ECNs that accept STP orders and DON'T route out.

Discussion in 'Order Execution' started by nipapage, Oct 4, 2011.

  1. nipapage


    Can anyone help me locate a list of ECNs that accept STP orders AND don't route out.

    Sometimes in my automtic trading strategy I have to get out and the fact that the destination I am using doesn't route out is causing me problems.

    Thank you.
  2. O'Leary


    The answer could depend, in part, what trading platform you are originating your orders on. Usually the different market centers provide that kind of info on their respective web sites, but the trading platform you're using may also have certain logic in place that dictates how, where and when your stop orders would go and the behavior associated with it.
  3. nipapage


    Thank you for the response.
    I know that various trading platforms have the so called server stop loss order type (S-STP),
    that emulates the functionality of the stop at every destination by releasing a market order when a stop price is reached or crossed.
    That's not what I am talking about. I am talking about real destinations like ARCA for example. ARCA by the way doesn't accept STP orders.
    As I have found out from the time I posted, NYSE accepts STP and does route out, but only for the NYSE listed stocks. I am looking for the rest...........

    Thanks again.
  4. O'Leary


    I believe that EDGX does, but without meaning to upset you, I'd respectfully suggest that you'd get a more meaningful/applicable clarification from directly posing the question to the firm whose automated trading platform you're using. Good luck!
  5. nipapage


    Thank you again for the reply.
    I did ask my broker, and their reply was that "we don't have such a list". I know its an unacceptable answer, but some times it is what it is. For that reason I reached out to this forum.

    Thanks again.
  6. ASE1245


    I believe the NYSE is the only exchange that excepts STOP orders. If the stock you're trading is not there or you want to route to an ECN, then you'll need a platform that will "hold" the order until the STOP is triggered, then will either enter a market order or limit order for STOP LIMIT.