Hello all. I trade on Genesis's Laser platform. I trade only Nasdaq stocks intraday. I want to know about the ECN's charge you fee's and what are Rebates??? I was told by others to just use Island for routes to save money. Can some explain how this whole execution fees and rebates work??? Any help is much appreciated.
I would suggest going to each ECN's Web page and reading the details as each one has slightly different fees, there are impacts from routing out, etc. e.g.: http://www.nyse.com/productservices/nysearcaequities/1157018931977.html http://www.batstrading.com/subscriber_resources/BATS_Fee_Schedule_20070801.pdf http://www.nasdaqtrader.com/trader/tradingservices/productservices/pricesheet/pricing.stm#executions http://www.knight.com/directEdgeECN/priceSchedules.asp For volume-tiered pricing, you'd need to find out from your broker which tier you will get.
You got bad advice. Intraday trading requires that you get the best prices available on your trades. Island does not always give the best price. You need order routing sofware which scans the available order destinations for the best price.
As per the links, you get them for adding liquidity to the book (i.e., a non marketable limit order that is later filled), provided that your commission arrangement with your broker passes them on that is.