GOING TO ARCA @MARKET (how do you stay away form NYSE)

Discussion in 'Order Execution' started by newycity, Apr 11, 2006.

  1. newycity


    I am sending market orders to arca to grab timely executions. Whatever I am not getting filled on is routing to NYSE and sitting there forever.. How can i send orders to arca and have them remain there??
  2. Depends on your broker/software, but there should be an option in the order properties.

    For instance, with Lime, you set


    "(currently only available for ARCA, default is false). Allow the order to be re-routed from the specified route to the source of the NBBO for execution."

  3. ig0r


    I don't think you will be able to preference with trade-thru rule in place now, correct me if I'm wrong.
  4. br careful arca market is another .0001 per share plus the fills can be above or below. but i believe many times if arc's a certain amount away from the nyse bid ask they won't fill automatically
  5. You need to move to a broker who will give you some control over order routing. I recommend and use Interactive Brokers. They will allow you to send your order to ARCA, or anywhere else, and keep it there, without re-routing, if you so choose. IB also provides many other routing choice via its SMART order-routing software.

    IB is not suitable for somebody who hasn't yet learned his ABC's of trading. You need to learn more about trading. If you are a good, self-motivated, self-starting learner, then IB is, in my opinion, your best choice. I also think that a beginning trader should stick with highly liquid stocks, and stay away from futures and so-called "foreign currency" trading. Liquid stocks are the place for the beginner to learn about trading.
  6. newycity


    I have been a trader for 8 years, my problem is the working knowledge of these ecn order routers. This is my first prop trading experience where i had to have fastest executions. I dont know how many hops arca has compared to island etc. any more info out ther is still appreciated.. thx all
  7. kjsnow25


    I think you also have to take into consideration the speed at which you ar reaching the ECN's, and the validation of that order vs. a short list, buying power, and disaster recovery, etc. Simple ping times aren't good enough in this case, if you are looking for speed and client directed order routing. The client does have the power whether to self route or go out to a smart router, but any broker claiming that there isn't extra hop time to do this is not telling the full story.

    You need to find a broker where you can self direct, and that has not only the speeds, but the ability to move tons of order flow, and doesn't limit the symbols you look at, the amount of symbols you can trade, or slow down the process in any way.

    That's where it's more than just speed or just a generic "we have connectivity" broker. It's becoming a fairly specialized field, and some around here think a slower option is a good idea. I don't!

    Some ECN's have better technology than others, too, clouding the rates at which you can access/trade them. Self directed would only help you exploit the speed differentials here as well....