Lightspeed Order Flow Finra Violation Dissappointment, Suggestions?

Discussion in 'Order Execution' started by Yogi88, Apr 3, 2021.

  1. tonyf

    tonyf

    The Lightspeed VP who always finds something to say on every other post on this forum is conveniently giving this on me a miss.
    Robert Morse is his name I think. Now is the time to speak up. And I am against 'private" negotiations as well regardless of your internal policies.
     
    #31     Apr 10, 2021
  2. Dicer

    Dicer

    Depends on which type of order you are using. If you submit traditional market order/limit order from home, the distance between CME and VPS is not that important......unless you send that is time conditional order.
     
    #32     Apr 13, 2021
  3. Fain

    Fain

    This isn't true. Re-routes happen a lot even if you directly route to a venue.
     
    #33     Apr 17, 2021
  4. d08

    d08

    Not for me over thousand of direct routes. I trade equities.
     
    #34     Apr 18, 2021
  5. FSU

    FSU

    This hasn't been the case for me (trading options). If I direct route a sell to the CBOE, but there is a bid for the option at the PHLX, the order will be sent to the PHLX if the CBOE MM's don't want to fill at that price. I will then pay an extra "linkage" fee charged by the CBOE along with any taking liquidity fee at the other exchange where it is filled.

    So basically if the NBBO is showing a better price then the exchange I directed it to, it will be re routed there if marketable and the exchange I directed it to won't match.
     
    #35     Apr 18, 2021
    d08 likes this.
  6. Robert Morse

    Robert Morse Sponsor

    FSU-Some software gives you the choice to not-route out, but since you can't cross, you might not get filled. Sterling has that ability, but I've never tested it. We also offer an Option SMART route with no pass through of option exchange fees except cash settled indexes.

    upload_2021-4-18_8-52-31.png

     
    #36     Apr 18, 2021
  7. FSU

    FSU

    This is a nice feature. My current software won't allow this (I recently asked).

    Curious how it would work though. Would a crossed market be displayed? So if you send a 1.50 offer on an option to the CBOE, and there is a 1.50 bid on the PHLX, would you see a crossed market if the CBOE didn't want to fill? 1.50 bid at 1.50?
     
    #37     Apr 18, 2021
  8. Robert Morse

    Robert Morse Sponsor

    I’m not sure. My guess is that there is no cross and your buy order remains at a lower limit until that offer is filled. If you are really interested, contact me directly and I’ll ask.

     
    #38     Apr 18, 2021
  9. dholliday

    dholliday

    I second this. A couple of years ago I saw (and still see) a guy on YouTube showing almost daily gains of tens of thousands of dollars. He was looking for a broker with good fills. He tried IB and did not get the fills he thought he should get.
    I went and looked at the actual data at the time he made his trade. Very, very low volume. It was very clear to me that this unnamed YouTuber... make your own conclusions.

    I just scrolled down and saw the YouTuber (thank you Yogi88). The volume was not anywhere near 100K at the time of the trade. Maybe 100K for the day. It was near zero (as I recall no more than 100 shares every few minutes) at the time of his trade.

    I have no doubt that IB is not the best choice for everyone. And with some digging, you can probably find experienced traders here on ET than can explain their reasons.

    I have used IB for many years, but I don't use anywhere near all of its features, so I'm not an expert by a long shot.
    This is only my opinion/thoughts at the moment.
     
    #39     Apr 19, 2021
  10. Fain

    Fain

    Most people use such anecdotal "evidence" when comparing "Fills" but very few measure the quality of executions. For example if you Did 1,000 trades at Broker A and 1000 trades at Broker B and kept most variables the same, you would measure the prime improvement against NBBO.

    That's better than a Youtuber saying on Monday I did this and it was a good fill and Wednesday i did this at another broker and it was a shitty fill.
     
    #40     Apr 19, 2021