October 18, 2002
Starting Monday
September 30, 2002, a few changes are going to occur.
Attain
ECN (ATTN)
We are pleased
to announce the addition of the Attain ECN (ATTN). ATTN works similarly
to the Island ECN in that it only will execute with other ATTN orders
and will only accept Limit Orders. ATTN only trades Nasdaq stocks
and can be used pre and post market.
The pass-through
fee for ATTN is:
- Removing Liquidity: charge $.009/share (or $0.90 per 100)
- Adding Liquidity: rebate $0.0225/share (or $0.225 per 100)
Change
Order Feature & ARCA/REDI
We apologize
for any confusion the following change may cause, but we believe
it is necessary to allow our clients to continue using the Change
Order Feature to save money on commissions.
You will see
that REDI has been added as a trade route. DO NOT USE REDI TO
PLACE TRADES. REDI has been added to allow the change order
feature on ARCA to work. With the REDI route added, RealTick will
accept the Change Order Request for ARCA orders. NOTE: IF YOU
MISTAKENLY USE THE REDI ROUTE TO ENTER A TRADE, THE TRADE MAY OR
MAY NOT GO LIVE. IF IT GOES LIVE, YOU WILL BE RESPONSIBLE
FOR THE FILLED ORDER.
Accounts
Under $25,000
Any clients
defined as a Pattern Day Trader* (PDT) and whose account equity
is below $25,000 will only have one times their Excess Equity (also
known as Maintenance Excess) on an AGGREGATE BASIS effective the
business day after the account drops below $25,000. Previously,
clients had three business days to get the account back over $25,000
through additional funding or increase in account value before the
restriction began.
For example
(the following numbers are for illustration purposes), if you have
$10,000 in excess equity and do one day trade for $5,000, you do
not get the $5,000 back to day trade with after the position is
closed. In the above example, after the $5,000 day trade, you would
only have $5,000 to place another day trade (starting $10,000 minus
the $5,000 trade).
*Designation
given because an account has executed 4 or more day trades within
a five-day period.
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