Which ECNs still exist?

[qazmax]

INET is under-rated in my opinion...

They currently charge .0025 to route out and ARCA charges .003 to remove.

This means it is cheaper to use INET to remove an ARCA quote than it is to use ARCA to remove an ARCA quote.

Aslo, ARCA smart router quits working once the order is posted to the ARCA book. "Why should we route the order to them intead of them routing the order to us?"

INET smart router keeps working after the order is posted to the INET book.

Better pricing and a better smart router...

 

[drprotrader]

qazmax
Senior Member

Registered: May 2002
Posts: 369


04-19-04 11:51 AM
INET under rated...
INET is under-rated in my opinion...

They currently charge .0025 to route out and ARCA charges .003 to remove.

This means it is cheaper to use INET to remove an ARCA quote than it is to use ARCA to remove an ARCA quote.

Aslo, ARCA smart router quits working once the order is posted to the ARCA book. "Why should we route the order to them intead of them routing the order to us?"

INET smart router keeps working after the order is posted to the INET book.

Better pricing and a better smart route...

..................................................................................................

This is good information....to clarify what you are saying is that the ARCA route takes one look at its competition...then holds it in ARCA...? If so...why would you ever want to use them vs INET...plus price advantage...?

 

[qazmax]

Quote from drprotrader:


..................................................................................................

This is good information....to clarify what you are saying is that the ARCA route takes one look at its competition...then holds it in ARCA...? If so...why would you ever want to use them vs INET...plus price advantage...?

Honestly... there is no reason to use ARCA over INET that I can think of, unless you like the functionality of ARCA over INCA.

ARCA
Reserve
Discretionary
Passive discretionary
Discretion Limit Order
Pegged Order
IOC
PnP (Post No Preference) or Route
Mid-Point Cross
IOC Cross
NOW order
Fill-Or-Return Plus (IOC + Directed)
Primary Only Order
MOC
LOC
Limit Order Auction 8:00 EST
Market Order Auction 9:30 EST


INET
Non-Display
IOC
Expires at Specific Time
Market Day (normal trading hours)
INET Day (cancels at close of INET)
FOK
Reserve
Routed - Smart Router or Post
Best Peg
MID-Peg
Market Peg
Minimum Quantity
Discretionary
XING - Crossing Network

 

[EricP]

Are you sure about this? My impression was that INET did not have external routing capability, but you could still route externally by using an old INCA connection to INET. However, that rate seems almost too good to be true. Do you have a link where I might be able to read more about this?

Thanks,
-Eric

Quote from qazmax:

INET is under-rated in my opinion...

They currently charge .0025 to route out and ARCA charges .003 to remove.

This means it is cheaper to use INET to remove an ARCA quote than it is to use ARCA to remove an ARCA quote.

Aslo, ARCA smart router quits working once the order is posted to the ARCA book. "Why should we route the order to them intead of them routing the order to us?"

INET smart router keeps working after the order is posted to the INET book.

Better pricing and a better smart router...

 

[joe_blo]

INET OTC routed pricing is indeed $.0025:

http://inetats.com/prodserv/bd/fee/instinet_fee.asp

You're right - currently only offered on old Instinet FIX connections. Someday it'll work through OUCH.

 

[qazmax]

Quote from EricP:

Are you sure about this? My impression was that INET did not have external routing capability, but you could still route externally by using an old INCA connection to INET. However, that rate seems almost too good to be true. Do you have a link where I might be able to read more about this?

Thanks,
-Eric

Positive.

If you have an INET terminal I can show you how. If you are choosing it from your brokers software, then it is up to them on how to code your order.

 

[AOL_9.0 Man]

Quote from AnonymousTrader:

Instinet bought Island. INCA + ISLAND = INET nowadays

soooo,

that's where ISLD went to?


has it behaved more like the previous ISLAND / ISLD or more like the previous INCA?

any thoughts?

 

[SammySOESa]

Quote from Epsilon:

Or simply his firm is marking up/marking down

Yup, those are our rates at e*trade pro. I didn't even notice we got marked down on the rebate until I read this thread.

I showed my manager the ARCA post, and he confirmed that we'll continue getting the $1.50/per 1,000 shares, indefinitely. I guess etrade pockets that last 50¢.

 

[H2O]

Latest news (rumors) : INET and BRUT merging....