Routing: DirectEdge vs. Edgea vs. Edga vs. Edgx?

[Love2Trade$]

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 differences between these four to help develop my own routing methodology & for general market structure comprehension.

1. DirectEdge - TWS routing symbol (DRCTEDGE), stocks
2. Edgea - TWS routing symbol (Edgea), stocks/warrants
3. Edga - No TWS routing option, stocks, listed as an equity exchange on CBOE site
4. Edgx - No TWS routing option, options mostly but equities too? b/c listed as an equity exchange on CBOE site
5. How do the 2 U.S. equity exchanges (Edga & Edgx) match up to the TWS symbols (DRCTEDGE & Edgea)?
   1. Does Egea = Edga?
   2. How can DirectEdge = Edgx when TWS exchange listing shows DirectEdge trading stocks only whereas Edgx is for both stocks & options?

Links:

1. TWS Exchange Listing: https://www.interactivebrokers.com/en/index.php?f=1562
2. CBOE Exchange Listing: http://markets.cboe.com/us/equities/overview/

I gaurantee whoever answers this will feel warm and fuzzy inside for the rest of today's trading day! Thank you!

 

[Robert Morse]

EDGX has a maker-taker model like NASDAQ where adding liquidity you get paid and taking you pay
EDGA has an inverse model-you pay when you add you get paid when you take.

The problem is that there are very few resting orders on EDGA so if you take liquidity, looking to get paid and there are no resting orders, the shares are sent outbound and you get charged the same as EDGX.

 

[Love2Trade$]

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.

1. Does Egea (in TWS) = Edga (the actual exchange)?
2. Does DirectEdge (in TWS) = Edgx (the actual exchange)?

As I type this I am realizing it's probably better suited to the IB specific thread and will move it there. Thanks for your help as always!