Discussion in 'Order Execution' started by qlai, Nov 10, 2021.
Good article demystifying the institutional trading systems.
Gosh! From 30,000 ft, they all look the same
I was surprised they use IEX so much, but looking at their website, they are probably funded by them:
“Our previous company, IEX, has done a wonderful job exposing many of the worst aspects of the stock market and offering an alternative model for a stock exchange: one that is fair and transparent. Our hope is to continue fighting the good fight, this time by focusing more specifically on questionable practices at the broker-dealer layer of the system, and again developing a better, fairer approach.”
And may be they get better fills at IEX?
Does their router impose the speed bump or speed bumps only for retail orders?
It says that depends on order size.
May be for retail - fading liquidity us not much of an issue in a liquid instrument.
Institutions who don’t have their own algo and send a big order will have this issue.
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