Which ECN to use?

Discussion in 'Order Execution' started by fredchong, Jan 15, 2007.

  1. fredchong


    It's great to find this forum and I'm a new NYSE trader.

    There 're lots of ECNs, ARCA, INET, ...

    I know their fees, but it seems to me I should care not only the fee but also the quality of execution.

    Could you share your views?

    Thanks in advance!
  2. With so many different ways to get your order to the market, the cheapest isn't hte best way. In my opinion, the fastest execution (not to mention reliable) is the "best".
  3. so what is the 'fastest' and most 'reliable'?

    the only thing ECNs offer is cutting the middlement (brokers/dealers/specialists) and offer out of hours trading (cons&pros).

    Inet is by far the biggest as I am aware.

    obvious option is to have a platform that gives access to more than 1 of them.

    edit: for larger orders, specialists will almost certainly get you the BEST price and complete the trade most efficiently.

    and as far as getting filled goes, MMs on exchanges should also complete trades fast.
  4. Hi Batman

    What is a "specialist" ? Are they seperate firms, or brokers or trading platforms, any informations appreciated.

  5. I believe Edge is the cheapest right now. But don't ask me how it compares to others in terms of execution.
  6. They're all the same. It's electronic. Maybe some are a little cheaper, but just marginally. What you want is to see who has the most shares on level 2 and rout though them. It changes every second, so it's just a moment by moment decision.