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ECN's Costs
- Thread starter Canuck709
- Start date
Quote from Canuck709:
From what I have been able to determine their seems to be a great deal of variation regarding what firms charge for ECN costs. Does anyone have a list of what the exchanges charge and what the averae for reputable firms is?
These are the posted rebates and charges from the ECN websites. Rebates and charges are per 1000 shares. If you are at a firm that is marking them up or is not giving you rebates, you have a crappy deal (unless you have a decent all-in rate).
NYSE STOCKS
ECN ADD TAKE ROUTE
NYSE 1.00 (1.80) (3.00)
NSDQ 2.00 (3.00) (2.60)
ARCA 2.30 (3.00) (3.00)
BATS 2.30 (2.50) (2.60)
EDGA 0.00 0.00 (2.90)
EDGX 2.50 (2.60) (2.90)
FLOW 2.40 (2.60) (2.90)
AMEX STOCKS
ECN ADD TAKE ROUTE
NYSE 1.00 (1.80) (3.00)
NSDQ 2.00 (3.00) (3.00)
ARCA 2.20 (3.00) (3.50)
BATS 2.80 (2.50) (2.60)
EDGA 0.00 0.00 (2.90)
EDGX 3.00 (2.60) (2.90)
FLOW 2.40 (2.60) (2.90)
NASDAQ STOCKS
ECN ADD TAKE ROUTE
NSDQ 2.00 (3.00) (2.60)
ARCA 2.30 (3.00) (3.50)
BATS 2.30 (2.50) (2.60)
EDGA 0.00 0.00 (2.90)
EDGX 2.50 (2.60) (2.90)
FLOW 2.40 (2.60) (2.90)
TRAC 2.70 (3.00) (3.00)
That's actually a pretty good list...the other variable comes from having "excess" or "reduced" re-routing fees based on smart routers and Dark pools like SigmaX etc. The Clearing firm "may" round off by a few mils, but again, a good list.
Don
Don
This is definitely a simplified list. EDGA, EDGX, and BATS have been constantly adjusting their rates over the last few months to grab volume from ARCA, NSDQ, and NYSE book. The routing charges are actually more complex depending on how/where your order is routed.
Ex. If you send an order to EDGA taking liquidity for a NYSE stock it is free, but if they do not have the shares on their book they will route you. If they route you to the NYSE book, it's at cost (1.80) not the "general" (2.90) routing charge they have.
The price of the stock is also is factor. Stocks under $1 do not get rebates. BATS has new rates for stocks under $5 (C, AIG, etc.) that give a $0.10 rebate for TAKING liquidity.
Ex. If you send an order to EDGA taking liquidity for a NYSE stock it is free, but if they do not have the shares on their book they will route you. If they route you to the NYSE book, it's at cost (1.80) not the "general" (2.90) routing charge they have.
The price of the stock is also is factor. Stocks under $1 do not get rebates. BATS has new rates for stocks under $5 (C, AIG, etc.) that give a $0.10 rebate for TAKING liquidity.