QQQ NYSE execution speed!

Discussion in 'Trading' started by exce26, Nov 20, 2001.

  1. exce26


    QQQ trade on NYSE,
    Is it too slow to get filled by NYSE?
    Have you ever used REDI PLUS? Is it fast as same as Island?
  2. Magna

    Magna Administrator

    Why wouldn't you trade the Q's on ISLD? Very fast executions, and it's extremely liquid (starting last month more shares were traded on Island than ASE, the American Stock Exchange). Wouldn't do it any other way.
  3. Dustin


    ISLD is WAY faster than REDI. It also has no ecn fees which is important if you are scalping Q's. But with REDI you hit ISLD, ARCA, and REDI which is nice.
  4. Magna

    Magna Administrator

    Interesting point Dustin, I'm just not used to having REDI work my orders. When trading the Q's on Cyber I either use ISLD or CyberXchange-ECN as I don't want it routed to ASE or NYSE because of the interminable delays. Don't REDI and ARCA route to the listed exchanges first if they have the best inside? The Q's are so thick I don't care about getting the best inside as ISLD is rarely more than a penny or two away.
  5. Dustin


    I think you are right. I just recently started playing with the Q's so I'm not positive. The time that I will use REDI (I don't use ARCA because it's .005 per share compared to .002 per share for REDI at Cyber) is as a "just in case" method if all the ISLD's get taken out quickly and I need to bail. Otherwise ISLD is the best route imo.
  6. If you use ISLD or REDI on an ECN match you should get fills in less than one second. If you use NYSE direct(NYSE auto-ex), you will get filled most of the time in less than 5 seconds. If you use NYSE or AMEX your orders can take a while(up to 30 seconds for market orders and sometimes more), but you have the ability to get price improvement on your orders. Is price improvement better than speed? For large size orders(5000 share +), it would make sense to go to the NYSE or AMEX specialist for potential price improvement . I know many traders will not agree with me on this. When I trade the QQQ's, I use all order routes, depending on the situation and order size I'm trading. REDI+ offers routes REDI,ISLD,NYSE,NYSE Direct & INCA. Be aware that some REDI+ introducing brokers may not have all routes available.
    Please check with your introducing Broker. We have all REDI+ order routes available.

    Gene Weissman
    Lieber & Weissman Sec., L.L.C.