Hey I've been looking at all the exchanges smart routing routes to from interactive brokers. I see a few options that I could perhaps directly route to to save on the standard $0.003/share exchange fee for taking liquidity (I do market orders at the moment). My questions are will these orders be executed at a decent price, or at all? Say I see a top mover like NASDAQ:ALNY which had a couple of scalp/swing trade opportunities for me today. Would I be able to select these brokers and trade directly using them and tiered pricing to reduce my fees? iex exchange Remove Liquidity 1 Add Liquidity 2 Trades >=$1.00 USD 0.0009 USD 0.0009 Trades < $1.00 Trade Value * 0.003 Trade Value * 0.003 nsx exchange Remove Liquidity 1 Add Liquidity 2 Trades > = $1.00 USD 0.0003 USD 0.0000 Trades < $1.00 Trade Value * 0.003 (Trade Value * 0.0025) nasdaq bx Remove Liquidity 1 Add Liquidity 2 ETF >= $1.00 (USD 0.0006) 4 USD 0.0020 3 ETF < $1.00 Trade Value * 0.0010 USD 0.0000 NASDAQ >= $1.00 (USD 0.0006) 4 USD 0.0020 3 NASDAQ < $1.00 Trade Value * 0.0010 USD 0.0000 AMEX >= $1.00 (USD 0.0006) 4 USD 0.0020 3 AMEX < $1.00 Trade Value * 0.0010 USD 0.0000 NYSE >= $1.00 (USD 0.0006) 4 USD 0.0020 3 NYSE < $1.00 Trade Value * 0.0010 nasdaq byx Remove Liquidity 1 Add Liquidity 2 NASDAQ = $1.00 per share (USD 0.0015) USD 0.0018 NASDAQ >= $1.00 per share, Hidden Liquidity (USD 0.0015) USD 0.0024 NASDAQ < $1.00 per share Trade Value *.0010 USD 0.0000 NYSE >= $1.00 per share (USD 0.0015) USD 0.0018 NYSE >= $1.00 per share, Hidden Liquidity (USD 0.0015) USD 0.0024 NYSE < $1.00 per share Trade Value *.0010 USD 0.0000 AMEX >= $1.00 per share (USD 0.0015) USD 0.0018 AMEX >= $1.00 per share, Hidden Liquidity (USD 0.0015) USD 0.0024 AMEX < $1.00 per share Trade Value *.0010 USD 0.0000
trader112255, At Lightspeed Trading, we introduce to Wedbush Securities for custody and clearing. Lightspeed uses our relationships for routing. In addition to DMA, we also offer a smart route that will avoid the maker/taker fees during trading hours. In fact, we can offer both so you can choose on each order, what is best for you. Bob
Isn't direct routing more expensive? SMART routing goes through their market making venue Timber Hill, thus this order flow get a lower commission than direct exchange.
There isn't really a good answer to your question because it depends so much on what you're trading. In general the prices on the various venues reflect the benefits and costs of trading on those venues, it's a basic no risk arb situation that prevents any major imbalance. It could be that in some combination you're better off, but all you can do is give it a try with real money to find out.
I suspect many ETers "default to" other brokers because of small required minimum account sizes. What does Wedbush require?
I know it is for options, as they lose control of some of the PFO Reg-T= $25,000 USD PM= $175,000 USD Futures= $25,000 USD
Thanks I would switch but I don't have 25k for trading yet. Lightspeed may be my upgrade path. I am in Canada and Interactive Brokers allowed me to open an account with 7k and I can still daytrade. Thanks I did not know this, if it was less than 0.003/share that would definitely help. I was comparing the 300k discount with tiered which is 0.002/share right, so if you can get routed for less than 0.003 then its savings. I agree I will probably just try it out and see for myself thanks. Right now I'm fixed so its 0.005/share
Why do you have to weigh in on every thread about a competitor with your own promotional material? It shows tremendous insecurity. Don't worry: If anyone has questions about your firm, I'm sure they will create a thread for it.
Uhhh, because he's a Sponsor and you're not? Write a check to Baron and you can promote Shadetree Capital all you want.