Ok how do I do it? If I send my order to ARCA, does it go through a dark pool? If Arca is not a darkpool, and not the inside market, and it reroutes me to another exchange that does use darkpools, will my order get flashed?
If you send an order directly to any ECN with whatever their corresponding "no route out" tag is, I don't think it can go anywhere else. If, that is, your broker/platform lets you send that type of tag. Regarding flash, I don't think this is possible unless you route a flashable order to one of DirectEdge's exchanges -- DirectEdge's exchanges are the only ones that still use flash, or at least that's the latest I know.
ARCA has nothing to do with darkpool. I don't think it even shows up on any L2. I can't deal with darkpool stuff since anvil doesn't support it, but i believe some APIs have routes to darkpool exchanges.......
i dont have a clue but in the 70's 80's currency was mostly exchanged at large banks,some national,some international, it was never on the tape, i think dark pools are exchanged the same way, in house,,,,is this correct
No of course not. Every trade on listed securities goes on the tape. The internalization you are probably thinking of just means that the shares are never displayed and traded on an ECN or exchange.