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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: brec who wrote (7875)	1/13/2000 11:23:00 PM
From: Dan Clark	Read Replies (2) \| Respond to of 12617

brec, Actually, one of the points that I was trying to make was this one - comparing brokers is tricky. It is not the simple black and white that our friend tries to project. For example, even your example shows how tricky it is... First with a 3000 share order, the probability of getting all shares one ticket is probably not reasonable - Especially if it is a fast moving stock. Therefor, you'd probably have partials and have to cancel and re-enter. Which means multiple commissions with MBT. But let's assume that you could get all 3000 shares on one ticket... It appears that the MBT calculation is correct. However, with CyberTrader and CyberX, the calculation would be different. I'm not sure why you included a SelectNet charge, because CyberTrader has direct executions to all ECNs. Therefor, I won't include that. Also, I'm assuming that it isn't INCA (which is also direct) because MBT charges extra for INCA. And, that the ECN isn't Island or NTRD direct, or it wasn't SOESed, because CyberCorp doesn't charge for those. Therefore, I assume that the ECN was either REDI, ARCA or ATTN. Since ARCA is the most expensive, I'll choose that one. Therefor the CyberBroker fee would be: CyberTrader: - Commission: $19.95 - ARCA fee: 22.50 - Clearing Cost: $3.50 Total cost: $45.95. This is still more than MBT, but somewhat lower. If any other ECN was used except for INCA or BRUT, the cost would be less. Or you could come up with other assumptions and increase cost. All of this is somewhat moot because a poor fill on a fast moving stock can cost you more than any commission. I didn't post this or my original response to hype CyberCorp. I posted it to counter the obvious MBTrading hype. As I stated originally, neither MBTrading NOR CyberCorp are perfect. As a beta tester for CyberCorp software, I can probably tell you far more negatives about them than you are aware of. Frankly, I don't care. I just see them as a combination of pluses and minuses. For me the pluses outweigh the minuses. I was responding to the obvious, completely one-sided hype. I hate hype! If someone could show that MBTrading is clealy better than CyberCorp, I'd move to MBTrading. Regards, Dan.