There are 8 ECN's and here's what we know so far.....
INCA - ADF
ISLD - Quoting as an UTP as CINN. This means they are kind of like AMEX in soes now, but you route your order to ISLD. They will be able to lock and cross the market. Neither ADF nor SM
TRAC - SM This is clearly the most interesting. Check out their website http://www.trackecn.com They will be listing as DATA and TRAK. DATA will be free to add and a regular SOES to take. TRAK will be the $7 take/$5 add model. The rebate will only be paid out if they collect the $7. It's an interesting strategy, cause now if you want to get the ECN-price priority... you need to be a subscriber to put orders out there. And if you are a subscriber you have to pay (and get rebates). Those that SOES TRAK and decide not to pay.... wont... just like now but remember the rebate is only paid if they collect. The more people they sign up the better chance they have of collecting.
ARCA - At this point they are in SM until Jan when they will be on the Pacific EX and quote similarly to ISLD does now
BRUT - Currently in SM, but wants to opt into ADF if it is a viable solution.
BTRD - I think it's the same as BRUT
ATTN - Currently in SM. Crying the blues !!!! Trying to sue NASDAQ so they can continue to ass rape people at $9 per 1000 for their Domestic traders. Read websites ..... http://www.securitiesindustry.com/issue.cfm?ID=422&aid=13283&search=attain ecn
http://www.securitiesindustry.com/issue.cfm?ID=420&aid=13225&search=attain ecn
Rumor has it that they are going to lower their ECN charge so they have a remote chance of collecting.
NXTD - Who really cares ???? The outcast of all the ECN's has yet to declare their strategy.
Overall, ECN prices should be coming down across the board. ISLD/INCA/ARCA have really set the bar at $3 max per 1000. With rebates of $2, they are on par with soes pricing, and it will encourage limit orders on the ECN's.
The day's of $10 per 1000 appear to be over !!!!!!
Good Luck in SM !!!!
Banker
INCA - ADF
ISLD - Quoting as an UTP as CINN. This means they are kind of like AMEX in soes now, but you route your order to ISLD. They will be able to lock and cross the market. Neither ADF nor SM
TRAC - SM This is clearly the most interesting. Check out their website http://www.trackecn.com They will be listing as DATA and TRAK. DATA will be free to add and a regular SOES to take. TRAK will be the $7 take/$5 add model. The rebate will only be paid out if they collect the $7. It's an interesting strategy, cause now if you want to get the ECN-price priority... you need to be a subscriber to put orders out there. And if you are a subscriber you have to pay (and get rebates). Those that SOES TRAK and decide not to pay.... wont... just like now but remember the rebate is only paid if they collect. The more people they sign up the better chance they have of collecting.
ARCA - At this point they are in SM until Jan when they will be on the Pacific EX and quote similarly to ISLD does now
BRUT - Currently in SM, but wants to opt into ADF if it is a viable solution.
BTRD - I think it's the same as BRUT
ATTN - Currently in SM. Crying the blues !!!! Trying to sue NASDAQ so they can continue to ass rape people at $9 per 1000 for their Domestic traders. Read websites ..... http://www.securitiesindustry.com/issue.cfm?ID=422&aid=13283&search=attain ecn
http://www.securitiesindustry.com/issue.cfm?ID=420&aid=13225&search=attain ecn
Rumor has it that they are going to lower their ECN charge so they have a remote chance of collecting.
NXTD - Who really cares ???? The outcast of all the ECN's has yet to declare their strategy.
Overall, ECN prices should be coming down across the board. ISLD/INCA/ARCA have really set the bar at $3 max per 1000. With rebates of $2, they are on par with soes pricing, and it will encourage limit orders on the ECN's.
The day's of $10 per 1000 appear to be over !!!!!!
Good Luck in SM !!!!
Banker
