Just saw the (new) Echo fee schedule on their site. They charge the ECN fees, but say on their site that the "direct access" to the ECNs is superior. They even point out that firms that do not charge the ECN fees (Implying Bright here I think), suffer from slower executions because they try to match against their own book first (REDIPlus trying to match to REDI first?)
Can anyone, from their personal experience, confirm/deny this?
Basically, if ISLD is on the bid and I'm selling, do I have to wait (more than 1 sec. = bad, more than 5 sec. = very bad), while RediPlus tries to match with the REDI ECN?
Also, Echo offers a .001 rebate for adding liquidity. Sounds Interesting. They claim this is a "profit center" for many of their traders. Anyone from Echo have any insights on this?
With rebate I get back from Island I'm now offering out on Island instead of my usual NY as I peel off some of my positions.