Anybody use regionals on listed executions? I don't understand why people don't like them? I've used them and they seem to execute fine.
Regional specialists have perfected the technique of avoiding their fiduciary responsibility to honor their markets. Chicago is the worst of the bunch IMO. Until they offer a fully accessible auto-execution system I would advise everyone and anyone to route to them as a last resort only.
I am a broker and my company constantly sends orders to the regional exchanges. The Midwest is by far the favorite. Whenever I see an order get routed to the Midwest I always make a point to watch the order and watch the market. The Midwest will give you a fair price if the market is not moving very much. However, if things are on the move you will get screwed. Orders sent to the Midwest aways take longer to fill as well as cancel. While people get screwed everyday I would the majority of these people never realize it. I think the only way they can stay in business is to screw people over a few pennies at a time. The irony is that this is also why they are having such a hard time.
They're fine for limit orders; however, I've never sent a market order to any exchange (just like I never give money to any vagrant on the street), so I can't tell you anything about that.
i hate routing to chx, as they back away from their quotes FREQUENTLY. they wait to see how new york is doing, then will fill or not fill depending on the subsequent prints on new york....when they don't back away, and someone just beat you to the punch, the delay in report filling will have you twisting in the wind while new york gets away from you (because you don't want to get double filled).
It can often take 30-45 seconds to get a cancel from the CHX. There's been many times that I've not received an out for over 2-3 minutes, only to see the stock come back--heading in the wrong direction--and THEN the CHX specialist fills me. I hope these guys fry in hell for their flagrant greed and abuse of the system. The only thing that will save this exchange is auto-execution that's accessible to ALL traders, not just retail folks.
Anybody know what happened to the Chicago Stock Exchange's auto-execution system? It used to be available to prop traders didn't it?