Elaborate please.... What things do you check for between the time you hit the send button and the time the order is sent?
I do not want to pull teeth... but... Checking the price... can you tell us more? Checking the Size... what would it check for? How would it handle for different size amounts? Does it break it up? Route... well this is the whole thing... you summed it up with one word. Is there anything more you can say about what it does for these situations? What if an ECN is alone at the inside? What if a market maker is alone at the inside? How many direct links to ECNs? Does it check each ECN to see if it is at the NBBO before routing? How does it reach ECN it does not have a direct link to? Will it oversize an ECN? Does it use all Nasdaq services? SNET, SupeSoes, Primex, ITS? Does it have access to NYSE, AMEX, CHX? Does it keep statistics for execution performance? If so how do these factor in prior to sending the order?
programmers i have spoken with have also mentioned slowness as a problem, and smart never really enters into the discussion. especially problematic with the smart order routing has been very delayed cancels or no cancel at all. you can't pull a smart order like a nornal ecn posted order. however, apparently guys at a certain prop firm had been using redi to lock inca and thus take liquidity from inca through redi. traders would be charged the redi fee $2.50/1000 shares, and the firm got an inca bill with their redi bill. the few traders who were able to abuse this before the firm knew what hit them stuck it to the man for thousands.