New IB Commissions for High Volume Stock Traders

I am not sure what bundled/unbundled means,and i don't understand how rebates work...at the moment i am paying 0.05c per share traded lets say all thru the nyse(i actually use the smart mode),using interactive brokers.

So at the moment i am doing about 1,500,000 per month which would cost me $7500 per month( i do a minimum of 1000 shares per trade).

What would 1,500,000 per month(traded thru nyse) cost me now?
 
"Orders that add liquidity"

Definition: orders that are posted to the order book before being executed

Examples: 1. A buy limit order that is placed below the current best offer.
Example: A stock is quoted at 10.50 x 10.60. The buy limit order must be for 10.59 or less.

2. A sell limit order that is placed above the current best bid.
Example: A stock is quoted at 10.50 x 10.60. The sell limit order must be for 10.51 or more.


"Orders That Remove Liquidity"

Definition: orders that are immediately executed against an existing bid or offer on the order book


Examples: 1. A buy limit order at or above the current best offer.
Example: A stock is quoted at 10.50 x 10.60. The buy limit order is for 10.60 or more.

2. A sell limit order at or below the current best bid.
Example: A stock is quoted at 10.50 x 10.60. The sell limit order must be for 10.50 or less.
 
1.5 million now $3450 but you have sec fee's. if you trade stocks $50 or above you can expect about another $1000 to $1500 for 1.5 mil shares. i trade with a prop shop and alos have ib and i'm finding myself taking alot of liquidty were including sec fee's i'm near .005 or so. for no vol requirments and no software fee's these rates are very good. these rates are as good as many rates at prop shops
 
Quote from trader99:

Dang. This would make IB cheaper than some prop shops! Whoa. And no desk fees crap either. And no push for volume too.

Interesting.
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Things aren't always what they seem. IB trades against its retail customer order flow, which is why they prefer you to use their smart routing feature:

Note: For customers who send an extraordinary number of non-marketable limit orders to the NYSE, and who route such orders directly to NYSE, rather than using IB Smart routing, IB reserves the right to impose a surcharge in order to defray specialist order handling charges. In this event, IB will provide notice to affected customers.
 
"1.5 million now $3450 but you have sec fee's. if you trade stocks $50 or above you can expect about another $1000 to $1500 for 1.5 mil shares"

Thanks for the reply,I actually only trade one stock which is trading at 53.00 atm,so would that be $3450 per month plus the lower amount of $1000 sec fees(my average trade is 3000 shares per trade)?

If this is true it is a phenomenal saving of about $3000 per month for me,i can hardly believe it,i don't know wether to celebrate tonight or wait till Tuesday to confirm with ib.

Happy New Year to everyone from England.
 
i'll say ib's smart order nyse routing is seocnd to none for nyse stocks. if the shares theres its an instant fill vs the sdot always holding orders. now ib is lacking on smart order naz fills. i find much slippage on fast moving naz stocks as they don't employ a proactive arca order which is an instanteous fill
 
Quote from BOSS_HOG:

Things aren't always what they seem. IB trades against its retail customer order flow, which is why they prefer you to use their smart routing feature:

Note: For customers who send an extraordinary number of non-marketable limit orders to the NYSE, and who route such orders directly to NYSE, rather than using IB Smart routing, IB reserves the right to impose a surcharge in order to defray specialist order handling charges. In this event, IB will provide notice to affected customers.
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how can ib trade against your order flow if you have direct access to the market?

that nyse clause is for automated systems that enter and cancel a large number of orders automatically. an example would be a enveloping system that followed the stock price up or down.
 
Quote from lescor:

non-marketable orders for nyse stocks, does ib's smart routing just auto cancel and replace every 4:50?
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wouldnt you direct these to the nyse instead of smart?
 
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