CQG is a broker, not a routing mechanism for stocks.
What routes do you guys (and gals) use?
- Thread starter jnbadger
- Start date
CQG is a broker, not a routing mechanism for stocks.
Thank you for your reply. Is there a specific reason why you occasionally use BATS?
I specialize in trading tech stocks, so the former ecn's are usually enough. However, trading goog/amzn/nflx/tsla can be sketchy with wide spreads, and sometimes BATS is just the next best fill is all.
Very true. But I'm still not sure if you would get charged for the initial 100 if you only get filled on 50. I remember getting filled on 12 shares when I sent an order for 1000, and I honestly haven't checked my statement yet to see what I was charged.
Ok. Thanks.
You should have only been charged for the filled shares. Imagine posting a 1 million share trade and only getting 1 share filled and get charged for the full million haha XD.
That's what I'm assuming. And my commissions are so low, they are insignificant. I just browse over my statements to check for fees. I was with T3 a long time ago, and I noticed I was getting charged an extra $3.00 per trade, on top of very high monthly fees. I called them on it and they basically said "oops", and they fixed it and refunded my account. No wonder they're nicknamed Fee Three.
I use NASDA/Island & Arca for smaller trade sizes, IEX for larger orders or wider spreads.
IEX has a new order type that recently got approved 'D-Limit', this should be a game changer.
Citadel is having a fit over the IEX 'D-Limit', filing big law suites against regulators - they say this order type gives the users an unfair advantage over them - that's music to my ears.
https://www.tradersmagazine.com/dep...-comes-out-to-support-iex-d-limit-order-type/
IEX has a new order type that recently got approved 'D-Limit', this should be a game changer.
Citadel is having a fit over the IEX 'D-Limit', filing big law suites against regulators - they say this order type gives the users an unfair advantage over them - that's music to my ears.
https://www.tradersmagazine.com/dep...-comes-out-to-support-iex-d-limit-order-type/
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Out of the novel my firm sent me as far as routing options are concerned, there are 8 IEX options, and none of them offer rebates for providing liquidity. Could you further explain the advantages you have experienced? I must add that I don't trade large blocks. I rarely trade more than 1000 shares. From the article, it seems IEX is for the big guys. Thanks, though.
True - you don't get a rebate on IEX . Lets say you are buying 20,000 shares with a spread of 7 cents. For every .01 cent of price improvement you save $200. The rebate on ARCA for adding liquidity would be about $42.
IEX keeps the HFTs from trading against you using stale quotes - on larger orders they will cannibalize you. On IEX I am more likely to get filled at a better price, on the example with the .07 cent spread, I can save a lot more from a better fill than from a rebate - hundreds more.
I am also much more likely to get a positive markup, meaning the trade is profitable out of the gate, this is what happens when the HFT's are not trading against you.
Based on experience using different brokers trying to get orders filled at a limit or mid-point, on larger orders IEX has done much better. They do not allow HFTs to co-lo on their exchange & use a multitude of tactics to keep the front runners out of their exchange.
IEX keeps the HFTs from trading against you using stale quotes - on larger orders they will cannibalize you. On IEX I am more likely to get filled at a better price, on the example with the .07 cent spread, I can save a lot more from a better fill than from a rebate - hundreds more.
I am also much more likely to get a positive markup, meaning the trade is profitable out of the gate, this is what happens when the HFT's are not trading against you.
Based on experience using different brokers trying to get orders filled at a limit or mid-point, on larger orders IEX has done much better. They do not allow HFTs to co-lo on their exchange & use a multitude of tactics to keep the front runners out of their exchange.
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