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Lancer, Good point of clarification regarding simultaneous splitting and directing of the ARCA order. I have one question though. Why would only 500 shares go to SS in your example and 2,500 go to "reliable" MM's via SNET? With SNET preference orders forced to be oversized and thus...

Klaor, As far as your concern over a smart key goes, here are my thoughts. ARCA functionality under SuperSOES will first look for an internal ARCA match, then look for a match within ECN's with direct connections (currently ISLD, INCA and 1 or 2 others I believe), then SNET preference to...

Wow I guess you can always learn something in this industry. At Rtharp's suggestion I called Rob at ECHO and ended up talking to Jeff for over an hour. First off, the fact that he gave me an hour of his time says something. Secondly, he proceeded to fully explain the differences between VTS...

RTharp, I just sent you an email via the Elite email function, but it did some strange things at the end. If you did not get it let me know and I will resend.

OK my gripe with VTS was two fold and I must feign ignorance on one of them. First, I had recurring MAJOR reliability problems and PC resource issues. Basically, the VTS system seemed to wreak havoc on my machine ( not a slouch machine either)and the quotes were not reliable at all. My...

Mugshot, A fear I had all along with SuperSoes. I felt it would be good if traders would allow profits to run and less liquidity on the offer (when running up) due to SS would equate to nice long plays and vica versa on shorts. But if traders are too scared to let profits run, and...

Naz implemented the rule to eliminate the "dual liability" issues of SOES and SNET. Pursuant to the firm quote rule, a MM has an obligation to fill an order (preferenced) to him at his displayed price and volume. Thus if MSCO is offering 500 shares at $50 and a trader sends a SNET pref buy order...

I have been away for a few days and I believe Sniper went to Europe...I don't think either of us meant to post an opinion and then not respond to requests for elaboration. Having said that, I prefer not to be an extreme software basher by proceeding to list all the reasons I do not like VTS...

Kicking, A round lot is a quantity in 100's of shares yes? So why do you think SS will not allow a pref order for a round lot? All NAZ is saying is that the pref order has to be for at least 100 shares more than the displayed size of the MM. SInce MM's have to post in increments of 100...

Trader J, Or anyone else trading with Echo. I have read all the posts on this thread with great interest and have also learned much about prop vs. non-prop trading. I have traded both but with looming changes and improvements to off-floor prop trading technology, it is worth re-visiting...

Trader J/Babak, Routing direct to SS would certainly makes sense if there were no ECN liquidity available. However, if there was, why not pay a little more in Commish for a better/quicker fill. ARCA has direct connections with at least 3 other ECNs whereby if there is contraside liquidity in...

Babak, The 30 second rule has not been eliminated. MM's still have 30 secs to respond to a SNET liability order if thats what you were referring to with the 30 second rule reference. Regardless, I am sure that IB like Redi and ARCA will change any smart order routing algorithms to route...

Candletrader, From what I have understood in talking with those knowledgable about the regulatory and clearing mechanics, the way DAT brokers have been able to give instant credit to buying power for closed positions (rather than T3 settling) is by having the trades coded as margin trades...

Arca market orders are dangerous.....for the next few weeks that is. Under current (pre-SuperSOES)functionality, ARCA will seek to fill your order at the inside price by first matching with any available ECN volume. If there is insufficient volume with ECN's, then ARCA preferences a Market...

Kind of surprising that 3 days into SS and only two posts to this thread??!! I have been watching NEWP and am amazed at the L2 movement at times. Interesting to watch MM's not showing 1000 shares actually disappear and see their volume print...ONCE....on the T/S. I am anxious to see a more...

Good luck as these short interval intraday charts pull huge amounts of (tick) data. Realtick will only give you a 1 minute intraday back so far as 11 days due to the data required to generate the chart.....and it costs $300 a month for the data feed. I doubt you will find it for free.

Ahh but that is not what you asked!! Of course that would be the smart thing to do and we will all be happy when/if such a smart route occurs. To my knowledge there is no such smart route. Surely the programming is available, but the difficulty lies with the smart route having to cancel the...

As a matter of fact I have used the VTS smart route and seen this happen yes....but that really is not relevant to my point. Regardless of whether or not an order goes to SOES via a direct SOES order or via a smart route like with VTS, the issue is the same. If there is momentum in the stock...

A long time ago it happened to me all the time. When the masses are buying and I am buying also...the SOES queue will be backlogged guaranteed. So I look for fleeting ECN volume where the fastest one wins. Now I rarely use smart routes (ARCA is the exception) since I feel I can do it better...

Sure it does....but the execution itself is totally dependant on market conditions. If the order goes to SOES when there is no ISLD/ECN liquidity, obviously the SOES queue may be backlogged and you sit there with a live order waiting...and waiting...and waiting.....meanwhile you could have...