DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: TFF who wrote (12273)	3/10/2001 9:37:02 PM
From: dli	Read Replies (2) of 18137

Read the fine print..they are trading against retail order flow information. Very similar to what Knight does (except IB gets a cent a share instead of paying for order flow). IB is one of the largest program trading outfits out there. How do you trade against direct access order flow? Could you please back up that claim? Where do they state that? From what I've been told they don't engage in any proprietary trading at all. As can be verified from the NYSE's program trading reports all their program trading is conducted on an agency basis. They do accept payment for order flow on options orders from exchanges that offer it, but that's independent of their order routing and as a direct access broker customers have full control over their routing anways if they wish. They also state explicitly that there's no preferential treatment of Timber Hill's market making operations with respect to options. Dave

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