Dear Friends, take a look at this web site. http://www.sonic.net/donaldj/day.html Is it true about IB? Thanx Raphael Aranha ----------------- It's written: One of the daytrading brokers has this to say: "IB and Web Street and RJT offer what they bill as direct access, but they intervene, in various ways, depending on the order, and they are very limited on which ECN you have direct access with (usually ISLD only because they will pay for order flow in some cases). This enables the firm to sell order flow. This is how IB is able to offer such low rates. Direct Access does not mean direct access to the ECN or market maker that the firm has a relationship with, it is direct access to all the markets. Having direct access to a particular ECN can give you more control than a web based system, but it is not the same as true direct access. Some customers don't care or don't even understand the difference, but a professional trader does. IB does a good job in giving traders cheap fills, and sometimes they are at good prices, but the customer does not have direct access to all the market makers or ECNs and this is true at RJT as well.(3/26/01)"