scalping and NYSE rebates

di1836 · Jul 6, 2010

looking to scalp highly liquid stocks for the spread. Do i get a rebate for orders routed to the NYSE when i'm "adding liquidity" i.e. buying on the bid and selling on the offer?

FSU · Jul 11, 2010

I currently get a 13 cent rebate per 100 shares for executing on the NYSE when I add liquidity.

santosLhalper · Jul 11, 2010

Rebates for providing liquidity are much better on ARCA and NASD than on NYSE. I would recommend taking on NY and providing on ARCA and NASD. Also, you can hide orders or act as crowd on the ECN's, privelages of only floor traders on NY.

di1836 · Jul 12, 2010

Quote from santosLhalper:

Rebates for providing liquidity are much better on ARCA and NASD than on NYSE. I would recommend taking on NY and providing on ARCA and NASD. Also, you can hide orders or act as crowd on the ECN's, privelages of only floor traders on NY.

I know rebates are better on ARCA nad NASD, but if im not mistaken its much harder to get filled there than it is on NYSE right? typically you wont get filled untill the price moves against your order on ARCA and NASD from what i understand.

forsalenyc · Jul 12, 2010

Quote from di1836:

looking to scalp highly liquid stocks for the spread. Do i get a rebate for orders routed to the NYSE when i'm "adding liquidity" i.e. buying on the bid and selling on the offer?

this game doesn't work anymore due to flash trading. is anyone still doing this successively?

WinstonTJ · Jul 12, 2010

very few people and yes, you pretty much have to put out a bid/offer (only one because you can't be on both sides) and wait for the market to come to you.

Its very hard, takes a lot of capital and a lot of programming.

Anyone thinking they are going to get into the rebate game has another thing coming - its next to impossible.

Moc Yeah · Jul 12, 2010

Quote from WinstonTJ:

very few people and yes, you pretty much have to put out a bid/offer (only one because you can't be on both sides) and wait for the market to come to you.

Its very hard, takes a lot of capital and a lot of programming.

Anyone thinking they are going to get into the rebate game has another thing coming - its next to impossible.

Ahhh. The ever increasing positivity of the Elite/Daytrader mentality. This topic has been covered in other threads. And the rebate recently increased on the NYSE. And yes, it still works if you have discipline and a well defined strategy.

Are there any other D-trader websites that have a higher positive to negative ratio thread count? (sorry ET monitors

)

brownegg · Jul 12, 2010

Quote from WinstonTJ:

very few people and yes, you pretty much have to put out a bid/offer (only one because you can't be on both sides) and wait for the market to come to you.

Its very hard, takes a lot of capital and a lot of programming.

Anyone thinking they are going to get into the rebate game has another thing coming - its next to impossible.

I'm not a rebate player, but I didn't know of a restriction re: bidding and offering. Got a reference to this or a brief explanation?

NY0BScalper · Jul 12, 2010

Quote from brownegg:

I'm not a rebate player, but I didn't know of a restriction re: bidding and offering. Got a reference to this or a brief explanation?

I think it's something IB does with options... but it's total nonsense. I post bids/offers on both sides ALL the time, and believe me it's not a problem.

Clubber Lang · Jul 12, 2010

Quote from WinstonTJ:

you pretty much have to put out a bid/offer (only one because you can't be on both sides)

ET = a steaming pile of misinformation.