IB unbundled

K

KPS21

Can someone please explain these Specialist fees that are listed under Unbundled Stock commissions on the IB website? I copied them below. I was trying to weigh bundled vs. unbundled and realized that these fees ($0.01 per share) are greater by themselves than the entire bundled price ($.005). I must be misunderstanding something. When do these fees apply?

NYSE Specialist Fee
On book>5 min
As charged by the specialist
Average:
$0.01 per share

NYSE Specialist Fee
On book=<5 min or Marketable orders
As charged by the specialist
Average:
$0.01 per share

http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc

Thanks,

kps
 
We have an option, for any product that trades on the NYSE, where we will cancel replace the order every 4.5 minutes. Some customer like to keep time priority and accept the NYSE charge. Most designate their orders to be automatically recycled to avoid the charge.
 
Thanks. That definitely helps. But the way it written, there seems to also be a charge if

"On book<=5min or Marketable orders"?

Can I assume that is zero as well, if I choose the right setting?
 
The NYSE does have a charge for removing liquidity when the order qty is > 5100 shares.


Stock orders >= 5,100 shares $0.00025

This fee would be charged to any order that immediately executed (market, hitting bid or offer) where the qty was => 5100 shares.
 
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