Trading Opportunity: Cuttone Routers & Fees Reduced

November 18, 2019

Broker Summary: Cuttone & Co.

  • A market leader in providing advanced institutional trading technology and execution
  • Foundational offerings include institutional direct market access, custom algorithmic trading strategies, prime brokerage, options execution, and fixed income trading
  • Providing execution and consulting services to institutional asset managers, hedge funds, family offices, professional traders, and other broker dealers
  • Maintaining strict compliance with NYSE, FINRA, and SEC rules and regulations
  • Operator of a uniquely configured digital infrastructure that affords great flexibility in order flow routing and execution
  • One of the world’s most respected broker dealers

We are proud to announce that in coordination with Cuttone, we have adjusted the time you can cancel orders for CUTN D-Quote orders from 3:54:59 PM to 3:59:45 PM.

Fee Change

In partnership with Cuttone & Co., DTTW™ is excited to announce that effective Monday, November 18, 2019Cuttone floor broker fees will be reduced as follows:

Cuttone Fees At or Above $1

DescriptionCurrent FeeNew Fee
Cuttone E-Quote Remove liquidity NYSE0.00300.0029
Cuttone D-quote (Opening Auction)0.002750.003
Cuttone Closing early – D-quotes entered/modified prior to 3:35 pm0.003050.003
Cutone Closing – D-quotes entered/modified between 3:35 – 3:57 pm0.003450.003
Cuttone Closing late – D-quotes entered/modified after 3:57 pm0.003750.003

Cuttone Fees Below $1

Cuttone E-Quote Remove liquidity NYSE0.00290.0028
Cuttone D-quote (Opening Auction)0.00055 + 30BP0.003
Cuttone Closing early – D-quotes entered/modified prior to 3:35 pm0.00055 + 30BP0.003
Cutone Closing – D-quotes entered/modified between 3:35 – 3:57 pm0.00055 + 30BP0.003
Cuttone Closing late – D-Quotes entered/modified after 3:57 pm0.00055 + 30BP0.003

In addition, and on the same day, SuperMM gateway fees will be reduced as follows:

SuperMM Fees

DescriptionCurrent FeeNew Fee
SuperMM Price – NYSE, Nasdaq, and AMEX0.00190.0018
SuperMM Liquidity – NYSE, Nasdaq, and AMEX0.00290.0028
SuperMM – OTC markets0.00310.003

“SuperMM” orders will reach a large group of market makers. “SuperMM Liquidity” will reach all market makers, increasing the fill rate chances. instead, “SuperMM Price will reach market makers with lower fee rates.

Cuttone Free Destination

Effective Monday, December 2, 2019, traders will have access to a brand-new destination from Cuttone & Co. The Cuttone Free destination will be available on the NASDAQ, NYSE, and NYSE American (AMEX) markets.

To configure it in Keyboard Setup, choose gateway CUTN and destination Cuttone Free.

Here are some highlights:

  • Free execution
  • High fill rate for an IOC route
  • Price improvement opportunities
  • Dark sweep across 20+ venues reviewed on a constant basis to increase fill rates

OTC Smart Order Router Release: PINKBULL

Effective Wednesday, March 13, 2019, traders will have access to a new route on the US OTC market: Cuttone’s (CUTN gateway) Smart Order Router “PINKBULL“.

Cuttone will also publish data and analytics to TIP for color on intraday market statistics in the OTC universe.

Orders sent through this route will access eight liquidity destinations, three of which are lit, and five of which are dealers. The route will seek price improvement over customer limits, when available.

To use the order, you can open Keyboard Setup, select the “OTC Pink” market, the “CUTN” gateway, and the “PINKBULL” destination, and then configure the order types you want to use.

The fee for this route will be 0.0045 per share.

For more information, you can refer to the Order Type Reference Guide and the Fee Table, both available on the Knowledge Base.

Cuttone Pool of Parity

By routing to the NYSE through eQuote Pool of Parity, traders have access to the Cuttone Pool of Parity, an important tool that gives a distinct advantage when executing trading strategies.

Parity allows traders to equally access real-time liquidity along with other market participants. By utilizing Cuttone’s eQoute Parity route, traders can greatly increase their chances of getting a fill.

D-Quote Close

Traders can send D-Quote Close orders on NYSE symbols to receive the NYSE closing price, or to participate in re-opening events in case of a symbol halt such as halted for News Pending, Regulatory Halt, or Limit Up Limit Down (LULD).

D-Quote orders will appear in the closing imbalance starting at 3:55 PM.

These orders offer our traders an advantage over the regular NYSE CCG auction orders by allowing order cancellation until 3:59:45 PM, which is much later than is possible on NYSE CCG.

Another advantage of the D-Quote Close order type is orders can be sent in either direction of the published imbalance.

This allows traders enhanced flexibility as the NYSE CCG order can only offset the published imbalance.

E-Quote Parity

The E-Quote Parity order type allows traders to take advantage of the NYSE parity rule, which you can read more about in the Parity & Priority Fact Sheet.

We recommend that you read the Fact Sheet, and specifically their “Allocation Example”, to see the distinct order priority advantages that using this order type can give.

This is because it allows you to often get faster fills than if your trader submitted their order through the Electronic Book because of the Parity Rule.

In fact, Limit orders receive higher fill rates when they are sent through the E-Quote Parity route.

Market Summary: New York Stock Exchange

The New York Stock Exchange (NYSE) – also known as “The Big Board” – is an American stock exchange and one of the primary equity markets in the United States. Founded in 1792, it has long been an icon of capitalism.

Over the years, NYSE has merged with other exchanges globally, and is now owned by Intercontinental Exchange, an American holding company. The NYSE is by far the world’s largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018.

Traders, why should you be paying attention to THE New York Stock Exchange? If you’re asking this question as a trader, you aren’t wheeling the gold to the bank. Apple, Google, GM, GE, Boeing… every large mover in the market calls this place home, a 30.1 trillion dollar home. 

If you aren’t paying attention to the pulse of Wall Street, what are you doing with your trading time? If you’re watching the NYSE floor and following the big players and the money flow… well then, you’re one step closer to the bank and 10 steps ahead of the average investor… so read, learn, and most importantly, pay attention to the very pulse of Wall Street.

Useful Info

  • Market Hours: 9:30 AM–4:00 PM Eastern Time
  • Market Extension: NY
  • Trading Mode: TMS & Live
  • Asset Class: Equity
  • Currency: US dollar (USD)
  • Entitlements:
    • ​​Entitlements packages:
      • NYSE consolidated provides Consolidated L1 and Consolidated TOS for NYSE
      • NYOB provides complete NYSE (NYB) book on NYSE, and the imbalance on NYSE
  • Order Types: please see the Order Type Reference Guide for complete order type information
  • Gateway: CUTN
  • Fees: please see the Fee Table for complete fee information
  • Top Volume Symbols for September 2019:
    • CHK.NY
    • BAC.NY
    • GE.NY
    • T.NY
    • F.NY
    • MDR.NY
    • NIO.NY
    • SNAP.NY
    • SWN.NY
    • WFC.NY
  • Available Symbols: NYSE
  • Shorts: intraday short requests allowed; please see daily short availability file on TIP
  • Trading Sessions: please see the NYSE’s Holidays & Trading Hours page for more information
  • Good to Know:
    • The NYSE owns and operates the NYSE American, NYSE Arca Equities, NYSE National, and NYSE Chicago markets, among others
    • On high-volume rebalance days, we remind you to keep in mind the d-Quote order guidelines and NYSE closing procedures

How to Trade

To start trading the NYSE market, you will need to:

  1. Request equity buying power in USD currency for your traders in Metro: Live Processes: Buying Power: Americas or Metro: TMS Processes: Buying Power: Americas
  2. Enable an entitlement package for your traders in Metro: Live Processes: Entitlements: US
  3. Configure Keyboard Setup in PPro8 by selecting the “NCSA” region, the “New York” market, the “CUTN” gateway, and a destination of your choice

Learn More

Want to read more about it? You can check out these resources:

With thanks,

Communications Team

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