direct odering or smart order routing

Discussion in 'Order Execution' started by hardcash, Oct 19, 2003.

  1. i have an account with IB.

    is direct order routing for stocks like DIA, QQQ, SPY better than smart order routing ? and if so, what exchange has the best volume/prices/lowest slippage ? is it better to take limit order ?

    recently i had 30-40cent slippage on SPY with a market order over smart routing, bit too much.

    thanks for any shared experience.

  2. I guess smart order routing doesn't do you favour when
    price is moving away from you very fast. It can find you
    better prices in slower markets.

    I have tried this before, and come to conclusion for better
    way is to Place you order 2-3 cent above ARCA bid or 2-3
    cent below ARCA Ask Price. With some plateform this can
    be set (configured) in hot keys