QQQ Cancel Charges-->

J

JulieFL99

Hi all,

I was reading another thread and happened upon a mini-discussion about QQQ cancel charges. There are many firms that charge traders a FEE if they send an order for QQQ and cancel the order. As any of us who trade it know, it is very easy to have to cancel a lot of orders if you trade the QQQ's a lot.

Here is part of the discussion:

Quoted by TraderJimR

Gene,

I just called Echotrade and confirmed, their QQQ orders go to the Amex (they also let you preference ISLD or NYSE if you want), and they have never been hit with cancel charges. According to the guy I spoke with, they have some traders that do a big volume in the QQQ's and have never been charged a cancel fee by Susquhanna. They have heard of it, but also say the only traders they have heard of getting charged are traders that go through SLK.

I guess the best answer is, are there other traders here who do not go through SLK that do get hit with the cancel charge?

def - does IB get hit with the cancel charge?

For quite some time I have heard that it was a selective thing by Susquhanna, if this is true and you trade the QQQ's, talk to a firm that doesn't clear SLK and you may save a ton.

-Jim
More...

I am very curious about this now. I have also heard about some traders at Bright that have been hit with charges of $20K and more a month in these cancelling order charges.

So far we know:

Firms who charge it:
Bright
Lieber & Weismann

Firms who do not:
Echotrade

I would assume that IB also does not charge this as they have an all-in rate.

Instead of a discussion whether or not anyone should charge this, I was hoping that people could just post what firm they trade with and YES or NO for if that firm charges for cancels. I am curious to see if it is truly just SLK that gets hit with this.

Julie
 
It seems only traders of Spears Leeds and Kellog are being charged the cancellation fee.

The list I got off of Daytrading Stocks.com site of Redi Plus brokers is.

Andover Trading
BrookStone Trading
Equity Station
InstaTrade
MVP Financial
Net-IPO
Off-Site Trader
On Site Trading
Southeast Trading
Shoreline Trading Group
Stock Trade Network
Trade Right Securities
TradersArsenal
VanGreene Trading
Wien Securities
Worldco

So these would be firms that are at a disavantage trading the QQQ's.


Bright we can't forget too !!
rtharp
 
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