Rebate on hidden orders

Discussion in 'Order Execution' started by luisHK, Apr 18, 2011.

  1. luisHK



    I switched to cost plus with IB and it comes quite a bit cheaper with US stocks. Yet, although I trade them less often, with higher commissions, european trades end up representing most of my commissions, and as the volume on some stocks is quite low, i often use hidden orders.

    Are hidden orders considered as removing or adding liquidity ?

    As well in the US, if you show 100shares on a 1000shares order, how is it calculated regarding adding or removing liquidity ?

    Thanks for all input
  2. EDGA charges for hidden orders
    BX charges for hidden orders that add
    BYX charges for hidden orders that add
    EDGX it looks like gives a full rebate for hidden
    BATS gives a $2.00/1k rebate on hidden instead of $2.70 on displayed
    NSDQ gives a $1/1k rebate on hidden
    Don't think NYSE charges any differently (regular rebate)
    ARCA it looks like doesn't charge any differently (regulare rebate)
    PHLX gives a lesser rebate, around $1 I remember
  3. luisHK


    Thanks for the detailed answer !!

    Anyone has similar info on european exchanges ?