edgx problem. The cheapest way to hit nyse quote.

Quote from elguapo:

i mean if you think every scalper out there, even half, cares about ecn fees, well that'd be like assuming every good trader out there cares about having the lowest rate...You'd think so, i mean it would seem like an obviously good thing to do, but surprise surprise surprise its not the case a lot more than i would of thought.
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I do 200,000 shares/day on about 400 trades...
And after 15 years...
I do not even know what the ECN rates are.

My profit margins are in the low 70% range in normal markets..
(That's well over $0.01/share net)...
So my priority is to maximize volume...
As opposed to maximizing rebates...
So IB SMART works great for me...
Even though they usually do crazy shit...
Like execute 100 NYSE, 100 Island, and 100 SMART for a 300 share trade...
(They do this a lot)...
But at 0.0035/share... I can't complain.
 
There are two different ECNs

1. Getco. Believe it or not it is free to remove liquidity.
2. EDGA, have it routed to RDOT that way it tries to hit the EDG book first which is free, and then it will try NYB which will cost .0008, and if still nothing you will get routed to whatever ECN and pay .0030.

hope this helps
 
Quote from DeeDeeTwo:

I do 200,000 shares/day on about 400 trades...
And after 15 years...
I do not even know what the ECN rates are.
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that's BS

and reading ur post till the end confirms the contradiction. U may mean don't know'em exactly, cuz, indeed, with so many and usually changin with time, after some long one doesn't care anymore and it's understandable, but to say u don't know...

no pun intended

regards

and apreciated ur input
 
Quote from AJ21:

There are two different ECNs

1. Getco. Believe it or not it is free to remove liquidity.
2. EDGA, have it routed to RDOT that way it tries to hit the EDG book first which is free, and then it will try NYB which will cost .0008, and if still nothing you will get routed to whatever ECN and pay .0030.

hope this helps
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Great! will study this option as well

ty very much!

regards
 
Quote from Sir_Pirate:

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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Give me a little info about your trading so I can maybe better help you?

1. What execution software are you using?

2. What Brokerage firm do you trade thru? Do they offer NITE as a destination, if so do they charge for NITE?

3. Why do you have to add using ISE? Are you credit trading for rebates? Are you running automated trading?

4. What is your average order size per trade?

5. What type of stocks do you trade, mostly NYSE or mostly Nasdaq or an even mix of both? Are the stocks you trade above $1 in price?

6. What is you average monthly share volume?


These things determine what the best destination route for you to use is.
 
ty very much tomu for all the help. Can't really answer all those questions though saying it is from a prop mostly sumarizes it all. Besides that, i've already found what was looking for and it's called NQBX, which pays for removin liquidity. Proven. Not much, and not as liquid as other ECNs, but works fine for me. Also tried EDGA and also worked fine, though much better if can get paid :D

Again, ty very much tomu! very much apreciated

regards
 
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.

For thicker stocks, I don't see this (since there are many more shares available, front running your order isn't profitable). As a result, for thicker stocks, the lower fees and occasional price improvement advantages of EDGX outweigh the front running issue.

FWIW, I monitor execution performance on thousands of marketable orders per day, and have stats for average performance on each route. The suggestion above is based upon more than just a gut feel from watching fills.
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Can you post the stats you have for average performance? have you looked at ARCX? thanks
 
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