ECN Rates

Anybody has a current list of all the ecn fees for adding/taking away liquidity and for outside routing? I am talking about these ECNs: arca, nsdq, bats, edga, edgx.

Also, which ecn is the best to use with NYSE securities? And why?

And does NYSE charge any fees for removing liquidity?

I've been away from trading for a while and now I am back with a firm that offers rebates...So I am trying to figure this out.

 

I add liquidity for almost all my trades so this is a big deal for me as well.

I have found that for naz stocks island and ISE work pretty well. ISE is the highest rebates.

I tried to use ISE for listed stocks but i found that often I would only get filled after the price moved beyond my limit. For trades that I don't care thats fine but if your near the top/bottom of the move you can see the price hit your limit price and beyond without getting lifted.

For listed (NYSE) I only use ARCA as it pays about the same and is part of the NYSE system so my fills are pretty good.

You can also post liquidity on NYSE and they do not give a rebate but they do charge for removing.

If you use IB, they have in their unbundled rate schedule the cost/rebate for all the ECNs.

Best of trading to you

 

Best place to post if you want to get filled is NYSE, second best place/slightly better place if you demand a rebate is ISLD since a lot of the smart swipes and RASH orders hit NSDQ first.

 

Thank you all very much for the insightful answers and links. Glad to see that there are still some helpful pros left on this forum. Nyse charges .0008 to remove liquidity and no rebates...damn pikers.

 

it is also possible for your NYSE order to be re-routed to ARCA and you end up paying .003 instead of .0008 for taking liquidity. Thanks reg NMS!

 

I trade with IB and use the unbundled rate.

my average cost last month was about 15 cents per hundred shares. ~100K shares adding liquidity 95%+ of the time

The ecns I use are (in order of volume) ARCA, Island, and ISE

 

wow, you you ISLD is better than ARCA for listed stocks???

 

Depends on the stock. All things considered I see more out of the money whacky ISLD prints from blackboxes panicking with DOTM and DOTD so in many situations your % of getting filled in a sweep is higher on ISLD.

 

DOTD goes to NYSE doesn't check NSDQ...

 

Goes to NYSE first, NSDQ second, Arca third. ACtually, first it goes to NBBO, then NYSE, then NSDQ and Arca.