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Maverick Vs Don Bright
- Thread starter Maverick74
- Start date
Quote from hitnrun:
i thought you knew how to read in between the lines lol.
the commissions have to get rebated back to offset the payout is my guess
Mav averages 3.83 posts per day....you'll never win in trying to shout him down because he will ALWAYS come back ad infinitum just to have the last word.....
I simply decided not to engage him after our little spat because I have better stuff to do with my time...I would suggest not getting into a tit for tat with him...
Quote from Maverick74:
Just so we can deal in facts here, because I kind of like dealing with facts. Here is the current rate schedule for Echo:
Product Overview
Please read the Risk Disclosure on our website.
Thanks for stopping by. ECHOtrade is a professional trading firm that caters to the needs of the serious, off-floor professional trader. We're offering a tiered rate schedule for new Remote traders through LinkedIn. We've never published rates before, and we're proud to offer these incredibly competitive rates to you.
Shares per Month Rate per Share*
1MM+ .0025 (That's only $2.50 per 1,000 shares!)**
500k-1MM .0030
250k-500k .0035
<250k .0040
*The rate does not include ECN or exchange rebates/fees.
**All ECN rebates/fees are passed through to the trader. You must be a US or BC Canada resident with an active Series 7 to trade with us.
Since you posted the commisson structure, one thing to note is that Echo debits the trader for the commission plus the ECN fee for taking liquidity on each trade, even if the trader ADDED liquidity. Echo then calculates the ECN rebates and credits the account the following month for the number of trades where the trader added liquidity in the prior month. This may be due to their arrangement with Merrill, and I'm not sure if this has changed after they switched their SRO from the PHLX to CSX.
CBSX firms pass through the ECN rebates for closed trades on a DAILY basis, which of course allows the trader to view their daily p&l inclusive of all rebates.
Although the net result is the same, and those who keep larger balances may not even care. This not a negative reflection of Echo, it's just pointing out how a firm calculates its fees.
Quote from Maverick74:
I posted Echo's rates because I think they are really one of the only other firms out there that are comparable to Bright in terms of how long they have been around and their reputation in this business.
Also, there are intangible benefits to having a Series 7 vs. a Series 56, especially if one is to pursue other avenues in the financial sector.
In terms of how long firms have been around, Hold Brothers and Chimera both also have solid reputations and with 10+ years in the business.
where is the chicago bright office located? Don you doing the spring retreat this yr? seems you have done this the last few yrs in May