Does anyone have a plan for executing against non-SuperMontage participants? e.g. 50.00 bid is a non-SM participant ECN. How will you trade against it if it s not a ECN your broker has a direct link to? Most brokers only have direct links to the big ECNs...
if your broker does not have a direct link to the ecn u want to trade against, i presume u can still preference the order with selectnet from your L2 screen. i believe the new preference rules do not apply to ecn's. of course u can only remove liquidity from those books, not add liquidity. to add liquidity, i.e. place limit orders on the ecn book itself, u must have a direct link. wee
SelectNet becomes Directed Super Montage. Directed Super Montage is for Super Montage paticipants only. So that won't work...
ARCA only has a few direct link ECNs ISLD, INCA (and Btrade sometimes). They cannot send the order to an ECN who is not particpating in SuperMontage via a Nasdaq service like they used to.