Billable vs. non billable specialist orders?

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praetorian2

Hi, I'm still filling out my echotrade application, and I came accross the billable vs. nonbillable specialist orders. What does this mean. Are non- billable orders just market orders, or orders on the inside market? What are then billable ones? If I place an order away from the market and don't get filled, am I still charged? That fee seems kinda high for away from market orders. It's like 2c a share.... Also, I know there is a 25 dollar max ticket. Does that apply for billable orders? Finally, If I enter multiple orders at market, and together they are more than 2500 shares, will I still top off at 25 bucks? or will I have to pay the cent a share for each order. I mention this b/c many times it's hard to move a 10k block all at once.
Can someone please answer these for me, Rtharp, I'm sure you must know about this. Thanx in advance.
 
Originally posted by praetorian2
Hi, I'm still filling out my echotrade application, and I came accross the billable vs. nonbillable specialist orders. What does this mean. Are non- billable orders just market orders, or orders on the inside market? What are then billable ones?


(rtharp)
If an order is held on the floor for a certain amount of time than the specialist charges a fee in addition. Market orders never get this fee. Limit orders only get this fee if you are held for some time. If you trade liquid stocks with limit orders that are reasonable than don't worry you won't be charged this fee very often.

Pre2:
If I place an order away from the market and don't get filled, am I still charged?
(rtharp)
no charge if no trade.
Pre2
That fee seems kinda high for away from market orders.
(rtharp)
if a market order is placed you won't get this fee due to the specialist can't hold a market order legally for over 2 minutes.
(pre2)
It's like 2c a share.... Also, I know there is a 25 dollar max ticket. Does that apply for billable orders?


(rtharp)
I'm not sure but I would think this wouldn't be included.

Pre:
Finally, If I enter multiple orders at market, and together they are more than 2500 shares, will I still top off at 25 bucks? or will I have to pay the cent a share for each order. I mention this b/c many times it's hard to move a 10k block all at once.


(rtharp)
Usually it's per shares on each order.

Pre:
Can someone please answer these for me, Rtharp, I'm sure you must know about this. Thanx in advance.
More...





rtharp
 
You can also be charged for billable orders if you get a price improvement. With decimals it is quite common now days. Lets say you put in an order to buy at 68.20 but get filled at 68.19, you can be charged as billable order. Some firms rebate this fee, and some don't. That's another example I could think of, but Rtharp has covered that well.

 
rtharp, is that true? I trade a lot of very illiquid stocks, and even executing 2k at market will give me a half dozen different prints sometimes. If it turns out to be billable, It will cost me way more than cyber.
 
Originally posted by Predictor
You can also be charged for billable orders if you get a price improvement. With decimals it is quite common now days. Lets say you put in an order to buy at 68.20 but get filled at 68.19, you can be charged as billable order. Some firms rebate this fee, and some don't. That's another example I could think of, but Rtharp has covered that well.
More...

That varies by firm on the above. The Redi system charges extra to my knowledge for the price improvement, even though a lot of times it had nothing to do with their system. Echo doesn't use Redi for a variety of reasons.

Pre2 I'd call Jeff or Rob at the Arizona office. They can tell you more than I can.

rtharp
 
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