What are the worst stock exchanges for fills?

Discussion in 'Order Execution' started by wilburbear, Nov 15, 2005.

  1. I've been an options trader for 20 years, now I need help on the equity side.

    In trying to buy and sell stocks the user is presented with numerous exchanges and prices. Some don't fill automatically on the NBBO, others do. Seems like a fun house of smoke and mirrors.

    Can all ECN's be counted on to fill to their stated size all the time? Here's a beginner's question - how can you tell at a glance which exchange acronyms are ECN's? Does ARCA hit all ECN's?

    Which exchanges have manual fill environments, as exemplified by the AMEX crime family?

    Are inverted (crossed) markets always worthless because automated traders would have gotten to it first if it were a real price?

    In general, when is "what you see is what you get", NOT in effect?

    If any substantive responder needs help with options, I'll try to answer their option execution questions.
  2. Depending on your broker you wil either route trades to the optimal exchange or you can use the 'smart fill' build in to most brokers. Basically every exchange/ecns fee structures changes a bit every few months so if you are really good you'll want spend some time working on which exchange you route to.

  3. 1st]Thought of the AMEX also, by far in first place:cool:

    Actually that could even change by next year;
    with the newly anointed CEO actually ADMITTING the problem.

    However probably will not be an elite guinea pig to test the ''new ''' setup.
  4. qazmax


    The option exchanges have liquidity reports so you can see what exchange trades the most volume for which stock.

    The PCX or PHLX may be the best place to trade your particular stock.... even though (last I checked) they are coming in last on overall liquidity.

  5. I'm compiling some information on the AMEX crime family. Do you know where the CEO admitted to problems? Thanks.
  6. ===========

    re; suprising AMEX admission

    Assuming also you have info on the AMEX fines for not honoring quotes, some years ago;
    more than one fine also.

    should have it because thier monthly magazine does.
    June/july, 2005 trader monthly ,page 57, newly annointed CEO Neal Wolcoff, talking about orders,'' they have to address each one, and they simply cant execute all the orders. They simply evaporite[perhaps canceled he may mean] as they go down the list ''