Non-SuperMontage Participants

Discussion in 'Order Execution' started by qazmax, Aug 1, 2002.

  1. qazmax


    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...

  2. 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.

  3. qazmax


    SelectNet becomes Directed Super Montage.

    Directed Super Montage is for Super Montage paticipants only.

    So that won't work...

  4. You have direct link to ARCA? They will route to other ECN of no match internally on ARCA.
  5. qazmax


    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.

  6. redi proactive