Prices for real-time data vary widely depending on the supplier and the quantity or type of data you want. There are two basic types of online order execution services available to day traders and other investors. This is by far the most commonly used type of online trading service. The second type of service is provided through online systems that link the customer directly to the relevant exchange through a modem or dedicated phone line. Internet based discount brokers vary in how they execute customer orders and the length of time it takes them to review, execute or confirm trade orders.
Some firms choose to route certain orders to another broker or third party for execution.
This can delay the time it takes to complete a trade. Consequently, for active day traders who want instant confirmations, Nasdaq Level II quotes, and direct access to exchanges and ECNs, an EDAT system is preferable to trading through a traditional Web based online broker, even though commission rates and other fees may be higher. An EDAT system permits a trader to place an order directly into the market resulting in much quicker order executions and confirmations than is generally the case with Internet based discount brokers and often at better prices. Here are some of the leading firms offering EDAT systems to active stock traders together with the applicable commissions and monthly fees charged. Providing direct floor access and 24 hour trading.