ECN's (Electronic Communication Networks) - Routes that internally match buy and sell orders electronically. Orders are generally quicker to execute, but will incur either a charge for removing liquidity or credit your account with a rebate for adding liquidity.
Market Makers - Market makers may make money by trading for clients and their own accounts. These routes are generally slower to execute than ECN's, but typically are free to route to.
ECN Fees
ECN Fees
Add Liquidity - Rebate
Remove Liquidity - Charge
ARCA
$0.002 per share
$0.004 per share
ISLD/NASD
$0.002 per share
$0.003 per share
EDGE
$0.0022 per share
$0.003 per share
Market Makers
CITX - Listed
$0.003
$0.003
NITE
Free
Free
CITX
Free
Free
FANC
Free
Free
MNGD/PFSI
Free
Free
VNDM
Free
Free
Exchange Routes
NYSE
$0.003 per share
AMEX
$0.005 per share
Options Routes
CITO
Standard option rates of $7.99 + $1.00 per contract
BEL
Standard option rates of $7.99 + $1.00 per contract
Data Fees
Dow Jones News
$100.00 per month
CME Mini Quotes
$25.00 per month
CME full futures quotes
$60.00 per month
Today's Markets
Cobra News
Cobra Trading, Inc. is now licensed in all 50 US states and Puerto Rico.
