Can smart order fill two different places or brokers send just to one ecn or market maker ?

Discussion in 'Order Execution' started by faxike9226, Jan 13, 2020.

  1. for example, i send a order to buy 2100 stocks for 5 limit

    ARCA ecn - sell orders
    100 - 4.96
    2000 - 4.97

    EDGX Ecn -sell orders
    100 - 4.95
    2000 - 4.98

    Order will be filled just one ecn ?
  2. Robert Morse

    Robert Morse Sponsor

    You're asking how a smart routed order will work when all smart routes are built differently. If you have access to route your order without a smart route, and the above are the only offers in the world, REG-NMS would demand an order sent to ARCA to route out to EDGX for the 100 shares at 4.95, then route back to ARCA for the 100 shares at 4.96, then fill your order at 4.97 on ARCA. If you sent it to EDGX, you would get filled on the 100 at 4.95, then route out to ARCA to fill your order on ARCA at 100 at 4.96 then the balance at 4.97.