Cashonly has got it right. Esc Trader, remember that Redi and Realtick are front ends and that you must tell the front-end where you want your order routed in the fragmented mess called Nasdaq. It is confusing because Redi is the name of the SLK front end and the ECN. You should never have an Island order given a "look" by another ECN. Like Cashonly noted, the Arca and Redi ECN's (which have recently merged) have selectnet features which allow them to trade with the Nasdaq system (market makers and other ECN's) but which are slower than trading with the ECN directly. They do offer the advantages, though, of market orders, which other ECN's don't. Randomwalker, thank you for the head's up on the traders lurking in the listed Level II's. I have recently started to keep my level II up for the listed stocks I trade since more and more bids and offers are beginning to pop up (never really with any size, though.) As far as the Island adding liquidity rebate, it is a real rebate that the Island offers. Clearing firms typically pocket this but I'm sure if Echo is receiving it, other firms are soon to follow.