Could anyone please explain to me how SOES / SELECTNET fees work. I understand 'normal ECN fees' and additional fraction of a cent for passing through. Now some ECN's are paying to add liquidity(ISLD), I also understand this. What's so special about SOES / SELECTNET that I have to pay cancellation fees. I don't have to pay them at other ECN's Also their pass-Throught fees are much higher. Do I have to use SOES / SELECTNET ? What are the advantages ? Can I trade all stocks if I decide not to use these ECN's ?
<i>What's so special about SOES / SELECTNET that I have to pay cancellation fees. I don't have to pay them at other ECN's</i> They are owned by NASDAQ. That's the difference. Selectnet is effectively worthless to individual traders now that SuperSoes is available. It is possible to trade without using SS, but the traders I know like it and use it. There are a few brokers who will not charge the 25 cent cancel fee or the full pass-through.
Interactive Brokers doesn't charge any pass through fees (or give any rebates). .01 per share up to 500, .0075 per share over 500, $1.00 minimum. No other fees. Keeps it real simple.