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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Morpher who wrote (8067)3/22/2000 10:01:00 PM
From: Wayners  Read Replies (2) of 12617
 
The plan backed by large brokerages last month would require
the first order at the best price to be filled immediately, a
concept known as ``time-price priority.' Currently, the first,
best quote can go unfilled because brokerages simply match that
price by filling orders from their own inventory.

There it is in black and white that I've seen for the first time. Centralized market makes payment for order flow obsolete. Thats why NITE is against it so that they can preserve matching their customer orders instead of the guy that was first at the inside. ECNs get paid for order flow with their ECN useage fees. Thats why they're against it. The more volume, the more fees. No internal matches, decreased volume, less fees. It all makes sense now. Thing is I find it hard to believe that a large % of ECN volume is interally matched but I'm just guessing since I don't know who's on the other side of my orders when I trade.
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