Comission and Bullet Rates

bro59 · Jan 5, 2003

Pointdirex seems to charge bogus "ECN" fees. They're schedule dictates .005 plus .005 for NYSE for instance, what is that all about? Plus they appear to charge, but never rebate. It didn't look great to me, but maybe I don't understand their fee schedule as well as I think I do. By all appearances IB beats Pointdirex hands down (I don't trade at IB, nor am in any way affiliated), with the exception of the cap which could work better under certain circumstances, but with the Pointdirex cap it appears you still pay the "ECN" fee on top of the cap so its worthless.

jpomerenke · Jan 6, 2003

GreenTree Trading has a good commision structure...plus they are always working on getting them lower
joey

kelly74 · Jan 6, 2003

Quote from jaredand:

2/10 can translate into 6 figures a year.

No doubt. But probably not for a trader making $1000-2000 a month.

GHansen · Jan 6, 2003

Quote from Jack Cunningham:

Also the new basket feature allows us to enter a hundred stocks in a few seconds, the cancels are just as fast.

Jack do you trade listed stocks? If so, how do you get outs on 100 cancels in a few seconds? NYSE cancels are all manually processed by the specialist aren't they?

nitro · Jan 6, 2003

Quote from GHansen:

Jack do you trade listed stocks? If so, how do you get outs on 100 cancels in a few seconds? NYSE cancels are all manually processed by the specialist aren't they?

They are most or all away from the market, and it can be done programatically.

nitro

JK9 · Jan 7, 2003

Quote from nitro:

They are most or all away from the market, and it can be done programatically.

nitro

Yeah but they still have to be cancelled manually by the specialist's clerk. It definitely takes more than a few seconds on average to get an out, especially for 100 stocks.

belikewater · Jan 7, 2003

Quote from JK9:

Yeah but they still have to be cancelled manually by the specialist's clerk. It definitely takes more than a few seconds on average to get an out, especially for 100 stocks.

What difference does it make how long (as long as it doesn't take minutes) it takes to cancel if all the orders are .20 to .30 cents away from the market?

nitro, why would anyone put in orders away from the market like that?

Jack Cunningham · Jan 7, 2003

The reason we can enter orders and cancel so fast is because SLK has a dedicated server just for Brights basket orders.
We are constantly enveloping our orders during the day to catch any gap up/down prints. It works very well.

Jack Cunningham · Jan 7, 2003

These are for listed stocks only.

cashonly · Jan 8, 2003

Quote from belikewater:

nitro, why would anyone put in orders away from the market like that?

This allows you to profit from "enveloping". This is when a big buyer/seller comes in, takes the book to a certain point, then he's gone and the stock price bounces back.

Comission and Bullet Rates

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