Regardless of what you wanna call it, NASDAQ treats opening and closing cross orders differently in terms of fees than it treats regular "taking liquidity" orders executed during the day. Opening and closing cross orders are charged 0.0005 per share while "taking liquidity" orders during market hours are charged 0.003 per share.
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IB Bundled vs Unbundled Pricing.
- Thread starter walterjennings
- Start date
Regardless of what you wanna call it, NASDAQ treats opening and closing cross orders differently in terms of fees than it treats regular "taking liquidity" orders executed during the day. Opening and closing cross orders are charged 0.0005 per share while "taking liquidity" orders during market hours are charged 0.003 per share.
does anyone get the better tier rates for trading futures at IB? what would be the cheapest way of going about getting these rates?
Quote from SL65:
Unbundled pricing requires using the AUTO router so there doesn't seem to be any way around this. *** it's just a lack of flexibility that ends up costing us money.
I think this is incorrect. I think that unbundled pricing, if selected, will apply regardless of whether or not an order is SMART routed.
Please forgive my ignorance.
Trade Station advertises Futures commissions @: 25¢ â $1.20 per side, per contract plus exchange, regulatory & overnight fees.
IB advertises Futures commissions @ : $1.81- $2.40 perside, per contract but exchange and regulatory fees included.
Which is the better deal? How much are the exchange and regulatory fees?
Thnxâ¦..budha
Trade Station advertises Futures commissions @: 25¢ â $1.20 per side, per contract plus exchange, regulatory & overnight fees.
IB advertises Futures commissions @ : $1.81- $2.40 perside, per contract but exchange and regulatory fees included.
Which is the better deal? How much are the exchange and regulatory fees?
Thnxâ¦..budha
Quote from budha:
Please forgive my ignorance.
Trade Station advertises Futures commissions @: 25¢ â $1.20 per side, per contract plus exchange, regulatory & overnight fees.
IB advertises Futures commissions @ : $1.81- $2.40 perside, per contract but exchange and regulatory fees included.
Which is the better deal? How much are the exchange and regulatory fees?
Thnxâ¦..budha
If you go check the commish tables at TS you will find the truth of the matter.
Quote from SL65:
In practice you can't count on this. Let's say the stock is 15.20x15.21 and you place an order to buy at 15.20 intending to add liquidity. The Auto router will usually route your shares to INET where they'll sit on the book. If, at this point, the ask drops to 15.20 on ARCA, the auto router will route at least part of your order to grab the shares on ARCA. You've just removed liquidity for all or part of your order and will be charged 1/2 cent more (diff of .002 rebate and .003 charge) than if your order was left to sit at INET.
Unbundled pricing requires using the AUTO router so there doesn't seem to be any way around this. One solution would be for IB to allow directed orders to INET to receive unbundled pricing.
The extra fees don't go to IB so this isn't a money-making scheme on their part - it's just a lack of flexibility that ends up costing us money.
You make a good point that I hadn't thought about. However, lescor, in an above post, says his unbundled is coming out at $1.50 per 1000. He doesn't say, however, if he is sending directly to inet.
from what i understood by reading ib's unbundled commish schedule your fees will fall under bundled only when orders are sent directly to a specific exchange trough api.
Quote from SL65:
In practice you can't count on this. Let's say the stock is 15.20x15.21 and you place an order to buy at 15.20 intending to add liquidity. The Auto router will usually route your shares to INET where they'll sit on the book. If, at this point, the ask drops to 15.20 on ARCA, the auto router will route at least part of your order to grab the shares on ARCA. You've just removed liquidity for all or part of your order and will be charged 1/2 cent more (diff of .002 rebate and .003 charge) than if your order was left to sit at INET.
Unbundled pricing requires using the AUTO router so there doesn't seem to be any way around this. One solution would be for IB to allow directed orders to INET to receive unbundled pricing.
The extra fees don't go to IB so this isn't a money-making scheme on their part - it's just a lack of flexibility that ends up costing us money.