Is anyone aware of a thread or site that discusses auto-execution policies of old-school/legacy brokers (that have their own internal order routing, usually to market makers/regionals in exchange for payment for order flow) i.e. etrade, brown, etc? I know things have changed a good deal from a few years ago, but my guess is picking off dealers on stale quotes is still a viable strategy since brokers have no choice but to demand auto-ex from affiliated dealers to keep their order execution stats (TAG reports, etc...) kosher.
Clearing firms/broker-dealers have always been notoriously tight-lipped about such arrangements. Most are specifically designed to contravene... The "get best execution for customer" ** legal requirement **... And instead fleece the lambs and pad margins at every opportunity. I used to be a B/D and my clearing firm would lie to me as a matter of course. I've been with IB for about a year... And I must say that IB has never lied to me. rm+