Best Broker For ETFs... $500K-$1MM Orders

Quote from AAA30:

Ok you need to go with a direct access broker. So there is no delay in orderplacement and execution. Paying .005 a share or 7.95 a trade should not matter at all. If you use IB you will also get access to algos that you can use to execute your trades and the abillity to use other order types to hide your orders or only show a small quantity of it. You will get slippage, some times substantial, on OIH on a 10K share market order and the only way to minimize this would be with tape reading skills to pick your spots. Again commisions will not mater execution is more important.
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I wouldn't care about "hiding" anything... I'd expect to be nailed for a few cents on the fill. Just better a few cents than a "lotta" cents.
 
Quote from AAA30:

Ok, the best question I can ask you then would be how do you expect or plan to place your orders. Market or limit, on the open or on the close. Are you moving from rydex to ETFs? Do you want to execute your orders yourself or hand it off to some one to take care of and not worry about it? And is this just to protect yourself if there is a exteme intraday movement and you want to exit before the close? Are you still managing OPM or is this for yourself?
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Market orders, generally. No sense is missing a fill to save a few cents with a limit order... right?

I'm expecting to execute online myself.

Not day trades unless stopped.

Trades for myself and family only.
 
Quote from Surdo:

GS Prime Brokerage will take care of you.
Talk to Don for his clearing contact.
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What's the minimum amount for a Prime Brokerage account?
 
Quote from gnome:

So more specifically... are there brokers where a good one would fill an order for let's say 10,000 OIH... filled in a few seconds over a few cents in prices... or a bad one which would take 5 minutes, trying to rout it here and there where he gets the most remuneration, but I get filled over a range of 40 cents?
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Go with any reputable direct access broker. IB is fine.

Just take a limit order and cross the offer by a few cents. Your limit order must be set to route out.

For example, OIH is bid $98.38 x 98.39. Send a limt order to buy 10k at $98.44. This will act as a psuedo market order with price certainty. This order will sweep every available share beginning with $98.39 up to $98.44. Your worst price filled will be $98.44.

This scenario assumes you're looking at a level 2 screen and see more than 10k on the offer up to $98.44. Your fill would be instantaneous.
 
Quote from gnome:

Market orders, generally. No sense is missing a fill to save a few cents with a limit order... right?

I'm expecting to execute online myself.

Not day trades unless stopped.

Trades for myself and family only.
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dont market...you need to cross up the market with a limit order. reg nms forced all the market centers to route to one another (except for some reason inet still doesn't route all the time). if you market and your broker send the order to the specialist and if your whole order does not get filled on level 1 then it will get routed to the specialist and from there your fills can be very bad depending on the liquidity of the etf and your position size. that sentence is long winded but i hope it makes sense.

if you are trying to only buy 10 oih then you shouldn't have too much trouble with slippage...maybe a dime or so at worst depending on how fast the market is going. it is much easier if you can see how much is displayed by each market center .


anyhow...your best bet is to just cross up the market with arca. i have no clue which brokers those would be so i can't help there.
 
Quote from crgarcia:

Any stocks broker will do.
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I don't think any stock broker will do with that size. The best option is a direct access broker, like IB.

Not sure I would want to go with GS prime broker. Just ask the guys who had their funds with Lehman prime broker....
 
Quote from AAA30:

Don't assume that he does not know what he is doing or that he would put his funds into a bucket shop. He has been around longer , and probably is more know more, then you.
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$1M is peanuts this days.
A small fraction of daily volume, in many stocks, not to mention ETFs.

What scares me is that he is betting $1 million (which would make a nice retirement nest egg), into daytrading?
:eek:

If he isn't daytrading, then he would know that commissions and slippage aren't that critical for long term investing.
 
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