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Top 10 Altcoins for 2019

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November 1, 2001

Rebate Policy Launched by ECN

By Staff report

Broker dealers will receive new discounts under a rebate program announced by BRUT, an ECN hoping to capture market share.

The rebate policy means that broker dealer customers who initiate orders that result in trades equal to or greater than 500 shares will receive $.001 per share (or 10 cents per 100 shares).

Rebates to customers - in the wholesale dealer business, and even in the ECN business, for instance - are not unusual on Wall Street. But BRUT's program is viewed as somewhat aggressive, a move by a top ECN to wrestle order flow from rivals.

BRUT's program applies to Nasdaq stocks traded by U.S. customers; there is no dollar cap or expiration date on the program. "Our customers, and market makers in particular, are facing increasing pressures to be profitable as a result of decimalization and the current market environment," said Richard Schenkman, chief executive of BRUT. "We are helping to provide them with a solution and, in the process, to deepen liquidity for both our broker dealer and institutional customers."

In addition to its rebate program, BRUT recently added pegging functionality to all of its interfaces, including FIX and Universal Market AccessTM.