i came so close to getting nailed by that little ecn game so i went into my tools/options on my order entry platform and activated a safety option that warns me if my order is 51 cents above the ask(nyse) or 51 cents below the bid(nyse).
(taken from islands web site) Fee Schedule Island is pleased to announce its first price change since June of 1998. Effective March 1, 2002, the subscriber takeout fee will drop from 25 cents per hundred shares to 19 cents. In addition, the rebate for adding liquidity will increase from 10 cents per hundred shares to 11 cents. This represents a 47% price cut. The cost for an Island subscriber that adds and removes liquidity in equal amounts will now be only $0.0004 per share. That is only 4 cents per hundred shares.
Looks like ISLD is gearing up for the REDI/ARCA merger. Good to see competition thrives in the ECNs. Question is for firms that give rebates on these fees (some don't even pass-thru the fees), will they be giving the increase rebate?
Don, As the competitive business man that you are, are you going to counter Echo's aggressive pricing schedule? Just a thought.
Not too aggressive, just "echoing" ours. We are already way ahead, we don't charge any ECN fees (check the fine print). And, on a lighter note, pricing, though important, isn't the only thing.
LOL.... ECHO didn't take the name because of that. It's a high end trading station/platform/ server backed up by another and another, and another..... Robert
Just a note. The next time the Ultimate Fighting Championship is in Las Vegas, I am going to have Jeff Dewitt(ECHOTRADE) and Don Bright(Bright Trading) fight it out to see who has the lowest rates. On the serious side, splitting pennies is getting a little silly. I try to concentrate more on service, systems etc. I am going to sit out this price war on the sidelines, hopefully with no collateral damage. I think traders should concentrate more on trading. If you can't make money at .01 per share, then rates are probably not the problem. Of course Jeff & Don are friends , but I think everyone gets the point. The REDI/ARCA merger can only help. I think down the road, some of the smaller ECN's will merge or possibly be alligned with a regional exchange. Maybe Vito,Don or Robert have some more insight. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
Don't you hate feeling like a complete dumbass? When I did it it was only 100 shares however. Big postit on my screen says "watch the handle!"