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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: OZ who wrote (3524)	9/2/1999 6:25:00 AM
From: Eric P	Respond to of 18137

OZ: Any ECN pass-along charges are added to the cost of an ARCA ticket. I don't know how SNET fees are handled. -Eric

To: OZ who wrote (3524)	9/3/1999 5:14:00 PM
From: Eric P	Respond to of 18137

Edit

To: OZ who wrote (3524)	9/3/1999 5:34:00 PM
From: Eric P	Read Replies (1) \| Respond to of 18137

Yeah Eric, Oliver always had me interested in the ARCA order routing methods. One thing that I have always wanted to know is this. Besides the one ticket charge, will the individual selectnet preference charges and the total ecn charges be added to the ticket. It seems strange that all these activities when bulked together would be FREE under the ARCA fee schedule at the Executioner. OZ, I asked George at The Executioner (http://www.executioner.com 1-888-843-9286 ) this question. I gave him the following ARCA trade as an example: Let's assume I place an ARCA order to buy 1000 shares of INTC. The order is filled as follows: 1) 200 shares internal ARCA book 2) 200 shares ISLD 3) 200 shares SNET to MASH 4) 300 shares SNET to INCA 5) 100 shares SNET to GSCO He responded that the commission would be as follows: "The fee to the customer in this case would be $26.75. This is itemized below: $22.50 standard commission rate Plus: 1) 200 shares internal ARCA book - No charge ( we eat the fee ) 2) 200 shares SNET to MASH - No Charge ( we eat the fee ) 3) 300 shares SNET to INCA - $3.75 Instinet pass through (.0125 per share) 4) 100 shares SNET to GSCO - No Charge ( we eat the fee ) 5) 200 shares ISLD - $0.50 pass through fee to customer ( .0025 per share )" Not bad. It sounds like they don't pass along any SNET or partial ticket fees. Also, their INCA pass through fee is $0.0125, versus the $0.015 that some brokers charge. Anyway, I hope this answers your question. Obviously, the base commission charge is lower based on higher monthly ticket volume. -Eric