BATS 1/100 of a penny execution

Discussion in 'Order Execution' started by WhiteOut56, Sep 28, 2010.

  1. So I sent a sell order to BATS and got filled @ 10.5201.

    I know that brokers will sometimes internalize their orders and fill @ this price.

    But this from the ECN BATS. I called BATS and they said it's a dark liquidity venue. But what I want to know is how do I get to be the buy side of this??

  2. Occam


    That's bizarre.

    Did it really go to BATS? Or did your broker internalize it?

    Try calling your broker or BATS and ask the question you just asked here ("how do I get to be the buy side of this?") --- I would be really interested in their answer.
  3. EricP


    I got the same kind of fill this morning on a marketable order to BATS. Personally, I think it stinks, as this means that our passive limit orders on BATS are now being queue jumped by these dark pools, which get an early peek and fill opportunity. I don't watch particularly closely, but today was the first time I noticed it.
  4. Occam


    I never saw a subpenny fill on BATS when I used it, but then again I switched back to Nasdaq for almost 100% of my trades as it seems I get better fills there by the numbers I ran.
  5. you don't have to worry about this w/ posting on BATS. A BATS order will look to hit the BATS book first, and then to the darK pools, and then to other displayed liquidity
  6. trom


    Not if he sent routed to Dark Scan.

    That routes:

    1. Dark pools
    2. BATS book
    3. More dark pools/outside liquidity
    4. Other displayed markets
  7. good post. I have to say I was totally unaware of
    that. Just another example of how the liquidity provider gets screwed.

    I like the video don bright posts about how a bright trading can't even get filled long in the flash crash.