To close out a few questions from earlier...
The alogorithym we use does seek out all 9 ECNs and each MM then routes the order to the inside price at default targets ECNs then MMs if no ECNs are available. This technology is truly amazing. By the time my figer pulls off the enter key I'm already receiving confirmation fills back to my Account Manger and its tracking my P&L.
Next, if INCA and a MM were both at the inside I would route the order depending on my share size. If my size was equal or less than the MMs display I would SOES him, if my size is greater then I would direct to INCA...INCA charges us .005/share and we're negotiating them down currently.
Third, at my firm ISLD is free up to 1,000 shares then .0035/share up to a max charge of $3.50. GREAT DEAL!!!! You can trade 5,000 shares for base +$3.50
