Keep it simple. Do you receive payment for orders because your 606 says you do... Material Aspect of Relationship with Venue Payments received from Lampost Capital average less than $0.0003 per share Charge from APEX average 0.0003 per share with 50% profit-sharing Payment received from Cboe EDGX Exchange, Inc. averaged 0.00265 per share Payment received from SageTrader, LLC average less than 0.0025
Apparently they do. Vanguard customer orders are routed to Citadel, VIRTU (Knight), G1 (Susquehanna) , UBS, Citigroup, etc. You can look up SEC Rule 606 reports for Vanguard and other brokers here: https://vrs.vista-one-solutions.com/sec606rule.aspx
Almost all firms sell their order flows. Only IB doesn't. Small firms can't survive without it, it is a big chunk of their revenue. https://www.interactivebrokers.com/en/index.php?f=563 https://www.interactivebrokers.com/en/index.php?f=44074#section-pfof-drop
Do you support Linux users? Just curious. Not talking about webware... talking about actual Linux ports of the desktop trading platform. So far I have only found IB and TDAmeritrade to do so.
How, exactly, would auto liquidation of customers positions have changed the outcome of MF Global? They universally hurt customers and do nothing to make IB any "safer". Your chances of losing a significant amount of money when IB autoliquidates you on a position that is literally impossible to lose more money on than your margin (like some spreads "the algorithm" chokes on) are very real and it's happened to many of us. The chance you lose money on an MF Global is very small, the chances that it was not caused by malfeasance on the part of the broker is even smaller. The chances that autoliquidation eliminates the chance of that... infinitesimally small! Sounds like someone has drunk the IB kool-aid.
Is the issue accepting payment - rebates - ATS fees - maker/taker fees - reciprocal trading agreements or routing to HFTs. Or is it both. IB in their 606 specifically states they don't sell to brokers and uses a "Smart Router". That's just a synonym for self clearing. Does not really address the issue of routing fees paid by venues or MMs. Most genuine institutions will "avoid" interacting with any form of fees, rebates or reciprocal trading agreements. Part of the reason the 606 will be revised in late 2019 or 2020.