Wallstreeter,
...doesnt it take 15 seconds before the next preference?
It all depends on what type of CyBerXchange order you are placing. If the order is a CyBerXchange ECN order, it will route only to ECN's that we have direct access to and if any part of the order is not filled within five seconds, it will reroute the order.
If sending CyBerXchange Market or Limit order, the rerouting depends on whether your order is adding or removing liquidity. If removing liquidity, the CyBerXchange order routes out the order in its entirety following the entire algorithm instantly. Meaning that if you were attempting to purchase 1000 shares and at the inside level there were four ECN's each posting 200 shares and a Market Maker posting 200 shares, CyBerXchange would immediately route out 5 orders: 200 shares to each of the four ECN's for a total of 800 and a SOES or SelectNet order for 200 shares to the Market Maker. If any part of the order is rejected, that portion of the order is rerouted. If however any part of the order is not filled and not rejected within 15 seconds, CyBerXchange will reroute using the same algorithm. It is important to note the reason for the 15 seconds period used in this scenario: if you send a SelectNet Order, you can not cancel that order for 10 seconds, and the Market Maker has 15 seconds to either accept or decline the order, thus we are giving the Market Maker the time necessary for them to make the decision. To read more on SelectNet rules you may wish to visit the NASDAQ Trader web-site. nasdaqtrader.com
It is difficult to cover all the numerous scenarios that could arise, thus please give us a call to discuss any questions in more detail.
As for other firms claiming fastest data, we provide real-time data. I'm not sure how you can get faster than real-time and would inquire into the basis for their claim.
Sincerely,
CyBerCorp.com |
