they recieve a large percentage of my profit. base fee of 14 cents per trade and dropping, 10 now i think. swift.
It may be a tiny fee, but it will cost me $8,000/yr. I would like to hear from other traders (nysekiller??) that do more volume than I do on the NYSE and how much it will cost them??? I want to make myself feel better.
The good news is that in October, the SEC fee is expected to be dropped by 50%. That should be a huge savings for those that do heavy stock trading volume. -Eric
just found out, the new brut nyse fee is capped per firm,, so looks like swifty's wont be paying much at all,, i do see how this could affect profit for many though,, however i see many more techniques being applied since ecn fees aren't so bad anymore.
The NYSE wording makes it sound like it's a CHANGE to the fee, but it's actually a NEW fee the way it is being charged (for me anyway). Basically it shifts more cost to the smaller traders, some or all of which was not there before. The message is that unless you're a mutual or hedge fund you're just a pest. The elimination of the price improvement policy which is coming up Oct. 1st. reinforces the message. Gonna have to do a price comparison of all my ways of executing orders to see which is cheapest overall once this all kicks in.
don't get excited about the sec fee drop. thats for 6 months then they double it again and re drop.been doing for years