When My Broker Executes a Trade Does the Counter Party See Which Broker Placed the Trade?

Discussion in 'Order Execution' started by USDJPY, Sep 28, 2017.

  1. USDJPY

    USDJPY

    I am guessing the counter party can see the executing broker on the other side of the transaction, unless the trade is done in a dark pool. Is that correct?
     
  2. Robert Morse

    Robert Morse Sponsor

    Are you trading FX or a listed product?
     
  3. Robert Morse

    Robert Morse Sponsor

    For equities, options and futures, the other side has no idea who you are.
     
    Javier, dealmaker and USDJPY like this.
  4. USDJPY

    USDJPY

    Futures. I am also wondering how quickly the opposite side can see which broker placed the trade.
     
  5. USDJPY

    USDJPY

    Thank you.
     
  6. Robert Morse

    Robert Morse Sponsor

    They do not get that, as far as I know. Not sure why the CME would share that. You can contact them to confirm. Also, I'm not aware of any futures dark pools.
     
  7. Lee-

    Lee-

    That's going to depend on the exchange and I'm not an expert in the various trade message formats used each exchange out there, so I can't say definitively. However, as an example, CME's MDP trade execution messages do not include identifying information about the parties involved in the execution. It includes items such as order id, quantity, price, but nothing to identify a specific entity associated with the order. This is not to say that no exchanges provide identifying information. Because of how many exchanges are out there, you're going to have to provide more information about which exchanges you're dealing with if you want a definitive answer -- or to be even more sure (vs trusting some randoms on the internet), you could get the message specs for each exchange you care about and read for yourself. My guess is that for US futures and equities exchanges, the information is probably not supplied, but that's really just a guess.

    Alternate trading venues, non-US assets, etc, I assume there's something out there that provides identifying info.
     
  8. USDJPY

    USDJPY

    I thought I read some where that market makers or high speed traders were given the broker ID's of the opposite side of the trade. I guess not then.
     
  9. USDJPY

    USDJPY

    Thanks Lee. I'll contact the exchange if I'm still unsure.
     
  10. Robert Morse

    Robert Morse Sponsor

    CME has Level 3 MD. You can see the size of each order at each price. It does not say what the broker name is or your account#.
     
    #10     Sep 28, 2017
    USDJPY likes this.