anyone else get charged desk fee's??? and if so how much is the industry average and how much do you get charged??? and more importantly those of you who use blackboxes (the boxes that are hooked up to the floor and inform you of block trades going off) how much do you pay on a monthly basis for the service???
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desk fees...black box...
- Thread starter dgmodel
- Start date
If you're doing less then I'd say 10K a day in volume, then your desk fee should be around $500. Otherwise, definately over 25K a day, you shouldn't be paying a desk fee at all. Look around most prop firms won't charge you a desk fee.
DGmodel asks:
anyone else get charged desk fee's??? and if so how much is the industry average and how much do you get charged??? and more importantly those of you who use blackboxes (the boxes that are hooked up to the floor and inform you of block trades going off) how much do you pay on a monthly basis for the service???
__________________
...Live Fast & Die Young, Its Better To Burn Out Than Fade Away...
I think you are getting hosed for paying any kind of fee other than the clearance on your trades.Usually the desk fees are the payoff to the broker supplying the communication to his firms block desk Another thing, trading ahead of block orders ie: "prints in the hole" are illegal. I know that it is being done all over the street but sooner or later the NYSE and SEC is going to come down on those who chose to play this dangerous game...... you have to ask yourself.. is this worth going to jail for?
anyone else get charged desk fee's??? and if so how much is the industry average and how much do you get charged??? and more importantly those of you who use blackboxes (the boxes that are hooked up to the floor and inform you of block trades going off) how much do you pay on a monthly basis for the service???
__________________
...Live Fast & Die Young, Its Better To Burn Out Than Fade Away...
I think you are getting hosed for paying any kind of fee other than the clearance on your trades.Usually the desk fees are the payoff to the broker supplying the communication to his firms block desk Another thing, trading ahead of block orders ie: "prints in the hole" are illegal. I know that it is being done all over the street but sooner or later the NYSE and SEC is going to come down on those who chose to play this dangerous game...... you have to ask yourself.. is this worth going to jail for?
Quote from lescor:
Places like bright and echo charge everyone a desk fee, but almost everyone gets it rebated back. The volume minimums for a full rebate are pretty low. It's mostly to recoup the professional exchange fees the company pays for guys who trade 200 shares a day.
That's fair, if you're getting your desk fee's back for a reasonable avg. volume.