What's the difference between C2 and CBOE? I had a order lock with it.

R

RabidTrader

On one of my option trades my order locked Markets with C2, I was using NOM they were using c2, what's up with that? What is c2 order routing for, is it something different than CBOE?

My order sat for a minute and finally got a print on Nasdaq while the c2 order was still sitting there. Is there any advantages using c2 over Nasdaq or CBOE or ISE? My Amex fills the quickest, much faster than NOM, GMNI or PCX, Amex is the exchange but costs extra to route!
 
C2 has the maker/taker structure on most options where you get paid to offer liquidity and get charged for taking liquidity. CBOE has the traditional structure where Market Makers are expected to offer depth and liquidity.

Options will often get executed 1st on the exchanges that offer the lowest cost structure for your broker because most customer flow seems to go through smart routes. That cost structure includes payment for order flow. The exchanges with the maker/taker model might offer them a higher cost.

Amex should not cost you extra as they don't charge for customer orders unless your order is re-routed to another exchange.
 
That you Robert! Once upon a time all I traded for was ECN Rebates using TRAC's ECN because it has the highest rebate of $0.0029 while others were $.003+ the other ECN Rebates if you took them. You already know this, if I took using ARCA that's $.003 and DATA was $.004 so I was out $0.007 already if I took.


The "Locked Market" brought back memories of orders sitting out on Island(CINN) "Keep it in the book" qualifier stacked on my ARCA and INCA was stacked.

You could see the BID and ASK was $3.30 x $3.30 because nobody wanted to pay ECN Fees. I saw orders sit for a half hour or get cancelled because we all were scalping for change.
 
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