LPS5 et al.
do you choose what market maker or ECN it sends trades to, or do you simply choose this option, with it subsequently sending the order in the fashion described: First 5 times to 5 mms, then Instinet, then to the PT desk?
The IB system I mentioned earlier has a similar auto routing system that always looks for the best price. This could be an ECN they select for you, but when it is a MM you are flying blind.
If so, I would definitely circumvent the market makers in favor of one of the deeper ECNs.
ABSOLUTELY! POSITIVELY!, and that's the beauty of the IB system. You can hit ISLD, INCA, BRUT (and supposedly ARCA, BTRADE, MXT, but I've never gotten these working yet), with a separate trigger, with quotes for each one of them (not jumping around on level2) on your screen all the time. Or you can trigger that "best execution" path and take your chances that the best price tries will not get you filled.
Dan |
