QQQ Cancel Charges-->

Discussion in 'Retail Brokers' started by JulieFL99, Aug 14, 2001.

  1. Hi all,

    I was reading another thread and happened upon a mini-discussion about QQQ cancel charges. There are many firms that charge traders a FEE if they send an order for QQQ and cancel the order. As any of us who trade it know, it is very easy to have to cancel a lot of orders if you trade the QQQ's a lot.

    Here is part of the discussion:

    I am very curious about this now. I have also heard about some traders at Bright that have been hit with charges of $20K and more a month in these cancelling order charges.

    So far we know:

    Firms who charge it:
    Lieber & Weismann

    Firms who do not:

    I would assume that IB also does not charge this as they have an all-in rate.

    Instead of a discussion whether or not anyone should charge this, I was hoping that people could just post what firm they trade with and YES or NO for if that firm charges for cancels. I am curious to see if it is truly just SLK that gets hit with this.

  2. Turok


    I've never been hit with a cancel charge for QQQ through either of my brokers (IB nor MB)

  3. I have traded the QQQ a few times and haven't ever been charged a cancellation fee with Datek.
  4. It seems only traders of Spears Leeds and Kellog are being charged the cancellation fee.

    The list I got off of Daytrading Stocks.com site of Redi Plus brokers is.

    Andover Trading
    BrookStone Trading
    Equity Station
    MVP Financial
    Off-Site Trader
    On Site Trading
    Southeast Trading
    Shoreline Trading Group
    Stock Trade Network
    Trade Right Securities
    VanGreene Trading
    Wien Securities

    So these would be firms that are at a disavantage trading the QQQ's.

    Bright we can't forget too !!