def i'm starting to see some of the smart order fills on nasdaq are seeing some slippage since ib's arca is not proactive. i'm seeing some 1-3 cent slippage in fasdter moving stocks. i understand why you don't have proactive arca as it add's another .0001 to your cost and you have an all in rate. but somebody throwing smart order markets back and forth on ib needs to be aware of this
bellman, If you do a search at ET, you will see valuable information regarding, Genesis, IB, TradeStation Securities, RML, etc. I think if you/moderator move(s) this thread to Direct-Access Brokers section, you will hopefully get more responses. RML is not the only one that gives you +/- ECN rebates. For example, MyTrack also gives it. Depending on your trading styles, one broker could be better than others for you.
GTC, thanks for the general comments. Believe you me, I have been searching on ET and google for all the information I can. Perhaps this thread would be better placed in the retail broker section. I'm not sure. I chose to post under order execution because that is the specific comparison of brokers I would like to make--how their orders are routed and how well orders are executed. I have been pleased by the response in both posts and PMs, and I promise to post whatever information I find out. I am liking what I see at Genesis.
downfalls to genesis are a $200 per month software fee and a stiff .0005 per share charge for there sdot for nyse orders
You are not being given a straight answer here. IB allows routing direct to all ecn's They do not use ARCA's internal routing but that is not an issue. If you want to trade on INET , BRUT, or SOES or whatever , you can just direct to them straight out. IB smart routing is also quite effective and will fill your order quickly.