NYSE Specialist fees

Discussion in 'Trading' started by KPS21, Oct 23, 2006.

  1. KPS21


    Hi. I am trying to understand NYSE Specialist fees. I currently trade at IB. Their commission schedule for unbundled stock orders shows two Specialist fees for adding liquidity:

    $0.01 per share for orders on the book > 5 mins,
    $0.01 per share for orders on the book <= 5 mins.

    Can anyone confirm that the NYSE actually charges the second fee? (Less than 5 mins)

    Someone told me that the fee for <5 mins should be $0.001 but I have yet to be able to confirm it anywhere. This would make more sense, because IB offers $.005 per share, all in, as a bundled rate for stock trades and I doubt they could offer that if the exchange were actually charging IB $.01 on these.

    Also, if I enter my orders before the exchange opens as Market on OPEN orders, is there a specialist fee charged for that?

    Thanks for your help.