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A - NYSE Amex B - NASDAQ OMX BX C - National Stock Exchange D - FINRA ADF (Dark pools and internalized trades tend to print here) E - Market Independent (Generated by SIP) I - International Securities Exchange J - EDGA Exchange, Inc K - EDGX Exchange, Inc M - Chicago Stock Exchange N -...

There are so many ECNs (they're almost all actually full-blown exchanges now) that they've got to compete with each other somehow, so they fiddle with pricing and other gimmicks (for example, PHLX is price-size priority; everyone else is price-time). If C is sitting there with a million...

Not fair? Feh. Poster of liquidity makes a huge sacrifice for his measly $0.002. Essentially writes a free option to the market, and the instant price sentiment changes, is vulnerable to being picked off. Furthermore, ever wonder why price improvement is given to the liquidity taker? A...

Never heard of SoesBusters. What'd it do?

Actually, the "SOES Bandits" of old used SOES, which could only be used to pay spreads. There were no "hidden" orders (or ECNs for that matter).

Yes, you can cancel during a halt. You just can't enter new orders.

That's right, Tex. If you ain't got the cajones to deal with an occasional overfill or three, then you best get out of Dodge!

Eh, big deal. Just toss your extra 2400 shares up on the offer (on each of 3 ecns, of course), and cancel REAL quick if you start to get over-filled. Repeat until you achieve your desired position, or you run out of buying power.

Post 1200 on each ECN, and then cancel real quick if you get filled on one. REAL quick.

What are you guys *talking* about? Island has distributed 4 decimal places in its data feeds for a long long time. There has been no change in the feed in YEARS. They now accept and display quotes to 4 decimal places in under 1 dollar stocks, but the data feed has not changed. They've always had...

Monitoring arrival latency is ok for detecting lost feeds, but doesn't help detect stuck quotes which are a result of the occasional dropped multicast packet. The quote update never comes, and that 8:45 arca order just sits there, even though the data feed continues to flow. The solution in a...

Inet still allows you to short QQQQ on downtick. Problem is most likely with your broker.

Hey - cheer up! Starting in a couple weeks you'll get to use Nasdaq Marketwatch for filing those clearly erroneous trades on INET, too! http://inetats.com/subscribers/emailarchive/2006/20060119.asp

INET OTC routed pricing is indeed $.0025: http://inetats.com/prodserv/bd/fee/instinet_fee.asp You're right - currently only offered on old Instinet FIX connections. Someday it'll work through OUCH.

Correct. From http://inetats.com/prodserv/bd/fee/fee.asp: Rebate per executed share of $.0025 for trades that add liquidity to the INET book for Subscribers that for a calendar month have an average daily share volume for executed orders: (1) exceeding 30 million shares of added...

Nope. Fees decreased yesterday: "Effective April 1, 2004, the Section 31 transaction fee rate for fiscal 2004 will decrease from the current rate of $39.00 per million to a revised rate of $23.40 per million. " http://www.sec.gov/news/press/2004-24.htm