CyberCorp is a direct access trading system. There are various routes that one can choose when placing an order. The fills are by no means automatic, but if there is an ECN offering the price you want, the fills will happen in a second or two (especially if you target the ECN by hand).
There is no Market Maker associated with Cyber who will fill market orders at the current inside (as Knight-Trimark does for so many retail brokers), but with practice, you can get consistently better fills using direct access.
Basically, with experience routing orders, your fills will be no worse than with an online broker. In many situations, they will be much better. However, there are still many circumstances where getting fills is hard (for both crowds); trying to sell in a fast falling market, for instance. The MMs can still turn off autoexecution, and even with direct access to their quotes, you can have trouble getting rid of the shares...
Hope this helps,
Simon. |
