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Message: 68,285 volume on the H-CX2 Monday
Over the past 3 months we've rarely hit 68,000 total combined....let alone on a secondary exchange in just one session.
Why would a broker push an order through a secondary exchange? I think part of the reason lies on the CX2 site:
| TSX and TSX Venture listed securities $1.00 or over | |
| Liquidity removing fee | $0.0029 |
| Liquidity provider rebate | $0.0025 |
| Hidden liquidity provider rebate (Full rebate paid on Icebergs) | $0.0020 |
What's the difference between removing and provding liquidty? This site provides a good explanation:
Marketable orders REMOVE liquidity.
Marketable orders are either market orders, OR buy/sell limit orders whose limit is at or above/below the current market.
1. For a marketable buy limit order, the limit price is at or above the Ask.
2. For a marketable sell limit order, the limit price is at or below the Bid.
Example:
XYZ’s stock current ASK (offer) size/price is 400 shrs at 46.00. You enter a buy limit order for 100 XYZ stock @ 46.01. This order will be considered marketable because an immediate execution will take place. If there is an exchange charge for removing liquidity, the customer will be charged that fee.
Non-Marketable orders ADD liquidity.
Non-marketable orders are buy/sell limit orders in which the limit price is below/above the current market.
1. For a non-marketable buy limit order, the limit price is below the Ask.
2. For a non-marketable sell limit order, the limit price is above the Bid.
Example:
XYZ’s stock current ASK (offer) size/price is 400 shrs at 46.00. You enter a buy limit order for 100 XYZ stock @ 45.99. This order will be considered non-marketable, because it will be posted to the market as the best bid, and instead of being immediately executed.
If and when someone else sends a marketable sell order that causes your buy limit order to be executed, you should receive a rebate (credit), if an add liquidity credit is available.
1. For a non-marketable buy limit order, the limit price is below the Ask.
2. For a non-marketable sell limit order, the limit price is above the Bid.
Example:
XYZ’s stock current ASK (offer) size/price is 400 shrs at 46.00. You enter a buy limit order for 100 XYZ stock @ 45.99. This order will be considered non-marketable, because it will be posted to the market as the best bid, and instead of being immediately executed.
If and when someone else sends a marketable sell order that causes your buy limit order to be executed, you should receive a rebate (credit), if an add liquidity credit is available.
Some may think this stuff is unimportant....but to me, the nuts and bolts of how the market machine operates is of vital importance.
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