currently I am trading 20mm-30mm (could bump it to 50mm) NYSE shares per month at a Dutch broker. They charge me 0.001-0.0015 per share. wondering if setting up own execution broker can save me commission. oc need to figure out if saved commission can at least offset fees/cost to setup/run execution broker. Anybody has this kinda exp? comments are appreciated!
20mm-30mm? million only has one m So you are averaging over one million dollars (finger poking cheek) errr shares per day, is that right? And you are asking this question on a basically retail (though not all of us) trading forum. And even though you are a big swing dig on the NYSE you choose a screen name of loveFXspot.
Why do you worry about the commision let the broker earn too ! Why choose to go with a single broker instead of a few brokers and banks ?
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they give 200x leverage, impossible in usa. and most top HFTs use this broker all NYSE listed tickers just like i wanna do execution/agency broker (no dealing) myself but use your WB as clearing broker
this is more like introduction broker, still going thro execution+clearing broker...not what i am looking for
It only takes $200K to $300K to start a brokerage firm? That's it?? And FINRA only requires $100K as the capital requirement? That's way too cheap. NFA/CFTC requires at least $2 million as capital requirement for clearing FCM's. If I am starting my own brokerage, what I would want to know is what's the cost of having my trades executed directly on the exchanges, having a seat and etc.
Maybe you would want to use a broker with zero commissions that doesn't accept payment for order flow? https://www.merrilledge.com/investing/best-execution-trading https://www.fidelity.com/trading/execution-quality/overview But I doubt if they can give you your current 200:1 leverage.