(For confidentiality I changed the name of the broker to BROKERAGE___ and used "Broker" instead of his name): 22:45 Broker.: Hello 22:45 me: Hello. 22:47 me: I have another question instead. I noticed I get price improvement often with (YOUR BROKERAGE__) quite consistantly... 22:48 me: and would like to know if I am able to identify if this comes from a MM who is my counterparty 22:49 Broker.: you won't be able to identify that, i'm sorry 22:49 me: Also, when price improvement is offered liberally is that ever an indication you are entering a trade with a low probability of success 22:50 Broker.: many times you are going to trade with another customer working the opposite order than you. 22:50 Broker.: either that or some other trader is scanning for good trades, 22:51 Broker.: and entering a price for the fill that is more competitive than other market makers 22:51 me: Can another retail trader really offer price improvement? 22:51 me: Can I? Broker misunderstood me & thought I was talking about options. Continued nowâ¦ 23:01 Broker.: if the order is working at the exchange, our routing partner may route your order to the ECN network if they choose to improve the price and trade with you out of their inventory 23:02 me: Is the routing partner a market maker competing with other MM's? 23:02 Broker.: something like that 23:03 me: And they tend to offer price improvement when they feel they have a high probability of a winning trade, correct? 23:03 Broker.: a market maker will generally scalp the asset for pennies, or fractions of a penny. 23:04 Broker.: they can trade with you out of inventory if they want to redeuce risk, or if they want to increase their position. 23:06 me: I get the feeling they are short term or intermediate traders, and usually want to increase their position when they feel at very soon the stock will move in their direction, and that very often they are players in making that happen. Agree? 23:06 Broker.: no comment. 23:07 Broker.: you are not worse off by someone taking the other side of your trade. 23:07 Broker.: is there anything else i can help you with? 23:08 me: If you can just provide me one tip: should I be slightly more cautious if I see I am readily being offered price improvement, correct? 23:08 Broker.: i can't answer that 23:08 Broker.: i'm sorry 23:09 me: Ok, thank you for your time. 23:09 Broker.: have a great day 23:09 me: Bye.