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As clearinghouse said, you really have to ask your broker if you want to know what these routes are. I'd be very cautious in using any of these unless you have word from your broker about what the route is and how it works; Sterling's API may even report misinformation about what the order is...

Thanks for sharing your experiences here, mksummny. Yours is a very interesting story indeed. I am not one of the "old school" posters, but I will opine that the market has changed somewhat in recent years -- I'd say that it's become more efficient at the microstructure/very-short-term...

I think this will help, if it goes through: http://www.bloomberg.com/news/2012-09-07/odd-lots-considered-for-official-count-of-u-s-trading-volume.html

Theoretically, nothing should happen to account assets -- they should just transfer -- but practically, that isn't always true (although it usually is). Google "mf global", "penson", and "PFG Best" for three very different examples of what might happen to client accounts/assets if the broker...

That trade had a flag of "average price" from Nasdaq. Maybe it's for one of their "benchmark orders" using VWAP etc throughout the day? See this link: http://www.nasdaqtrader.com/Trader.aspx?id=NASDAQBenchmarkOrders_FAQs

You could download the C++ version of QuickFix and look at their examples. This is the "real deal" -- the type of programming that many brokerage firms, exchanges, and HFT's use (although not with the freeware QuickFix version of FIX). However, it's also true that the time commitment to become...

Escape what? I'm suggesting that any PFOF rebates be required to be passed on to the customers, as indeed many institutional brokers do. I doubt there's anything smart about "smart routes", at least among the ones offered to retail. They generally act in the broker's best interest, not...

I would rather that explicit brokerage fees were higher in exchange for the elination of PFOF and other kickback schemes, because if it were so, then overall costs would be much lower. Retail customers are ripped off on every trade and the vast majority don't even know it -- in fact, you can't...

True. Brokers should generate their income off of explicit fees rather than back-door income such as interest on cusomer assets, internalization, and the sale of "muppet" order flow to wholesalers such as Knight. A lot of this could be straightened out simply by forcing brokers to pass on...

From a social prospective, there's a very significant need for that type of criticism (not against specific individuals, but in a general sense). Because the outcome of such actions is the death of Western societies, not to mention a lot of broken hearts elsewhere. Of course, such behavior is...

Maybe I'm being dense, but I don't understand your question. Whose data would you be fetching? And why should you get copyright to it just by fetching it, unless you own the trading venue from which it originates? If you want to sell data as a service, then my undestanding is that you have...

That would make sense. Did you hear this from a reliable source, or can you give a link to the story, if any? That would explain why they kept going for 45 minutes, which isn't easy for me to understand absent something like what you just described.

There are now many legal exchanges for any stock, not to mention off-exchange venues. What you propose would of necessity be a radical change, probably requiriing significant legislation. Maybe it would be good to go back to a one-exchange model (stocks only trade on the exchange on which...

Part of the incentive for doing this stems from the fact that such trades are not reported on the consolidated tape, giving "private information" to the sender of the 1-share order. You might be able to see why this is useful under certain circumstances. Really, the SEC should require that all...

This is probably due to either B/D internalization and/or the sale of order flow to wholesalers. Then the broker gets to trumpet "price improvement" of fractions of a cent per share while using executing a policy that easily costs end investors billions...

Unfortunately, most individuals who put in 000's of hours to "learn trading" will probably have nothing to show for it. Case in point: most former floor traders are now finished, unable to make it in the electronic markets -- and these are people with access to capital, not to mention related...

As someone who trades equities, I certainly wouldn't call Knight a "good name". Their core equity trading business model is based on little bribes paid to retail brokers for "muppet" order flow. (This, and B/D internalization, is where the nastiest of the "subpennying" comes from, by the way.)...

It was Knight, apparently -- see also this thread (not to mention any newsfeed for KCG): http://www.elitetrader.com/vb/showthread.php?threadid=246877

Whose position, Knight's own? Link? Thanks.

Where'd you hear it? Should we contact the exchanges before any runing comes out? Even in the best of times, Knight's PFOF business model screws the exchanges, retail customers, and lit-exchange traders. The exchanges shouldn't allow them to get around their own bug (not to mention cause...