BRUT is now the third largest liquidity provider on SuperMontage, ousting Goldman Sachs to fourth place. Knight Securities and Schwab Capital markets are first and second respectively. My friend who has cybertrader was talking about a BRUT bid that I could not see on IB TWS. What is BRUT is it an ecn or marketmaker? Who owns it? Why cannot I see it as route on IB? thanks
BRUT is an ECN. See: http://biz.yahoo.com/bw/030812/125136_1.html You should have seen the quote on TWS since IB supports BRUT routing.
just21: IB never implemented BRUT for listed stocks probably because there is very little liquidity there, and it doesn't seem to be getting any better. It's also now more expensive to take liquidity from than INCA, ISLD, or ARCA. They also sometimes put out quotes that you can't execute against (happened to me tonight in NEM).
Do you have a link for that? I find that extremely difficult to believe. It was my understanding that in the past year, IB dropped the ability to limit non-marketable orders to BRUT and retained the ability to trade market orders with BRUT. I don't know why, but it really hasn't made any difference in how I trade nascrack. From yahoo's BRUT article about slashing fees: The new pricing structure will offer high volume customers a take-out rate (charge for removing liquidity from the Brut book) of $0.27/per one hundred shares executed. This represents a 10 percent reduction off prevailing market rates and a 30 percent reduction off the fee-rebate "spread." Those fees still seem high.