Discussion in 'Retail Brokers' started by qazmax, Jun 18, 2002.
What makes for the best "Smart" router?
Which firm has it?
That would be me, with my hot keys set up just like I need them, my fingers blazing fast, watching the level 2 screen like a hawk.
But since you are not me then the next best choice IMO would be using ARCA, specifically on Realtick with its enhanced order functionality specifically for ARCA.
SMART is IB's new name for what used to be "BEST" - for equities it looks for the best price at pretty good speed.
Sometimes it can be pretty DUMB, however. Some would even say RETARDED. That includes me.
It'd be nice if they'd switch the name depending on how well it's working....if it's on DUMB, then you're better off routing manually.
Just a suggestion.
It is just another way of saying TMBR. (just kidding, of course)
What makes the software smart?
* Do they analyze market places before sending the order?
* Do they route to all market places?
* Can the break the order up and route to many places at once?
* Will they never oversize an ECN?
* Do the orders never timeout on SNET or SuperSoes?
* Will the Smart router work even after the order is booked away from the market... when it becomes marketable?
Everyone claims they have Smart software... but lets break it down in real terms... no more "best", "magic algorithm", "smart", lets hear the nuts and bolts of it.
If you are routing to your in-house market makers (TMBR) without regard to other market places, that is an issue too...
Aside from IB is there any other worthwhile routers? TN, PT, TOS??
Hate to ask but does anyone know what E*Trade (lame trade)does with there orders? I have an IRA there....
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