BrutDOT

B

bonds

I would like to know what the correct pricing for using BrutDOT is assuming it routes to the specialist.

From the brut website:
"All routing free, includint DOT, provided that the order checks the Brut book before going to NYSE and executes withing five minutes.
Routed orders that do not check the Brut book will be charged $0.0004 per share."

From what I understand, routing should be free even if it goes to thru NYSE because it should always check brut book first shouldnt it? I ask because some places charge 0.0004 per share every time it goes to the specialist... should there be a charge?
 
Here is the current pricing as of today from Lime brokerage.

BRUT

Fees per share: $0.0030
Rebates Per Share For Adding Liquidity: $0.0020
ACT fee per trade: $0.0314 on Listed & ETFs Only

Other:
Listed (non-ETFs): Remove liquidity = $0.0007 fee per share, adding liquidity =$0.0000

Market orders for ETFs may be sent by Brut to ITS, incurring a fee of $0.0007 per share. Orders for NYSE-listed securities set with the option "RouteToNYSE=true" will sweep the books of BRUT/INET/SUMO and if not filled, be routed to DOT where the execution is $0.0000 as long as the trade is not billable by the specialist.
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i have never heard of lime brokerage... but no matter they are not charging for it as long as it fills within 5 minutes even if it routes to nyse.

why are some brokers i am going to charging 0.0004 per share if it fills thru nyse. is this the correct charge?
 
It could be "long as the trade is not billable by the specialist."

That might be it.. not sure.

Quote from bonds:

i have never heard of lime brokerage... but no matter they are not charging for it as long as it fills within 5 minutes even if it routes to nyse.

why are some brokers i am going to charging 0.0004 per share if it fills thru nyse. is this the correct charge?
More...
 
If you route to the floor via DOT, the charges via most major brokers are .0004 non-billable, .0090 billable. (this for NYSE and AMEX)

That charge would be passes on to you, the consumer, in a pass through pricing model, yes.

Lime Brokerage is a pass through pricing model where all rebates and fees are passed back directly to the customer; they handle a good chunk of the trading in the US daily for ECN and exchange trading.

Brut in this instance (now) is scanning it vs. the BRUT, INET and SUMO books, and then routing it to the NYSE (basically trying to capture that volume that would go straight to the floor) with no "non-billable charge" but still facing the "Billable charge" of .0090.

This is all new as of 2/1.....
 
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