CyberTrader IS a direct access system. The NYSE is a "criers market" which means it is NOT an electronic exchange. All trades for a particular stock are cleared though the market specialist assigned to that stock. I am just grumbling that in recent months CyberTrader's NYSE execution times appear to have lengthened, and I am trying to find out if there is some other broker, like perhaps IB, that could give me better service.
Cybertrader is using AMRO (again) for listed stocks. You will see the routing in your message box has changed back to AMRO from SCHWAB with your next NYSE trade. At least this has been my experience since Thursday 10/17.
I wish you were correct! Please go back and check your log again. On August 15, 2002, a typical CyberTrader log entry was as follows: New Order 1: buy 1000 shares of WM at 37.95 on AMRO Executed 1: Buy 1000 shares of WM at 37.95 from N Open Long: WM 1000 at 37.95 On October 18, 2002, my CyberTrader log entry was as follows: New Order 3: Buy 1000 shares of DD at 41.65 on AMRO Executed 3: Buy 1000 Shares of DD at 41.58 from SCHB Open Long: DD 1000 at 41.58 Notice that the "N" has been replaced by "SCHB". AMRO was used prior to the August 16 change and continues to be used after the change clear through Friday the 18th. Perhaps someone can explain what it means when the CyberTrader log uses the terms "on AMRO" and "from N". The slowdown occurred on August 16 when N was replaced by SCHB.
Yesterday Zuizo reported that on Thursday the 17th CyberTrader had stopped using SCHB. I was quite skeptical because on the 18th, my trades of DD were still going through SCHB. Well today, I made several trades of IR, and I was quite startled when I noticed that their executions times were in the category of "greased lightening"! A quick glimpse at my log and it confirmed that the trades were going through "N". At this point I don't know if it is a situation where some stocks, such as DD, are going through SCHB and other stocks are being sent to the NYSE via N.