Just placed an "Open" order, non-AON on Zecco, just prior to 9:00am. The order was not "Rejected." The order is now, “Accepted.” Prior to market opening, the order will be routed, and then “Accepted” will be issued, assuming the order isn’t a goofball one. Once the order is transacted, “Executed” will be issued.
When a “Rejected” order is received, then it usually is a result of key punch error due to a math calculation on your part. If you are unable to determine the reason, you will need to call. Without sufficient funds, or Margin account, “Rejected” may populate. “Restricted” orders are different, whereby Zecco is denying the transaction, thus a call in. A “Restricted” order has happened to me one time.
Note, even though Zecco is a commission free broker, you are still obligated to the Section 31 and FINRA TAF fees.
What are Section 31 fees and how are they calculated? The normal calculation for Section 31 fees is $39.30 per $1,000,000 in principle amount on sales. A principle amount of $140 would be subject to a Section 31 fee of $.01. These fees are passed through from Zecco Trading to your accounts as a non-commission fee.
What is the Trading Activity Fee (TAF) and why is it charged to my account? The FINRA assesses the TAF on its members through clearing and self-clearing firms at a rate of $.000075 per share, with a maximum of $3.75 per trade on all liquidation (sell) orders. These fees are passed through from Zecco Trading to client accounts as a non-commission fee. A principle amount of $140 would be subject to a Section 31 fee of $.01.
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Posted by: lalapalu Date: Monday, January 26, 2009 8:27:41 AM
In reply to: None Post # of 51882
Zecco just rejected my buy order for RCCH...something must be in the wind.
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