Discussion in 'Prop Firms' started by esc_trader, Feb 25, 2002.
RTharp, how is it that Echo can charge ECN fees and Bright doesn't?
Let us not forget that Echo also gives traders the ISLD rebates, which Bright does not? Why does Bright keep this for themselves instead of giving it to the traders?
I believe REDI+(software) has links to ECN's ARCA,REDI,ISLD & INCA. On NASDAQ you should be able to Bid-Offer on all these ECN's during market hours and your order will show as a ECN Bid-Offer on NASDAQ Level II. INCA,ISLD & REDI are available pre-market from 7:30 am . After 4:02pm ,traders can use ISLD,REDI & Selectnet(to 5:45pmEST) for NASDAQ. INCA is not available on REDI+ after 4:02pm. You have to hit INCA on Selectnet , after 4:02 pm on REDI+ software. Not everyone has the same routes on REDI+(REDI+ software can be customized for each firm), so traders check with your introducing Broker. ECN & Selectnet hours are subject to change , so if ECN trading hours change let me know. ISLD & REDI are Open after hours until 8PM. ECN & Selectnet hours are always subject to change.
Like Bright, we include ECN fees in our pricing(no Xtra charge)so we don't give ISLD rebates.
Lieber & Weissman Sec., L.L.C.
PS Don,I will try come down to Vegas next time the UFC has
a show there and I can get away...
Since we don't charge, we don't get rebates either...come on, that doesn't make sense (even in a silly "nickel and dime" argument like this).
If you want us to charge you $40, and rebate back $25 sometimes, we can work that out....
BTW, if you place a 10,000 share order, and it is filled with seperate, smaller amounts, the total commission is the same Maximum "cap" amount. I am not sure about others, but ours is that way.
In my opinion, i think it would be better for the trader to get the Island rebates. Starting March 1 , the ISLD rebate will be .0011 per share,an increase from .001 per share. So if you trade on ISLD,provide liquidity, and trade 1,000,000 shares per month, you'll get a check from Island for $1,100 every month.
If your order is filled for 2500 shares 4 times on a 10,000 lot order than your cost is $25
Rob,thanks for your reply. So when does the commission on listed orders stop being a max of $25,when you do what?
I think I can speak for Rob on this one. The "cap" is at $25, for 2500 shares, or for 25,000 shares on one order (at either firm, I believe).
Don covered it. There is a cap no matter what and that's with Echo and Bright
So the max is $25 on one order no matter how many shares I take it. So i assume if you put another order an hour later for 10,000 shares, that's another commission of $25?