I have a question on commissions. I thought for < 100 contracts, an EFP is $0.50/contract all in. Yet it looks like, in TWS: 1 contract = 1.50 2 = 2 3 = 3 10 = 10 50 = 50 (i.e., $1/contract with a $1.50 min) And though it says $0.30/contract all in, in TWS: 100 = 80 200 = 160 (i.e., $0.80/contract) Is TWS wrong or is the posted commission schedule wrong?
I have been charged 50 cents per EFP for all of my EFP trades, which exactly matches the published commission schedule. Perhaps you are misreading TWS? Or maybe there is some other problem?
Perhaps I jinxed myself bec prior to this incident, customer service has usually responded by the end of next biz day latest (per one of my other posts on experience w/CS). Alas, in this case, I still haven't heard back from CS confirming that the commission structure is as advertised and the bug is in TWS displaying commissions on the Order confirmation screen. Maybe the email about EFPs has generated so much interest that everyone is overwhelmed...
Is funny how the market makers play games with you if you are not hitting the bid. If you put an offer in the middle of the bid/ask, the bid just drop and the offer at the price u are offering. Without having anything traded the bid dropped 0.200% in half an hour. Is it my 1 lot offer that caused it or because the interest rate market moved 0.200% in that short of a time. So the question is, do you guys just hit the bid? If so, what is the spread between the bid ask that you guys think is acceptable? I am seeing a 0.225% - 0.250% across the board. Is that acceptable?
Also, the 1 lot that i put in cost 1.50 in the commision in the check margin section. Does it have a minimum commision per order of 1.50 for 1 lot or does it only cost 50 cents that the website advertise?
So this was exactly my question!! jimrockford says it's a TWS bug -- I put in a ticket 2 days ago asking for confirmation but haven't heard back yet. On the market maker playing games.... it's also other traders.. You see it less in more liquid markets but in thin markets, nothing surprises me. I've traded small NASDAQ issues where, for example, I've seen other traders move their bids/offers to be exactly 1c past mine if I move into the inside quote. I doubt it's a MM bec it's just for 100 or 200 shares.
No, but i am thinking there is a minimum of $1 per order for all stocks trade. So the speculation is that the 1.50 could be 1 dollar minimum plus the EFP fee. i think is the MM because the offer size is the same size as before i put my order in. but as long as there is no cancel fees, then i guess i could just play games with them too until a real buyer shows up