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Understood, thanks for the handy links! Oh quick question forgot to ask at the beginning: Does parity apply to ALL 4 NYSE owned markets - NYSE, NYSE National, NYSE ARCA, NYSE AMEX? Thanks for the help!

Put your comments in my routing notes, thanks a lot! My questions were about identifying which acronym represents which exchange, not necessarily the routing rules / nuances about the exchanges themselves. Does Egea (in TWS) = Edga (the actual exchange)? Does DirectEdge (in TWS) = Edgx (the...

Hi Order Execution Warriors! Can someone please tell me the difference between these 3? I tried to reconcile the TWS site w/ the CBOE homepage site w/ multiple internet searches - without a firm final breakdown. I trade only equities, mostly extended hours, and am trying to understand the...

Hi Order Execution Aces! Can someone please tell me the difference between these 4? I tried to reconcile the TWS site w/ the CBOE homepage site w/ multiple internet searches - without a firm final breakdown. I trade only equities, mostly extended hours, and am trying to understand the...

Thanks for expanding on a real-world example @smallfil ! What you said helps me understand the same about some of my NYSE equity trades, and I will keep your dropping a couple ticks exit strategy in mind!

Thanks a lot for this order execution gold @Robert Morse ! I added it to my notes. When you say the open and the close do you mean in the last 15 mins, last hour, or only if I'm submitting specific open/close order types like market on close, limit on close, etc? What would you recommend for...

If my understanding is correct, it can be done in "Amibroker". Oh wow good to know thanks a lot @Eli Stern !

This snippet was exactly the type of color I was looking for - thanks @Robert Morse !

Understood both responses, thanks a lot!

Oh and you said, "The NYSE order with the broker has a big advantage with stocks that do not move much but have a lot of paper on the order book." Does that phrase mean the broker has a lot of resting orders on the book?

Whoah thanks for the detailed example! Everything about your example made sense - the split concept, only affecting NYSE not other venues, and the matching parity process. My question is - does parity apply to quotes outside of the NBBO? Sorry if I am wording this confusing. Say $10.10 x...

Oh and if their clients are not matching the NBBO, but just matching your limit order which sits outside the NBBO - do they still get a match?

You are one knowledgeable dude you know that @Robert Morse ! I'm going to start calling you Google Robert = Goobert. Thanks for putting the article in context. Are the NYSE permit holders just DMMs or can also include the hedge funds, HFTS who hire floor brokers?

Hi Lovers of Order Execution! :D Short article by Themis Trading on NYSE limit order jumping "on parity": https://blog.themistrading.com/2019/01/the-cost-of-parity/ . If I understood this article correctly - Designated Market Makers (DMMs), floor brokers, and people who hire floor brokers...

Thanks for the link! LS Trader, Sterling, and Eze EMS all seem similar per the comparison chart on the link. I trade only equities, usually 50-100 roundtrip trades / mo, mostly catalyst events (earnings, news, etc), usually extended hours trading, with custom routing, mostly limit orders, hidden...

@ETJ - Thanks for posting the fees listing PDF! Yeah ok so this is above my level then lol.

Understood, thanks for clarifying these points! What is an example of a setup considered trading via API?

Understood everything you said, makes sense, thanks a lot for clarifying!

So if I have NinjaTrader / Sierra Charts, use Kinetic, etc data feed, submit or automate the trade through NT/SC, and have it executed via IB - is that considered trading via API (where no IB data subscription is needed)?

@emojitrading - Thanks for this link. It was exactly the type of clarification on the real-world application benefit of direct data (even if rebroadcast) I was looking for! @Robert Morse - Thanks for all the details on the costs / limitations of exchange direct data, you saved me hours...