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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who started this subject	8/4/2003 6:28:17 PM
From: TFF	of 12617

ArcaEx Stuns NYSE The Archipelago Exchange (ArcaEx) has dropped a bomb on the NYSE by becoming the first major electronic market to eliminate fees for trading NYSE-listed stocks. ArcaEx said it is eliminating its tape sharing credits to offset the fee-reduction and will continue charging $0.004 per share when listed trades are routed to other destinations. The news comes one day ahead of Instinet’s new listed pricing scheme. Instinet had announced that it would be moving to a $0.001 (for taking liquidity) / free (for adding liquidity) model on August 1. ArcaEx’s model one-ups Instinet by not charging traders a fee for hitting bids or taking offers on the ArcaEx book. The news may pose a serious new challenge for the NYSE because ArcaEx will now offer cheaper executions than most NYSE DOT providers. ArcaEx also offers auto-execution, immediate cancels, and ITS “trade-through protection.” Trade-throughs, however, continue to occur on ArcaEx to a degree where some traders believe the SEC should step in. ArcaEx’s new pricing, which begins tomorrow, does not apply to odd lot orders or NASDAQ trading. Trader Bulletin

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