Seaside, Unless I'm mistaken, your two questions were related to MM rates, which I addressed (good news), and order routing. I'm looking into the order routing issue and will post information as I receive it--hopefully in the next couple of days. Thanks,
AAA, I apologize for any delay in my posting information. Integration is a huge undertaking and I post any information I receive as soon as I get it. Musicman, I'm not sure why you feel that Cyber's rates have increased since Schwab 'took over', but there have remained flat for over a year. If you have any questions about our rates, let me know or feel free to speak to our support representatives. Zoner, I don't have a spreadsheet to provide you with at this point, but if you can provide me a list of what you are looking for, I can answer y/n to what has been determined up to this point. Hope this helps,
If you guys are looking for a DA platform with no afterhours restrictions, take a look at www.cobratrading.com. I've had great luck with them. They do per share pricing and will offer ECN rebates if they are asked for.
You will be able to trade pre- and post- market using direct access Inet/Arca orders. These orders can be placed from 8a to 8p with no gaps. The only time gaps come into play is when using the Smart Ex order type. There is a 15 minute gap before and after the market when using this specific order type. I hope this clears up the confusion regarding trading delays and I'll continue to post as more information is received. Thank you,
Hey AAABeltway, I'm on 6.20.9 and use Iceberg orders everyday. Just check the Spec. Cond box in the stock box. Is there any chance CTPro will hang around past the end of the year??? I'm having a hard time getting motivated to switch brokers, 'cuz I'm hoping against hope that Schwab will come to their senses or at least let it drag on for awhile longer. Am I dreaming??? I need some real lead time to make the switch, since it's an automated system, that I have to reprogram...
CyberTrader Rep, I believe you are glossing over (intentionally or not) very important issues for us. Please tell me if I'm wrong. No reply = I'm right. (A) You cannot short thru Arca or Inet with Schwab. Only SmartEx. SmartEx does not allow trading from 7:00AM thru 8:00 AM -AND- 9:15AM thru 9:30AM -AND- from 4:00PM thru 4:15PM. This means, any stock shorting thru the merged Cyber/Schwab will be unavailable during those time periods. (Those who trade during earnings periods, such as now, can no longer short when the releases come out immediately after the market close. They must find another broker to do so.) (B) Since no smart router is available from 7:00AM thru 8:00 AM -AND- 9:15AM thru 9:30AM -AND- 4:00PM thru 4:15PM, there's no way to place buy orders at the best ECN prices without placing a multitude of orders hitting the best ASK on each of the ECN's in the books until your order quantity is reached, which you'd have to keep track of based on the fills so you don't buy more than you planned, all the while, anyone at any other broker that has smart routing will pick off the ASK's in milliseconds before you can even get the fills you wanted. (To be competitive during those time periods, a smart router at another broker must be used.) (C) An order placed thru CyberTrader Pro using either Smart Routing or direct ARCA or INET give instant reporting after execution whereas in SS Pro there is a lag up to several seconds before the fill notification. (Test this out before assuming I'm incorrect. I use both platforms.) There's more, but I'll let you address those three issues. They're obviously extremely critical.
Jimcrist, All indications point to CTPro fully integrating in early/mid December. I would consider that date set in stone. On a side note, any CT Pro layout currently in use will be compatible with SS Pro when the rollover occurs. Seaside, Good questions--I'm working on them and will respond. Thanks in advance for your patience. Thank you,
CyberTrader Rep, It's been almost a week since you said you were working on my questions. Can I get an update please? Thank You.
Thanks for your patience regarding the order routing questions posed-- A) You are correct regarding direct access shorting. Currently, you are unable to short using Arca/Inet. There will be a gap pre- and post- market, but we are (obviously) aware of this issue and looking into solutions. B) Your best option is to go ARCA and use their 'sweep' feature. That order type will allow you to hit all ECNs at your price. The messages window will update real-time with execution reports, which should allow for easy calculation of number of shares. Given the fact that the smartex order shuts down, I'll update if those times will change/disappear. C) SS Pro's messages window will update real-time and there is an issue with a several second lag in the positions window. Overall, we will update in terms of resolution dates. Thank you,