Supermontage starts on Monday

Discussion in 'Order Execution' started by MrDinky, Oct 12, 2002.

  1. There are 8 ECN's and here's what we know so far.....

    INCA - ADF

    ISLD - Quoting as an UTP as CINN. This means they are kind of like AMEX in soes now, but you route your order to ISLD. They will be able to lock and cross the market. Neither ADF nor SM

    TRAC - SM This is clearly the most interesting. Check out their website They will be listing as DATA and TRAK. DATA will be free to add and a regular SOES to take. TRAK will be the $7 take/$5 add model. The rebate will only be paid out if they collect the $7. It's an interesting strategy, cause now if you want to get the ECN-price priority... you need to be a subscriber to put orders out there. And if you are a subscriber you have to pay (and get rebates). Those that SOES TRAK and decide not to pay.... wont... just like now but remember the rebate is only paid if they collect. The more people they sign up the better chance they have of collecting.

    ARCA - At this point they are in SM until Jan when they will be on the Pacific EX and quote similarly to ISLD does now

    BRUT - Currently in SM, but wants to opt into ADF if it is a viable solution.

    BTRD - I think it's the same as BRUT

    ATTN - Currently in SM. Crying the blues !!!! Trying to sue NASDAQ so they can continue to ass rape people at $9 per 1000 for their Domestic traders. Read websites ..... ecn ecn
    Rumor has it that they are going to lower their ECN charge so they have a remote chance of collecting.

    NXTD - Who really cares ???? The outcast of all the ECN's has yet to declare their strategy.

    Overall, ECN prices should be coming down across the board. ISLD/INCA/ARCA have really set the bar at $3 max per 1000. With rebates of $2, they are on par with soes pricing, and it will encourage limit orders on the ECN's.
    The day's of $10 per 1000 appear to be over !!!!!!

    Good Luck in SM !!!!

    #11     Oct 16, 2002
  2. Thanks dude, nicely summarized ! I am still trying to figure out if there will be any as to yet undiscovered opportunities to exploit.

    MACD :cool:
    #12     Oct 16, 2002
  3. Banker,

    Great job, first time I've understood it all.
    #13     Oct 17, 2002
  4. played around today trading thru supermontage in QLGC -- it is no good -- I was constantly getting bad fills -- if Inca and Isld are at the inside -- you do not get their price - and get stuck with an inferior fill -- I would look for software that has good smart routing and use that !!!!!
    #14     Oct 17, 2002
  5. ddefina


    I find that hard to believe! Are you saying there might be the same old crooks running the show again? :D
    #15     Oct 17, 2002
  6. dlincke


    Why? ISLD and INCA don't participate in SuperMontage. Unlike SuperSoes SuperMontage is not aware of the quotes of non-participating ECNs and exchanges and thus won't reject orders when only non-SM participants are at the inside as SuperSoes did.
    #16     Oct 17, 2002
  7. What type of orders were you using? What platform?
    #17     Oct 18, 2002
  8. LA ECHO

    LA ECHO ECHOtrade

    BRUT- Brass Utilility
    BTRD- Bloomberg Tradebook
    #18     Oct 18, 2002
  9. Has anybody watch QLGC trade. It looks like the same mess as before to me. I was hoping it might clean up the moves, but it still looks like most trading is on ecns and it is still real choppy. Anybody trading QLGC here who can comment?
    #19     Oct 18, 2002
  10. I had a look at it today. It does look like a mess and I don't think Supermontage 'cleans up' anything. I am wondering what a stock like CSCO is going to look like. I'm not impressed so far! Super..... my ass. :(
    #20     Oct 18, 2002