Interesting. What about from the vantage point of who is your counterparty? Also from the vantage point of not being protected from penny market making (where your can almost never be the best bid, because your orders are usually outbid by a penny.)
I use ARCA daily and I almost always post liquidity. I get what I believe is good fills and I save a lot by getting those rebates (I use IB) Best of trading to you
Also relevant to what Nassau said, and relevant to Sky's question: Are you getting better fills when buying at the bid, & selling at the ask (otherwise, if you are buying at the ask, would there really be an improvement?)
Don't forget about price improvements by the specialist. They do not happen so often as they used to, but still....
Well, the specialist don't see the whole picture these days, and makes the same mistakes as we do... Sometimes I see price improvements on the sell side for a stock with an aggressive buyer.
Can anyone relate to the issue of "who is your counterparty on ARCA"? Is it not so that if you route to NYSE then you most often get a MM, but if you route to ARCA you most often get another retail trader?