User:JKonstenius/ECN Rebates

ECN Electronic Communications Network

ECN's are electronic stock exchanges that are connected to the NASDAQ system

NASDAQ uses FIX Financial Industry Exchange to talk stock orders

Level One the inside best bid/ask plus last in other words the ticker sometimes has full time and sales

Level Two multi level bid ask with ECN and MM ID also you can look at just level Two for one ECN

Level Three active ability to post bid and ask on level two systems

Example placing limit to buy below market and then directing to ECN will post a level three bid in to order book

ECN rebates or kickback for liquiity flow is a fee the ECN's pay thier members for posting level three limit orders

This link wil give you a good idea about how much you can get paid for rebate passthrough trading

http://www.ecnbroker.com/en/equities/commissions.html

Brokers that likley pass the rebates back to the customer

ECN Broker LightSpeed MasterTrader MyTrack

You will have to work out the details like when you get paid and so on

Examply if your ticket charge is 5 dollars then if you buy and sell 10,000 shares on Attain your rebate is 60 dollars but after the commision it is 50 dollars. You can likley scalp for 1 penny so you might pick up another 100 also.

Another example if you bid on one ECN like Attain and get filled you could dump at the market on ARCA for just the rebate and capture 20 dollars after commsions on 10,000 shares with no price movement.

from experience I can tell you this is possible many times per day