What are the best routes to park orders on looking for a rebate? ARCA, BATS, EDGEX, EDGEA, etc Highest rebate, liquidity, efficiency?
At my firm we get .0025 INET credit. If im going for a credit (this is on NYSE) i go inet. On Nasdaq EDGA is .0026 for another few weeks. Feb 1 there is no credit on EDGA. I believe EDGX is .0024 or .0026, im not certain.
inet pays you a .0025 credit on nyse? i didn't think inet paid a rebate on nyse? i know arca pays .002 on nyse. so your firm is passing on the full .0025 inet rebate. most firms are keeping the .0005 and only giving .002.
BATS is paying .003 for adding in January, but I don't think they're doing NYSE yet. http://www.batstrading.com/press-release/20061219.php I usually go to ARCA personally. here's the BATS fee sched: http://www.batstrading.com/subscriber_resources/BATS_Fee_Schedule_20070101.pdf
EDGA and EDGX are 2.60 rebate for NYSE and Nasdaq. EDGA rebate is gone in Feb. If you're getting 2.50 rebate on ISLD you are very lucky your firm doesn't realize the error, or they're adding 30 million shares a month as a group and passing the increased rebate onto you. Hopefully it's the latter, so they don't realize the error and change the pricing.