Qicker Fills Arca or INET

G

gkadir

Dear Traders,

I wanted to ask some simple questions.

Which ECN is best for faster fills for Nasdaq stocks.
I hear that INET is good for certain price levels but Arca is more liquid at all price levels.

I have an indicator that tells me if this level breaks then I should go short/long, so at that point I just want to get a fill, so whats the best way to do this.

On NYSE stocks, to get a quicker fill is it best to use an ECN, DOT or NX an order?

Also on an NYSE, lets say the stock is trading at the inside offer of $50.50 and its NYSE. If I sent a limit order of $50.60 to go long, does my order go the specialist or am I NX the order?

On Nasdaq stocks, If you want to go short there is no uptick rule with ARCA, is that the same case for INET?


Thank You
 
haven't noticed any difference between arca and inet but day trading most nyse stocks on quick ina nd outs is tough. take a tol unh aet bzh.. once the futures move up its almsot always by 1 and you sjut can't get a fill at the ask. even unh with 1.3 billion shares has many illiquid bid asks. the naz is os much easier to get a fast fill. the only fast fill on nyse seems to be using arca. i've noticed arca is appearing more and more as the best quote many times on nyse stocks
 
Quote from gkadir:

Which ECN is best for faster fills for Nasdaq stocks.
I hear that INET is good for certain price levels but Arca is more liquid at all price levels.

The speed of the ECN is almost irrelevant relative to the speed of you sending the order. If your ECN of choice is the NBBO then you will get instant fills, (practically speaking). If they have a direct line to another ECN that is the NBBO you will also get immediate fills.

What is more important is knowing how your broker's order routing works and knowing who usually provides the most liquidity in the stock and who is currently there on level 2.

On NYSE stocks, to get a quicker fill is it best to use an ECN, DOT or NX an order?

NX is the fastest way to trade on the NYSE, and since anything that goes NX which is not eligible ends up on the DOT anyways... For the question of speed on the NYSE you can drop DOT from your vocabulary. Only use DOT if you appreciate price improvement from the specialist.

If an ECN is there and the liquidity displayed is large enough to accomodate your order then always go with the ECN over the NYSE/AMEX if speed is all that matters.

Also, on an NYSE, lets say the stock is trading at the inside offer of $50.50 and its NYSE. If I sent a limit order of $50.60 to go long, does my order go the specialist or am I NX the order?

NX is a code that goes with the electronic order from your broker to the exchange. Usually something like this...
E.g. B,100,EFA,52.60,MMID,NX,GTC

If you broker includes the NX it goes NX, if they do not it doesn't. You have to ask your broker what happens with your orders in all circumstances.

On Nasdaq stocks, If you want to go short there is no uptick rule with ARCA, is that the same case for INET?


Uptick = Excahange (NYSE/AMEX)
Upbid = Nasdaq/ECN

ARCA marketing (and Prop firm sales guys) love to tell people they do not need an uptick/upbid on ARCA. Only true if both sides of the trade are on ARCA.
More...
:)
 
my experience is more Arca liquidity on NYSE

they pretty much equally as fast in terms of fills
but i have heard INET api is a little bit faster for programs
 
if trading NYSE and posting a bid/offer you will get more fills on INTE than ARCA... I believe it has to do with the fee structure... (people get small credits for removing liquidity on INET, where ARCA charges.....) PLUS, on most NYSE stocks INET isn't quoting through the NSX so you can cross and lock the NBBO, which is really handy for getting out on a tanking stock (or getting out of a short when it is ripping.....)

my $.002

mnx
 
You must log in or register to reply here.
Back
Top