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. EXCH ROUTE ADD REMOVE 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!
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 BRUT 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. B-Trade Fee: $0.003 Rebate: $0.00 ACT per trade: $0.0314 on Listed & ETFs Only Remove liquidity min of $0.25 per trade INET Fee: $0.003 Rebate: $0.002 ACT: none Listed (non-ETFs): Remove liquidity = $0.0007 fee per share, adding liquidity = free TRAC Fee: $0.0025 Rebate: $0.0023 ACT: None If counterparty was via SUMO, add liquidity = $0.0027 and remove via SUMO = $0.0030 SUMO 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 GSAT Listed $0.0040 OTC $0.0080
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.
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.
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.
That assumes that your broker gives you the higher volume tier rates, which at least one major broker did not (at least not initially).