Edgx Rebate Increase

Discussion in 'Order Execution' started by wheelndeal, Jan 9, 2010.

  1. New pricing as of January for EDGX,rebate for adding liquidity is now .29 cents per 100 from .25.
    Another ecn route called ISE also rebates .29 cents per 100.
    Not a bad deal if you are a rebate trader,i trade C in the premarket and noticed that EDGX gets quicker fills,rebate will definetly help me.
  2. Does EDGX trade on Parity? I trade C, round tripping it about 2-4mm per day and get about 24 mils on my providing. Wish i could get more RT's... but the volume on some days is less than 75mm on the NYSE.
  3. When C prints in the pre market you can make a ton of credits on EDGX.I remember at the office when C traded nearly 1 billion shares in December pre market on some share issuance news,a couple of the traders made over 3k in the premarket alone.

    You can make alot of wash trades in the pre market when it prints,2.90 per 1000 shares adds up when you are doing 3-5k shots. I NEVER trade C during normal market hours, it is one of the toughest stocks to trade,EXTREMELY difficult to make money on it from 9:30-4p.m
  4. ccooper


    I tested some rebate trading last week, using IB as the broker. Although I received the rebate, I was charged $2.92 in regulatory fees and taxes, plus the IB commission of about $1.00. Thus you can't make money simply by doing wash trades, you have to have an edge aside from the rebates -- correct? I ask because I'm fairly new to equities trading.
  5. lol. i never use my strategy in the pre-market. I usually turn on the box about 10am and shut it off around 3pm (or earlier depending on what the late day closing imbalances look like when they start rolling out at 2). Not sure why you think its difficult to trade C intraday??? I've seen more ups and downs in that stock (within a .01 range), than i do in a porn film. lol. Some days i can't get as many round trips as i'd like, but there were a few days in mid december, where i was getting 3-4 roundtrips per minute on 5k lots. did about 35k in rebates alone over those 3 days. I can't wait til Nasdaq becomes available through my agency... and possibly higher rebates from the NYSE (they'll do anything to claw back market share)
  6. You are a much better trader then me on C,the stock is kryptonite to me during market hours,i know my limitations.
    You have to trend trade it not scalp trade it during market hours,if you can get a handle on the trend then you can make big $ since you can do crazy size on it.

    I trade for a Canadian Prop firm,.20 cent per trade,SEC FEE very low on C,mpossible to wash trade with I.B. Rebate trading is suited for the Canadian prop model,I.B is for trend trading.
  7. Whats that all a booot? lol.

    I wouldn't say that. we just both have our disciplines that work. My boxes are set to shut down on a stock that loses 5 percent (of Mkt val) on the day...Hence the reason why I wait til 10am to turn them on most days. Feel free to look at the tick chart on C from 10-3 tomorrow if your curious why.
  8. I place all my orders in manually in the pre market.
    During market hours i NEVER get filled until the level breaks on C.Thats why it is extremely difficult to make money on it cause you are always out of the money when you are rebate trading it.
    In the pre market EDGX fills me before the level breaks which allows me to flip the stock on the other side for a penny + 2 edgx credits,it gives me an edge. Scary that half my pnl come from the pre market and after hr market,from 11-3 i should just take a long walk downtown and enjoy the sights.

    Black Box trading C perhaps gives you an edge by allowing your orders to get priority. Unfortunatly i am an old school trader i do everything manually.I aint complaining i am green every day but i want to take my trading to the next level.
  9. You're confusing Black Box trading and e-quoting, 2 different things (go to the NYSE website and look it up). Thats what gets you to the front of the NBBO on almost every trade regardless if there is 3 million shares on the bid/ask. I know 2 guys that trade C manually everyday (the only stock they trade), and they each make about 1-2k net per day by getting parity intraday on their trades. If you need more info, pm me and i could explain it in detail.
  10. roccap


    Moc Yeah, what ECN route are you using?
    I trade C regularly myself, and do fairly well, but have not done as well when trying to use ECN's that pay higher for adding liquidity.
    I seem to do best going to the NYSE floor broker, and getting filled earlier.
    When I try to rebate trade, I don't seem to get filled until the level changes, and it goes through my price.
    If you have any suggestions as to the ECN route you use, or any tips on how to best do this, that would be great, as this is my main stock I trade.

    #10     May 30, 2010