Non-SuperMontage Participants

[qazmax]

Does anyone have a plan for executing against non-SuperMontage participants?

e.g. 50.00 bid is a non-SM participant ECN. How will you trade against it if it s not a ECN your broker has a direct link to?

Most brokers only have direct links to the big ECNs...

 

[weewilly]

if your broker does not have a direct link to the ecn u want to trade against, i presume u can still preference the order with selectnet from your L2 screen. i believe the new preference rules do not apply to ecn's. of course u can only remove liquidity from those books, not add liquidity. to add liquidity, i.e. place limit orders on the ecn book itself, u must have a direct link.

wee

 

[qazmax]

SelectNet becomes Directed Super Montage.

Directed Super Montage is for Super Montage paticipants only.

So that won't work...

 

[esc_trader]

You have direct link to ARCA? They will route to other ECN of no match internally on ARCA.

 

[qazmax]

Originally posted by esc_trader
You have direct link to ARCA? They will route to other ECN of no match internally on ARCA.

ARCA only has a few direct link ECNs ISLD, INCA (and Btrade sometimes).

They cannot send the order to an ECN who is not particpating in SuperMontage via a Nasdaq service like they used to.

 

[trader963]

redi proactive