I wouldn't care about "hiding" anything... I'd expect to be nailed for a few cents on the fill. Just better a few cents than a "lotta" cents.
Market orders, generally. No sense is missing a fill to save a few cents with a limit order... right? I'm expecting to execute online myself. Not day trades unless stopped. Trades for myself and family only.
Go with any reputable direct access broker. IB is fine. Just take a limit order and cross the offer by a few cents. Your limit order must be set to route out. For example, OIH is bid $98.38 x 98.39. Send a limt order to buy 10k at $98.44. This will act as a psuedo market order with price certainty. This order will sweep every available share beginning with $98.39 up to $98.44. Your worst price filled will be $98.44. This scenario assumes you're looking at a level 2 screen and see more than 10k on the offer up to $98.44. Your fill would be instantaneous.
dont market...you need to cross up the market with a limit order. reg nms forced all the market centers to route to one another (except for some reason inet still doesn't route all the time). if you market and your broker send the order to the specialist and if your whole order does not get filled on level 1 then it will get routed to the specialist and from there your fills can be very bad depending on the liquidity of the etf and your position size. that sentence is long winded but i hope it makes sense. if you are trying to only buy 10 oih then you shouldn't have too much trouble with slippage...maybe a dime or so at worst depending on how fast the market is going. it is much easier if you can see how much is displayed by each market center . anyhow...your best bet is to just cross up the market with arca. i have no clue which brokers those would be so i can't help there.
I don't think any stock broker will do with that size. The best option is a direct access broker, like IB. Not sure I would want to go with GS prime broker. Just ask the guys who had their funds with Lehman prime broker....
$1M is peanuts this days. A small fraction of daily volume, in many stocks, not to mention ETFs. What scares me is that he is betting $1 million (which would make a nice retirement nest egg), into daytrading? :eek: If he isn't daytrading, then he would know that commissions and slippage aren't that critical for long term investing.