are my commisions any good??
- Thread starter jmi0493
- Start date
I think we can conclude that Goodtrader has minimal credibility and we can regard his posts as humor serving to liven up the summer doldrums. Continue to make us chuckle, Goodtrader 
P.S. Do you live up to your nick? Just curious ...
P.S. Do you live up to your nick? Just curious ...
I have heard that the QQQ cancel charges only apply to companies that clear with SLK, some kind of minor war between SLK and Susquehanna (the QQQ specialist firm). I have no idea if this is correct or not, but are there any traders here who trade at a firm that does not clear SLK that has been hit with the cancel charges?
I also trade at Echo and have never been hit with the cancel charges, which I hear for some big traders at have gone as high as $30K a month and more.
I would love any input from larger QQQ traders...
I also trade at Echo and have never been hit with the cancel charges, which I hear for some big traders at have gone as high as $30K a month and more.
I would love any input from larger QQQ traders...
Just a note on QQQ's. We have some traders that
trade QQQ in size and trade a good portion of
the trades on the AMEX. The cancellation charge
for QQQ is charged by the AMEX specialist in
the QQQ-Susquhanna Investment Group. This charge
is usually passed through to the trader. If your
firm does not send your QQQ order to the AMEX ,
there will be no cancellation fee. If you trade
on REDI+ , you should have routes for QQQ to
NYSE,NYSE(NX-direct),ISLD and AMEX. I hope this
clears up some confusion about QQQ cancels.
Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
Gene,
I just called Echotrade and confirmed, their QQQ orders go to the Amex (they also let you preference ISLD or NYSE if you want), and they have never been hit with cancel charges. According to the guy I spoke with, they have some traders that do a big volume in the QQQ's and have never been charged a cancel fee by Susquhanna. They have heard of it, but also say the only traders they have heard of getting charged are traders that go through SLK.
I guess the best answer is, are there other traders here who do not go through SLK that do get hit with the cancel charge?
def - does IB get hit with the cancel charge?
For quite some time I have heard that it was a selective thing by Susquhanna, if this is true and you trade the QQQ's, talk to a firm that doesn't clear SLK and you may save a ton.
-Jim
I just called Echotrade and confirmed, their QQQ orders go to the Amex (they also let you preference ISLD or NYSE if you want), and they have never been hit with cancel charges. According to the guy I spoke with, they have some traders that do a big volume in the QQQ's and have never been charged a cancel fee by Susquhanna. They have heard of it, but also say the only traders they have heard of getting charged are traders that go through SLK.
I guess the best answer is, are there other traders here who do not go through SLK that do get hit with the cancel charge?
def - does IB get hit with the cancel charge?
For quite some time I have heard that it was a selective thing by Susquhanna, if this is true and you trade the QQQ's, talk to a firm that doesn't clear SLK and you may save a ton.
-Jim