routing orders

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Hi i'm new

What are the advantages/disadvantages of putting orders through ECNs, REDI plus, thru a trade desk, calling down to the trading floor?


I heard a trader say he prefers redi plus to ecns but he would like access to a trade desk or be able to call down to the floor?


isnt it all the same?
 
You must first know the difference between listed stocks and OTC (over-the-counter)

Listed stocks traditionally traded on exchange floors - calling the order down. These are stocks with 3 or less symbols. (They can be traded on ECNs or with market makers as well.)

OTC stocks have more than 3 letters. These do not have a centralized exchange. ECNs and market makers are the tools for execution. ECNs display orders and mtch them electronically. Market Makers trade to make money.

:)
 
The only reason to call a floor broker on the NYSE is if you have a large order.



Quote from WestCoastTrader:

is redi plus just for listed stocks?

is there an advantage to calling in trades to the floor?
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:)
 
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