ONe of the limitations of a RT3 or other direct order entry firm is that offer a limited number of execution systems, usually SOES, SNET (two systems that comprise lesss than 4% of our total volume) as well as access to ECNs, usually ISLD< TNTO and INCA.
We, though, use about 22 other systems, including several auto-ex, instant fill systems from many market makers. THis gives me the ability to get an instantaneous, autofill no matter who is on the bid or offer. You wont get this at a market maker. And unfortunately without it, you are limited to ECNS (since i think SOES and SNET are poor choices). ANd with ecns, you are, for the most part, limited to putting out bids, putting our offers, or taking out bids/offers represented by the ECNS only. If they arent 50% of the trades, then 50% of the business is being missed.
SNET just doesnt do it. Its usually the last screen at which Traders at market makers look to ,regardless of manning rules, and SOES, well , we all know how well that works.
Regards,
Steve@yamner.com |
