MyTrack Users

Discussion in 'Retail Brokers' started by tuna, Feb 8, 2002.

  1. tuna


    Watch your brokerages charges in regard to the info they sent out i sent an order routed to Schb and either the software or Schb rerouted it to Btrd.
    On 1000 shares that was $5 more on top of $12.95.So it would appear even if you send to a MM they can reroute.
    To my knowledge that was'nt happening before...
    On level2 Schb was at the time holding and remained still holding after they rerouted.

    Dear myTrack member,

    As you may know, when you route a trade to an ECN, you
    usually incur a per share charge on top of the commission
    you pay. (See table below for a list of ECNs and their

    Now, in addition to the ECN fees listed below, you may be
    charged a contra fee if you choose to route a trade to an
    ECN that, in turn, routes your trade to another ECN for

    This scenario does not happen often, but it can happen if
    you route your order to certain ECNs when others can fill
    the order better. Currently, only Redibook ("Redi") sends
    orders to other ECNs and pass on these contra fees, but we
    thought you should be aware of this. You should also know
    that once you send an order to an ECN that reroutes, if
    they can't fill it, they can send your order to any ECN,
    regardless of whether you have enabled your myTrack system
    to send orders to that ECN.

    An example of a rerouted trade that would result in contra
    If you route a trade to RediBook ("Redi") that Redi sends
    to Brut for execution, you will be charged Redi's $.007 per
    share AND Brut's $.005 per share.

    Out of interest you guys with IB this is'nt happening to you guys is it?? double charging without the ECN filling??
  2. tom_p


    G'day tuna, how are the sheilas in Mooloolaba, mate? Re-routing by ECN's and being charged for it (order flow :() is outrageous and subject to abuse. Maybe SuperMontage is not such a bad thing after all.
  3. tuna


    Hi there Tom,Yep the Mooloolaba gals are just fine, wandering round wearing alot less than they probably are in NY. Get pretty much the same weather here as Hawaii so yep their just fine...

    Yeah i'm interested to see who else gets this thrown at them....Their saying its just Redi at the moment...Open for abuse alright the Ecn's would just start bouncing orders around amongst themselves...
  4. In fact it could even happen that an order is sent "around" several times, which would result in multiple ECN charges. Maybe extremely rare but still possible, I think.
  5. shneed



    I've traded through MT for about a year, they used to be great, when they had auto-ex. When they started to charge for ecns, I moved to another company. Their ecn fees are outrages, as well as their 100-200 share fills for 1000 share orders. Now I am with IB, executions are fast and there are no ecn fees to worry about, customer service needs improvement, but its not that bad.

    Good luck,