Go to the instinet site -- looks like they are coming out with their own version of Smart Routing orders -- or maybe I should say their own version of Supermontage. Look like their fees will be .003 if you take the liquidity from Instinet or Island -- but .004 if you are routed outside of instinet/island --- like arca,brut, market makers -- Does that .004 include all charges or will you have to pay an addittional .003 if you are executed on say ARCA ?????
Looks to me like it should be a good route to send marketable orders. ARCA has the same fee schedule (0.3 cps internal match, 0.4 cps externally routed), however, ISLD/INCA has much more liquidity that ARCA. As a result, you will get many more of the 0.3 cps fills with ISLD/INCA than you ever could with ARCA. By the way, I sent a number of marketable orders to INCA (versus ARCA) on Friday and they all seemed to fill quickly (<= ~2 seconds). I did not carefully review how many of the stocks had ISLD/INCA on the inside to match my order, but I found it somewhat surprising that so many of these orders would instantly fill. To answer your question, though, the 0.4 cps cost should be the entire cost for this fill, excluding commission/SEC fees. Any third party ECN fee is already covered and rolled up into this 0.4 cps price. I assume, however, that the expensive ECNs such as BRUT and ATTN will not be avoided for any external routing by this smart route system, just as they are for ARCA. Best of luck, -Eric
oh geez, another one... didn't ARCA and REDI make it very clear that "smart" ECN routing is a waste of time?? then again, i am spoiled by IB's smart routing... SUPERMONTAGE = SUPERFRAGMENTATION
Will INCA send orders to Supermontage to trade with MM's and ecn's(besides ISLD),even though it's not participating in Supermontage?