How can you find out which firms sell your orders? And when a firm does sell your order, what exactly does that do to you the trader? Thanks for the help. Oh, and is there a list of firms that sell your order or a previous post on this topic? I tried searching archives to no avail. Again, thanks.
If I remember correctly someone just posted a simular question a couple of weeks ago on "payment for order flow" I would look for that thread.
Under Order Execution on the bottom of the first page. Doesn't give specifics, but helpful. Very few retail firms do not receive payment for order flow.
U.S. Securities and Exchange Commission rules require all brokerage firms to make publicly available quarterly reports describing their order routing practices. The details should be posted on a brokers web site. If not, ask them for it as they are required to provide the details.