My broker routes odd lots to all the ECNs such as ARCA. EDGX, BATS and Island. The prints show on T/S all the time. K = EDGX, ARCA PSX, Island =D etc. IBKR routes to Island a lot. Maybe it’s because only NASDAQ/Island shows odd lots while the others only show up with 100 min.
+1. I always submit SMART (Island). Despite it is called smart routing, it seems all my trades are routed to Island and get filled. Does anyone know why?
Your using IBKR because they route to Island 90 percent of the time even with nyse. It must be the cheapest venue because almost all my trades are sent there even with Listed and Amex. The problem is KCG does not so if you play AH you got to play their game. I make 100 plus day trades and try to get the highest rebates.
Did you check how it’s configured? You are probably using “max fill” so it’s sending to highest volume venue
I was told under the $.005 per share “If you adjust routes you pay for taking yet no rebates for providing”.
so if I use fixed commission plan, choosing highest rebate does not help me? (I always trade extremely high liquidity Stocks/ETFs, such as SPY/XLK....,etc.)
I sold 25,000 of a stock at $1.25 providing paid over $250(four tickets) to make $2500 providing liquidity not using Nas because KCG plays other ECNs letting Island sit. Bought 50,000 via Etrade $0 commission taking liquidity.