - .0009
    brut .00 .00
    brutdot .00 .00
    DOT .005 .005

    nasdaq arca -.002 .003
    inet -.002 .003
    brut -.002 .003
    trac -.0027 .003
    size -.002 .003
    attn -.003 .004

    Amex arca -.002 .003
    inet -.002 .003
    brut -.0023 .0027
    DOT .0052 .0052

    obviously the negative means credit to the trader.
    Let compare fellas!
  2. 0 on all
  3. ARCA
    Fee: $0.003
    Rebate: $0.0020
    ACT per trade: $0.0314 on OTC-BB only

    Listed (non-ETFs): remove liquidity = $0.0010 per share fee, adding liquidity = $0.0000
    Odd lots: OTC (excluding OTC-BB) = $0.004, listed securities = $0.0300
    A market order, if routed will result in $0.0040 per share
    OTC-BB symbols: remove liquidity = $0.0030 per dollar proceeds for stocks < $1 otherwise $0.0030 per share,
    adding liquidity = $0.0000

    Fee: $0.0030
    Rebate: $0.0020
    ACT per trade: $0.0314 on Listed & ETFs Only
    Listed (non-ETFs): Remove liquidity = $0.0007 fee per share, adding liquidity =$0.0000
    Market orders for ETFs may be sent by Brut to ITS, incurring a fee of $0.0007 per share. Orders for NYSE-listed securities set with the option "RouteToNYSE=true" will sweep the books of BRUT/INET/SUMO and if not filled, be routed to DOT where the execution is $0.0000 as long as the trade is not billable by the specialist.

    Fee: $0.003
    Rebate: $0.00
    ACT per trade: $0.0314 on Listed & ETFs Only
    Remove liquidity min of $0.25 per trade

    Fee: $0.003
    Rebate: $0.002
    ACT: none

    Listed (non-ETFs): Remove liquidity = $0.0007 fee per share, adding liquidity = free

    Fee: $0.0025
    Rebate: $0.0023
    ACT: None

    If counterparty was via SUMO, add liquidity = $0.0027 and remove via SUMO = $0.0030

    No Access Fee $0.0030
    ECN Access Fee $0.0010
    Rebate: $0.0020
    ACT: $0.0314 on Listed & ETFs Only

    Listed (non-ETFs): Remove liquidity = $0.0007 fee per share
    Nasdaq charges $0.0010 for accessing liquidity at one of the following ECNs in addition to the fee as follows (per share): BATS = $0.0026, BTRD = $0.0030 (min of $0.25), EDGX = $0.0030, NTRD = $0.0031, TRAC = $0.0030

    Makret-on-Open, Limit-on-Open and any order that exectues in the Opening Cross = $0.0005, Market-on-Close and Limit-on-Close = $0.0005

    Jefferies (NYSE & AMEX)
    Billable $0.0090
    Non-Billable $0.0004

    Goldman Sachs (NYSE & AMEX)
    Billable $0.0090
    Non-Billable $0.0004

    Listed $0.0040
    OTC $0.0080
  4. mnx


    quick question...

    what is GSAT?

  5. Goldman Sachs Algorithmic Trading

  6. alanm


    Note that INET/BRUT/Naz fees are all the same now, and have changed significantly effective Feb 1st. ARCA fees have also changed, effective January 31st.

    I tried reading the new schedules, and got a headache. In particular, the ARCA sched seems to say that rebates only go to MMs now, which seems hard to believe. They also may or may not have dropped the $0.03 fee for listed odd-lots to $0.003.
  7. The list I posted is from my broker which is pure passthru.. so that should be accurate.

    I don't think ARCA rebates only go to MMs because I am certainly not a MM.

    Also, it doesn't appear the 0.03 fee for odd-lot listed has changed.

  8. Thanks for the response Steve!

    My take on the rate changes as of Feb are :

    No changes to Naz

    NYSE- Inet, Brut are now .50/k rebate to add .70/k charge to remove. Arca stays the same 0 rebate to add 1.00/k to remove.
    Brutdot is free to remove if you allow sweep of INET and BRUT books first and you don't get filled and it makes it to the specialist. You have choice to use Brutdot without sweeps but you then pay a fee to use the DOT line and avoid the sweeps.

    ETF's - This is the biggest change- INET and BRUT fees are now basically the same as Naz. 2.00/ k credit to add, 3.00/K charge to remove.

    Ah the joys of trading for a living, everything is constantly changing.
  9. alanm


    That assumes that your broker gives you the higher volume tier rates, which at least one major broker did not (at least not initially).