I am curious. I just realized (duh) that IB does not route to any of the regional exchanges, e.g., Chicago Stock Exchange, etc. Does anyone know of a broker that has the capacity to route to any of the exchanges? Has there ever been a reason why you would want to route there, other than the obvious one that perhaps prices might be better there? nitro
price improvement...I often see the the regionals bidding up/offering down a stock a few pennies ahead of the big board. Just another tool I guess...
they really are supposed to match the better bid or offer....otherwise it results in a trade thru which is illegal (not that it stops anyone)......on the other hand some brokers routinely route to the regionals cause they pay for order flow....then YOU really get ****ed....say the best bid is .20...but ny has a .24 buyer who isnt showing the bid......you would sell it at .24 in ny....but if it goes to the regional u get .20.
Mid-west ( chx) offers price improvement and had over a 1000 NAz stocks listed on the floor...PDX may be member of Chx.
I have routed orders to the PSE just to get out of positions after 4pm. They trade until 4:15. If there were no bids or offers on ECN's this was a way of getting out. Peace, RS