Interactive Brokers reabtes for limit orders arca

[Robert Weinstein]

Quote from NY0BScalper:

Even on the stocks that trade 3M shares per day, you'll notice they fill ISE last. Sometimes ISE holds a price level up after NYSE NSDQ ARCA EDGE and BATS are filled, almost as if no one can see it. Suffice to say, going ISE effectively puts you last in line in thick stocks - in thin stocks, you risk (or make very likely) a trade through. It may be tempting to think "well I'd get filled anyway, might as well get the higher rebate..." however if when posting your order and you're so extremely confident that you will get filled, even considering the detrimental effects of being last to get filled owing to your venue choice (ISE), than perhaps you'd make more money bidding a few pennies lower or offering a few pennies higher on a venue that does more volume.

NYOB,

I would agree with you on many points. There are times when you can clearly see that the ISE gets lifted last in line.

In some cases (not the majority) its not the case and can even get lifted first from my experience.

I would also agree that in the 3M shares per day range for last week it was hard to continue with ISE and in fact I started going back to ARCA. Especially with the stocks that I was scalping for 10-12 cents per trade.

With IB I have also routed NAZ stocks to ISE again for the higher rate than Island with faily good results. Jury is still out with me on that one but it appears to be better than NYSE.

Bottom Line: Unless the volume is huge and volatility is just as huge your probably better off using ARCA for NYSE at this point

 

[NoDoji]

Quote from total_keops:

Anybody knows of a broker that dosen't charge for cancelling orders on ARCA? IB charges 0.12$ per cancel/modify for API orders.

I have to use ARCA on reserve/show qty orders; cancel/change the whole day long - etrade doesn't charge anything.

 

[KeLo]

I'm using TradeStation currently for stock scalping. I also have a Reg T account at IB and I'm thinking of doing some trading there because their commissions are cheaper but with the same min. ticket charge.

I'm wondering about using TWS with rebates or are there other brokers available for better commission rates. I'm doing 15 to 25 trades per day.