hi, I trade nasdaq smallcap stocks and experimenting with keeping commisions down when its possible. question is; Do i get rebates if i hide my size / show 100 in size but my order is larger ? broker answered "yes but not guaranteed".. so is it only guaranteed if I show my real size?
You should get the rebate as long as your total size is executed on the ecn which has a rebate. Whether the order shows or not is irrelevant.
Non-displayed liquidity may receive a rebate but not necessarily. It depends on the tier your broker is realizing. Here is the fee schedule: http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 The low tier for non-displayed liquidity would not receive a rebate and if they do get a rebate it's significantly less than the displayed rebate and is dependent on the exchange the stock is listed on. So for example through my broker I get the high tier for hidden liquidity which for a nasdaq name would be 5 mils vs 31 mils for adding displayed liquidity on the same name.