New Nasdaq Fees (Echo vs. Bright)

Originally posted by Gene Weissman
Just a note. The next time the Ultimate Fighting Championship is in Las Vegas, I am going to have Jeff Dewitt(ECHOTRADE) and Don Bright(Bright Trading) fight it out to see who has the lowest rates. On the serious side, splitting pennies is getting a little silly.
I try to concentrate more on service, systems etc. I am going to sit out this price war on the sidelines, hopefully with no collateral damage. I think traders should concentrate more on trading. If you can't make money at .01 per share, then rates are probably not the problem. Of course Jeff & Don are friends , but I think everyone gets the point.
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Thanks, Gene, I always like levity in a thread that's getting a little tense. Like L&W, VB keeps commissions competitive but adds value in other ways. We choose to add value by increasing a trader's profits through development rather than finding new ways to slice the commission dollar.

As far as ECN's, VB is still mainly a listed trading firm. I am most interested in anything the ECN's can do to truly compete with the NYSE. I don't hold out much hope, though. As Don Bright said in a post earlier, the NYSE does a phenomenal job, and I think the ECN's have their work cut out for them in grabbing part of the NY pie.
 
Originally posted by Gene Weissman
If you can't make money at .01 per share, then rates are probably not the problem.

Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
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Personally I like the price competition that I see occurring on these boards, and I have no idea why any successful high-volume trader would even consider a firm that doesn't offer the lowest commissions. For me, trading is a business, and a quarter of a cent is a substantial savings over a year!!

50 Million Shares x 0.25 cents = $125,000 year

I think I'd rather keep that money, then give it to somebody else.


Regards,

Slave2Market
 
We have a winner! I thought 1 million a month was big and bad, but now I see 50 million a year , and I bet a 200 million dude is just lurking and ready to post any day now.

I know there are such animals in the zoo, but I think the Elite Trader board must have 95% of all such 'whales' from the tone on the posts.

No wonder Don Bright hangs here. :p
 
Slave2Market,

I have no problem giving traders who trade low rates, but in the current environment it's getting silly. Many firms in the NYC area have rates so low, that they don't make enough money to maintain their firm infrastructure. Our volume traders pay .01 per share have systems & software maintained . If a firm offers rates of .005 per share, would you put your money up there? I would think twice, maybe several times.


Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
 
Originally posted by Gene Weissman
Just a note. The next time the Ultimate Fighting Championship is in Las Vegas, I am going to have Jeff Dewitt(ECHOTRADE) and Don Bright(Bright Trading) fight it out to see who has the lowest rates. On the serious side, splitting pennies is getting a little silly.
I try to concentrate more on service, systems etc. I am going to sit
out this price war on the sidelines, hopefully with no collateral damage. I think traders should concentrate more on trading. If you can't make money at .01 per share, then rates are probably not the problem. Of course Jeff & Don are friends , but I think everyone gets the point.



The REDI/ARCA merger can only help. I think down the road, some of the smaller ECN's will merge or possibly be alligned with a regional exchange. Maybe Vito,Don or Robert have some more insight.



Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
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Come on Gene, get in here!!! I see you have decided to help finance this "WWF of Wall Street".....:-) And, BTW, just where did you get that url of "stocktrade"....I really like it!!!
Thanks again for dinner, I really enjoyed chatting with you, and I hope you get another motorcycle soon (with electrified chrome handlebars to keep the bad guys away).
 
Yeah Gene's got that right....
when a thread starts about whose fees are better , or what pay-site is the best, a 100 posts go up in a day
if a post about a chart goes up(which is trading after all) maybe 5 or six people will give their opinions
it makes you wonder how many traders are actually on this board compared to people trying to sell stuff
 
Close call.. But the winner is Bright "edge"ing out Echo for the lowest rates prize! (only among prop firms - IB's .005 still beats you guys when you trade large size)

It's those ECN fees. .0040 (ARCA), .00625 (INCA). That's a 40% and 62% increase over .01.

I agree, if you can't make money off of .01 then you got bigger problems, and fees are not the only thing to look at.
Much credit to all the firms for keeping the prices so low..
 
Originally posted by esc_trader
Close call.. But the winner is Bright "edge"ing out Echo for the lowest rates prize! (only among prop firms - IB's .005 still beats you guys when you trade large size)
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Not always with the cap on commissions at Echo and Bright


Our LU trader pays less than .000025 for a trade

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Originally posted by uptik2000
Yeah Gene's got that right....
when a thread starts about whose fees are better , or what pay-site is the best, a 100 posts go up in a day
if a post about a chart goes up(which is trading after all) maybe 5 or six people will give their opinions
it makes you wonder how many traders are actually on this board compared to people trying to sell stuff
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I try to not have an opinion on the market and charts. It's kills my trading.

I have long set up and short sets up, opening orders, and a few filter systems I run. I play them when the market dictates to play them. So that's why I avoid those posts lately

Robert
 
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