QQQ Cancel Charges-->

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:
Bright
Lieber & Weismann

Firms who do not:
Echotrade

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.

Julie

 

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

JB

 

I have traded the QQQ a few times and haven't ever been charged a cancellation fee with Datek.

 

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
InstaTrade
MVP Financial
Net-IPO
Off-Site Trader
On Site Trading
Southeast Trading
Shoreline Trading Group
Stock Trade Network
Trade Right Securities
TradersArsenal
VanGreene Trading
Wien Securities
Worldco

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


Bright we can't forget too !!
rtharp