IB SMART routing and BATS rebates

So it seems that IB is in the whole subpenny game afterall?

 

The reference refers to when a number of years back TMBR's quote in equity markets became part of the NBBO quote for IB clients. this hasn't been true for years but even when it was, orders weren't shown to TMBR. it was the other way around as TMBR showed prices to IB and routing decisions were made to the venue where the client would get the best execution.

 

How much do you get for giving bats order flow and does that offset the charge from ib for not using smart

 

This is what BATS pays, you can confirm it on their site, use our cost+ model and you receive or pay the below fees. excuse the formatting but you can look here as well: http://individuals.interactivebrokers.com/en/accounts/fees/BATSstkfee.php?ib_entity=llc

Is that transparent enough?

BATS Exchange Fees

Remove Liquidity(1) Add Liquidity(2)
NASDAQ >= $1.00 per share USD 0.0029 (USD 0.0025)
NASDAQ >= $1.00 per share, Hidden Liquidity USD 0.0029 USD 0
NASDAQ < $1.00 per share Trade Value *.0010 USD 0
NYSE >= $1.00 per share USD 0.0029 (USD 0.0025)
NYSE >= $1.00 per share, Hidden Liquidity USD 0.0029 USD 0
NYSE < $1.00 per share Trade Value *.0010 USD 0
AMEX >= $1.00 per share USD 0.0029 (USD 0.0025)
AMEX >= $1.00 per share, Hidden Liquidity USD 0.0029 USD 0
AMEX < $1.00 per share USD 0.0005 USD 0
Opening Auction, IPO Auction, or Halt Auction USD 0.0005 USD 0.0005
Closing Auction USD 0.0010 USD 0.0010



Notes:

Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
Adding an order to an exchange or ECN's order book before being executed.

 

Hmm. Interesting.... I swear its a fight to.get direct customer access... what's hidden mean?

 

http://batstrading.com/resources/re...n-Order-Enhancement-Effective-July-8-2011.pdf

 

i get it you can put your order in without it being displayed.. but displayed orders get first priority..

 

Is there any way to change the default route from SMART to BATS in global conifuration in TWS?

I want to route all US stock orders thru BATS and not SMART, and i dont want to have to change it everytime in the integrated stock window or market depth trader.

Anyone know if this is possible?

 

To whom does Timber show her orders to now?

 

I tried the Highest rebate strategy some time ago. I found I only got filled when the BBO changed. Not surprising since takers obviously will opt for the cheapest fills first. I decided the larger rebate wasn't worth the missed fills.