Registered: Aug 2011
02-22-12 01:07 AM
"In terms of routing, you likely have a lot more venues to choose from, but are they considerably faster than the limited routes offered by retail? I have the impression that the HFT guys are competing in the routes used by prop firms (BATS, ARCA, EDGA, EDGX, etc.) so extensively that it's difficult to get filled with those routes unless the market goes against the trader. Retail orders, on the other hand, are mixed in with the internalized order flow, a flow which HFT firms don't always have access to. Would a retail order then prevent me from being front run by HFT, or is that just a naive belief? And what's your most favourite route? (No need to answer this one if it's strategy sensitive.)"
I was under the impression retail was always routed to say, a Knight trading desk. Is this what you mean by internalized flow? Can you choose that your orders be routed to the exchanges under a "normal" retail account?
Speaking of which, do you know what your latency is in getting your orders to any of the exchanges? I remember reading you trade with Echo.. do they perform a risk check before sending your orders to the exchange?