Here, from my IM with Goldman: DonBright (9:35:05 AM): GM...if we "wanted to" - we could basically route to anywhere we see on Level 2, right? brad gsec (9:38:46 AM): Notice: DISCLAIMER: IM is not secure - may be intercepted/altered. GS monitors/archives IM. Full disclaimer at: http://www.gs.com/disclaimer/im/ brad gsec (9:38:46 AM): If they are set up to route you can..watch the commissions though. DonBright (9:37:31 AM): Gotcha. Here is a sample of my L2, FWIW. It appears that I have: SIgmaX, 1Chi, ARCA, BATS, BRUT, CME, EDGA, EDGX, GSAT-CN, INET, NQLX, NYSE, Sigma (smart router), and SM. I can route to AMEX, but don't trade ETF's so I don't bother with quotes there. I use NYSE for taking liquidity and park on ARCA to collect rebates most of the time, or else use the smart router. MM's have fees that I prefer not to pay. Don
Laser supports all the routes Don listed above and more. I use Laser to trade listed and OTC and ETF. Laser has many routes to NYSE: Meril, Belz, OES, Nasdaq, NYFIX. Laser also has routes to about 18 different liquidty pools: H2O, Pipeline, Instinet, ISE, Credit Swiss, etc. I use the dark pools to find mid-point crossing, etc. Clearing firm has nothing to do with having a direct pipe to the NYSE. To have a direct pipe to the NYSE, all you need is to become an electronic member of the NYSE which is not very expensive. When Nasdaq and NYFIX used to charge $0 to route to NYSE, it was not an advantage to being a NYSE member. I will ask Genesis tomorrow to see if they now want to be a NYSE electronic member.