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Thank you.

Thank you. Can you explain what you mean by "outside enveloping"? Sorry I didn't understand your jargon.

Thank you for clarifying matters. Can you still clarify though, does "Smart" indicate the counterparty was Timberhill? And does "IDEAL" indicate the counterparty is another IB customer?

Thank you, what you're saying makes sense regarding IDEAL. RE: "Smart", is that Timberhill?

When you think maybe someone "overbid", if it's a retail trader I would be more tempted to take it out.

Among other factors, the MM knows which broker, the specialist somehow "knows" where are the "pressure points".

Yesterday, someone who had a bid at $19.10 on ARCA for 100 shares to buy (actually a hidden order for much more as well), I matched him with 1,000, and got an instant fill, and I believe he got nothing. This was with IB on ARCA.

In other words??

It seems quite obvious the MM's & specialists are able to identify retail traders, so it's surprising we can't identify each other. After the trade is it possible?

Is it true that on level 2 there is a difference in the color?? when a bid is placed by a retail trader? Is there some other way of identifying who is a retail trader (e.g. with IB? Thinkorswim?)

Thanks. Is it correct that a particular player with such a program (specialist? MM?) is often listed on several exchanges at the same time? I get this impression because of the situations where the bid gets lifted, as it seems the bids & offers on all the exchanges suddenly turn "red" in...

If one's broker is a MM, like IB, does one sometimes get "cut ahead of" before they submit your order, even if my order is bigger?

Is it true that when your order is filled under IDEAL, that is an indication your counterparty is IB? (I was told by customer service that you can only tell which exchange your order is filled at, but the exchange will not tell you with which MM--however, you can still identify when IB is your...

Do the algos go based on the stock? Or based on the broker you're using? I.e. do two customers with 2 different brokers go thru the same "algo" experience?

Would this occur by Thinkorswim? By Genesis Securities?

Sometimes I find it difficult to become the best bid or best offer because it seems the algorithm of some market maker?? comes to beat me out by one penny. Does this happen only with certain brokers? Or it has nothing to do with your broker?

Is there something an IB client must do to qualify for price improvement for stock trading? I don't seem to be getting this with IB.

Thank you much. Does anyone disagree?

Thank you, as this is valuable information.