edgx problem. The cheapest way to hit nyse quote.

Jay,

EDGA has two routes that go directly to the floor after attempting to match on their free book, RDOT and RDOX. It would be the same behavior as EDGX, but the match on the book is free.

The difference between RDOT and RDOX is that RDOX is a non routable (DNS) order that does not go to Dark pools before the floor.

And keep in mind the NY just raised it's rates today. This should help bring your blended rate down from the NYSE charge.

Hope this helps:)
 
Does anyone know a site that has up-to-date information on NYSE gateways, their fees, routing procedures, etc? I think this would be useful for Jay (and potentially other traders, including myself) but I can't seem to find anything.
 
Quote from jay_trader:

Hello,

I'm looking for the cheapest way to removing liquidity in nyse stocks. I'm trading with Genesis.

For example the quote is 15.36 - 15.37 and I want to buy stock by hitting 15.37 offer.

Currently I'm using EDGX route with route oute EDGX option to hit the quote so if there nyse quote there it takes only 0.0008 per share and if all nyse orders on best quote where taken it route outs to ecns and I pay about 0.0026 per share.

The main problem with EDGX is that very often when I'm hitting with EDGX it's hitting the quote in front of me.
It's happens very often - everybody in my group experienced it. There can be no prints in a stock for some seconds but espicially in a moment when I hit quotes are taking buy somebody in front of me and I get worse fills. It happens more often if stock tend to move down and you sell it or tend to move up and you buy it. It really pissed me off! so now i'm avoid of hitting quote with EDGX I'm using it only to send limit orders to NYSE quote (it's takes 0.0000 for adding liquidity) or hitting nyse only if stock is very thick and a lot of size on the quote.

Before we had INET (DOTD) and it's was working perfect but now it don't hit nyse quote first and you have to pay fee for taking liqidity on ecn.

Also we have ARCA PO + which charge 0.0008 for taking liquidity from nyse and was working fine before. But now it's not routing out to ecns if the best quote is not nyse. It's just canceling (I have route out ARCA option check).

So what I need is fast cheap (0.0008-0.001)route wich will hit nyse quote first and if there is no size on nyse it will hit ecn. And I will get my fill anyway.

If you Genesis user which way you trade nyse stock removing liquidity?
If you trade with other firm are those routes work for oyu now?
More...

route through edga its free. not all brokers have it though. your supposed to get printed on the best price even if your routed out and pay more for it.

if your getting slippage jump to a faster platform
 
Quote from EricP:

I would suggest you route via BATS for all thin stocks for best order execution performance on marketable orders. If it's a thick stock, then EDGX will be better, from my experience. I strongly suspect, but can't confirm, that some of the EDGX darkbooks will choose not to fill your order (which is their right), but then immediately take out your price in the market, which then removes the price that you wanted to fill against.
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I have seen trades with both BATS and EDGX which looked very suspiciously like the above scenario on thinner stocks.

With a normal edgx (bats) marektable order, is the routing order edgxbook(batsbook) - darkpools - other displayed ecn's? I am not clear on if a normal bats marketable order hits darkpools also.
 
Quote from ArfdogPerson:

I have seen trades with both BATS and EDGX which looked very suspiciously like the above scenario on thinner stocks.

With a normal edgx (bats) marektable order, is the routing order edgxbook(batsbook) - darkpools - other displayed ecn's? I am not clear on if a normal bats marketable order hits darkpools also.
More...

That's my understanding for EDGX, yes. Not sure about BATS. To tell you the truth, I'm not aware that BATS routes to dark pools, although this very well likely could be true.
 
Quote from EricP:

That's my understanding for EDGX, yes. Not sure about BATS. To tell you the truth, I'm not aware that BATS routes to dark pools, although this very well likely could be true.
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Eric, you could also try to use a route via EDGA like ROUX that bypasses the dark pools...
 
any update on this ?

got to this googlein on "cheapest ecn nyse" as top of list, so go figure. I'm using Millenium (nyfix.com) but they seem to be pretty slow, though cheapest charges i've found for killin ( removing liquidity ). I've read something about INET RASH DOTD as a better option for the same purpouse but still searchin.

Also used EDGX for addin but movin into ISE ( somebody asked for links : http://www.ise.com/assets//documents//OptionsExchange//legal/fee/fee_schedule.pdf ) but most interested in a cheaper one for killin

c if popin up the thread works fine

regards
 
Quote from Sir_Pirate:

any update on this ?

got to this googlein on "cheapest ecn nyse" as top of list, so go figure. I'm using Millenium (nyfix.com) but they seem to be pretty slow, though cheapest charges i've found for killin ( removing liquidity ). I've read something about INET RASH DOTD as a better option for the same purpouse but still searchin.

Also used EDGX for addin but movin into ISE ( somebody asked for links : http://www.ise.com/assets//documents//OptionsExchange//legal/fee/fee_schedule.pdf ) but most interested in a cheaper one for killin

c if popin up the thread works fine

regards
More...


Cheapest for removing liquidity:

Tape A, NYSE stocks - DirectEdge RDOT route = .0018 to remove liquidity (this route typically gets filled 10% of the time on EDGA which is free, so real rate is .00126)

Tape C, Nasdaq stocks - BATS = .0025 to remove liquidity and .0026 for routing out

Stocks priced under $1 - BATS = Free to remove liquidity

*INET RASH DOTD* is no longer available
 
What the OP is experiencing is likely due to EDGX "Flashing" his orders and HFT shops executing ahead. Soon to be outlawed.

Side note: I see lots of trading jargon thrown around on ET by people who don't know any better. Guys, the term "hitting" is specific to selling. You do not "hit" the offer. You hit bids, you take or lift offers. If you call any trade desk on the Street and tell them to hit something, they are pulling a sell ticket. If you tell them to hit the offer, they will hang up in your face.
 
Quote from tomu:

Cheapest for removing liquidity:

Tape A, NYSE stocks - DirectEdge RDOT route = .0018 to remove liquidity (this route typically gets filled 10% of the time on EDGA which is free, so real rate is .00126)

Tape C, Nasdaq stocks - BATS = .0025 to remove liquidity and .0026 for routing out

Stocks priced under $1 - BATS = Free to remove liquidity

*INET RASH DOTD* is no longer available
More...

heyyy ty tomu! very much apreciated, i'll check it out if i can have it available, if it worked out, that would be almost half less than millenium wich is if i recall correctly 0.002, and also will check if faster or slower

also thinking OES http://www.tradeoes.com/?q=news/2007/278 is another option though haven't neither checked nor anything, and also i've read of another one that even would pay...

so, particularly tomu, do u have any prefered option ? I kinda "have to" add and actualy using ISE to do so, but i'd remove more if found better option

thanks in advance

regards!
 
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