The EDGA route is the cheapest route that can be used to remove liquidity. In fact, as of Nov 1 2009 EDGA is offering a 2 cent per 1000 share *rebate* for removing liquidity (but charging 2 cents per 1000 shares to add liquidity). My question is, why is it that EDGA is not the first to be hit (whether on the bid or offer) when any orders are coming through to the market? If I were a broker or client executing a trade I'd want to find the cheapest route possible and hence go there first. Only if there is no liquidity on the free route (EDGA in this case) would I go to an ECN that charges to remove liquidity. But what we see in reality is that EDGA only starts printing when a level is starting to clear. Based on how I'd expect things to work, EDGA should always be the first ECN to get hit when orders come through, but most of the time what we see is that BATS, ARCA, NSDQ, and other ECNS that cost money to remove liquidity will be printing. I hope I'm making sense here. If you have any insight into this issue please explain. Thanks.