Someone may correct me if i'm wrong,but i wasnt aware(according to Don) that market makers can hold Supersoes orders.They don't know that they have been Soes'ed or Supersoes'ed until after they get a fill.Under Soes,MM's have to fill their displayed size once every 17 seconds.Under Supersoes, this delay has been reduced to zero. I know that if preferencing a MM using Selectnet, the MM has up to 30 seconds to either fill you,partial you,or reject your order,but Selectnet is a useless tool in my opinion. I think the Island or Archipelago/Redi ECN's are the way to go nowadays if trading Nasdaq.
Badkray, do you know if they charge any additional fees for NYSE (other then SEC fees), and if they charge extra for remote traders? That's a decent rate for NYSE, if it doesn't include any other fees. Their web-site appeared to be absent any fee/rate info. Regards, Slave2Market
Could you explain again why you are telling your traders not to use Supersoes? I understand that you trade mostly NYSE, but I feel you may be in error about ss.
Vinny1, I am quite sure you are correct. MM's can't hold a SUPERSOES order. It is executed against them if they are on the inside. I use it every day and it works great! It is nothing like SOES. It is this and the ECN's that make the NASDAQ so much more transparent and executions so much quicker than the NYSE in my opinion. If you are comfortable trading instead of trying to figure out what the specialist is doing, I think you will find the NASDAQ much less frustrating. But if you are good at reading the specialist, I'm sure you will do very well trading listed stocks. To each his own.
Show me where to sign up. With commissions that low, I'll pound out cash left and right. And i'll trade as large as they want me to. It'll be worth paying $4000 a month for a bachelor in NYC. Ax
Stayed with Broadway Trading. .008 all inclusive if you average around 2 million per month. Their highest rate is now .01 all inclusive, and if you negotiate and do around 5 million per month you can probably get .007 all inclusive. They are merging with Schonfeld and will now be self clearing. Andover Trading might negotiate down to as low as .002 + ECNs + SEC pass through fees if you do over 7 million per month at their new midtown office (they moved from 1 North End Ave after the WTC attack). Some guys there do around a million per month and pay .005 + ECNs + SEC pass through fees. All the above rates are for customer accounts not prop. http://www.broadwaytrading.com/locations.cfm http://www.andovertrading.com/main/...er/branch.shtml
Don, You have been asked by both Vinny and Daytrader76 to explain these comments regarding SuperSOES. Your statement "I am pretty up to speed with the SOES changes, and we don't recommend using SuperSoes to our traders (since the orders are routed to MM"s who can hold orders if they like)" is a paradox because if you think MM's can hold SS orders then you clearly are NOT up to speed on the SOES changes. Please explain what you meant here or simply admit, once again, that you do not understand execution on the Nasdaq market. To ignore the posts is not acceptable since you initated the comments (and don't tell us you did not see them...we know that you did ).
Stayed with Broadway Trading. .008 all inclusive if you average around 2 million per month. Their highest rate is now .01 all inclusive, and if you negotiate and do around 5 million per month you can probably get .007 all inclusive. They are merging with Schonfeld and will now be self clearing. Andover Trading might negotiate down to as low as .002 + ECNs + SEC pass through fees if you do over 7 million per month at their new midtown office (they moved from 1 North End Ave after the WTC attack). Some guys there do around a million per month and pay .005 + ECNs + SEC pass through fees. All the above rates are for customer accounts not prop. Why are firms merging? I can only speak for myself, but if rates are so low that firms cannot break even ,then I wouldn't trade at that firm. If they can't pay their bills, how can they maintain their equipment, service and infrastructure. If you paid $50.00 for a suit , would it be the same quality as Brooks Brothers suit ? Would the suit last a year? Food for thought. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
Gene, Just for the record, what are the commissions for your firm on a per share basis? At what level do you provide price breaks? What are your "other" costs (desk fees, etc.) ? Thanks, Ax