Am I understanding this correctly? If I trade at Echo, I pay the $300 (Echo fees) + $200 (Exchg.fees) = $500? I could afford the $300, but $500 would REALLY be pushing it.
Greg, Sorry, but the commission rebates kick in at 1,000,000 shares in a month, not 50k. Think VOLUME. And then its .009 per share. I think I saw another post that mentioned it falls to .008/share at 3,000,000. A mere 150,000 per day! mrbud, They have changed the fee schedule page to reflect the new offer, but if I recall the software fee is waived after 300,000 shares. If you qualify for the lowest commission rate, you'll cover it in "only" 2 days, lol. jmcgraw, I don't think you pay the pro exchange fees unless you subscribe to a data provider on your own. At least that's what I gathered from my discussions with Echo. I think all of that is covered in the regular data charges. As other's have mentioned before, if you get an outside data source, let one of the thousands of non-licensed folks in your community sign up for you. Since this is off-topic and I know how much rtharp hates that I better stop. (Just kidding Robert ) Kirk
Yes this is off topic so I'll jump in and stop it. $300 per month includes exchange fees for their data vendor for Echo. It is rebated at 300,000 shares. It is also being waived for the rest of the year. If you need an additional data source put it in your wife/girlfriend's ,corporation, dog's name instead. There is no $500 per month at Echo so stop saying that. ____________________________________________________________ The thread was about IB starting a seperate division for Series 7 professionals........
roger2, If you did not know, IB was built upon the backbone of its successful proprietary trading division (timber hill). Risk management is one of the keys to the company and thus I'd be surprised if the chairman would be want to expand as a proprietary of the likes of echo, et al. There are numerous reasons one of which is increased regulation. Ofcourse, if you asked me 5 years ago if we would have had a brokerage catering open to all types of players, I would have thought you were crazy. Thus I wouldn't rule it out but I wouldn't hold your breath either.
def, I know next to nothing of Echo (et al), only what I have read in recent threads here. So I don't have an opinion, positive or negative, regarding Echo and its peers. In any case I would not suggest that IB change to become like any other broker. I think IB is a real good thing, and I don't want to go elsewhere. I'm sure there are many IB traders who feel the same. You refer to changes in IB vs 5 years ago. Correct me if I am wrong, but isn't one of those changes that IB has made itself into a viable choice for the smaller players? And when the rules change, it seems that IB will lose many customers which it has actively sought to attract over the past couple years. I could be off base here, 'cause I am only speculating about IB's recent history and its target market(s). You also refer to increased regulation. It may be possible to spin off a sister company in such a way that no new regulations would encumber IB proper. But the spin off would, of course, be subject to any regulations which Echo and its peers has to deal with. And 'little sister' IB would then be competing directly with this group. But with some built in advantages including: existing (very good) user interface, support personnel, working relationships within the industry, etc. etc... Not to mention a group of loyal clients who want to stay at IB and who will otherwise be forced to move to the competion. I realize that this is indeed wishful thinking on my part. And, I'll admit, motivated by selfishness. But it seems to be an idea which could benefit both IB as well as the group of IB traders with accounts under the limit. What the hey...
roger2, Thanks for the comments. As I meant to imply, who knows. It really depends on whether the chairman (founder) of the firm would want to go into that line of business. One thing I'd like to clarify, IB doesn't necessarily target smaller customers. It just believes in a level playing field. Ofcourse a philosophy like this does attract smaller accounts. However, IB has many large and active clients and the new ruling will not cripple the firm.
OK Roger Here's the scoop -- I copied your posted question and emailed it to IB (pretty clever huh?) Here is their reply -- just in case you are interested. "Although we empathize with you, our plans are to continue with our retail brokerage business. Keep in mind that Interactive Brokers LLC, a member of the Interactive Brokers Group, has remained at the forefront of the electronic brokerage industry since 1993, and started as an institutional trading firm before offering retail brokerage accounts to the public in 1999. We currently have no plans to begin offering day trading rooms to the public. Sincerely, Don IB Customer Service" end quote Make of it as you will. Regards/greg
thanks greg also rtharp and def, I just wanted to float this idea to see if it might take hold...you know, a long shot but why not try? I am fairly ignorant of differences in different types of brokers, I did not even realize that trading Echo entails going to a trading room (i.e. another city) this is my 2nd go at trading - started April 2000 and lost 55% of my account by Nov 7 came back 7 weeks ago and have just now got my particular method to work: + 10% this week, + 5% last week, + 3% week before last and IB is a big part of my 'turn around'. not only the commissions but the executions, the support, the overall 'positiveness', etc. so, that is why I want so much to stay at IB but, where there's a will... if IB won't reorganize the company just for me (LOL), i'll just have to find a way to get up to 25K