Am I reading these commissions right?
- Thread starter nitro
- Start date
My understanding from talking with them several times over the past week is that they currently clear through CCS, but have gotten approval for self clearing and are planning to begin self clearing in ~2 weeks. I may be wrong, but this is my understanding.
-Eric
-Eric
Quote from WinSum:
Confusing Site.
This page ( http://www.gndt.com/comm_why.aspx ) explains why they are so inexpensive. NASD has approved "Genesis Securities, LLC." for self-clearing. This appproval will allow us to pass additional savings to our clients.
This page ( http://www.gndt.com/supp_faq.aspx ) describes that they clear through Computer Clearing Services, Inc.
Are Genesis Securities, LLC and Computer Clearing Services, Inc. owned by the same people ?
I think they make their money the Walmart way, with volume. Their firm processes ~25MM shares per day on Nasdaq, and this enables them to have extremely low costs as well as being able to charge low rates and still make a good profit.
Again, I do not know any of this first-hand, but have spoken with their reps as well as their founder on the phone a number of times. I plan to check them out and I'll have a better idea after I've done that. From what I've learned so far, however, they seem like the real deal.
-Eric
Again, I do not know any of this first-hand, but have spoken with their reps as well as their founder on the phone a number of times. I plan to check them out and I'll have a better idea after I've done that. From what I've learned so far, however, they seem like the real deal.
-Eric
Okay I just contact genesis and they clarified their fees for me,
They do charge the ECN fees as I suspected (how could they not, they would go bankrupt pretty quickly).
ECN Fees (NASDAQ) Add Liquidity Remove Liquidity
BRUT $0.0023 $0.0027
ARCA $0.0020 $0.0030
INET $0.0020 $0.0030
TRAC $0.0025 $0.0030
SIZE (Supermontage) $0.0020 $0.0030
There is also the Trading Activity Fee charged by the NASD which is 0.0001 per share sold (more info on it here: http://www.nasd.com/trading_fee2.asp)
And there is the SEC sales tax which is $39.00 per $1,000,000 in securities sold.
PS. They are going to update their website to incl. this info.
They do charge the ECN fees as I suspected (how could they not, they would go bankrupt pretty quickly).
ECN Fees (NASDAQ) Add Liquidity Remove Liquidity
BRUT $0.0023 $0.0027
ARCA $0.0020 $0.0030
INET $0.0020 $0.0030
TRAC $0.0025 $0.0030
SIZE (Supermontage) $0.0020 $0.0030
There is also the Trading Activity Fee charged by the NASD which is 0.0001 per share sold (more info on it here: http://www.nasd.com/trading_fee2.asp)
And there is the SEC sales tax which is $39.00 per $1,000,000 in securities sold.
PS. They are going to update their website to incl. this info.
So does mean its retail, what is teh definition of retail? No series 7 so 4 to 1 leverage? Or can you get 10 to 1? Anyways seems really low but if you have a series 7 wouldn't it be better to go to a firm with these rates (sub .003 for 50k per day volume) but get pro leverage... What would be the pros/cons with a retail account? Also any comments on the software? doesn't look so hot... Any comments?
ok..so if I use ARCA and take liq on both sides I still pay .008+ sec fees...whats so great about that?
The race to 0 perpetuated by the defunct day tradinghouses is pretty much over. Even with better tech and more volume BD`s have to at a minimum keep the lights on plus make a little on the side.
The race to 0 perpetuated by the defunct day tradinghouses is pretty much over. Even with better tech and more volume BD`s have to at a minimum keep the lights on plus make a little on the side.