Q&A | MAR 2011
Q&A by Don Bright
LIQUIDITY, REST, AND ROUTING I see you have been posting about your firm’s new approach to order routing that is saving or making your traders a lot of money. I remember you used to say “take liquidity on the NySe (or NaSd a q) and rest or leave your orders on ar c a.” Could you explain the differences you see now? Could you start by explaining “take liquidity” and “rest” orders? Does any of this routing make that much of a difference? My broker advises me to use only market orders anyway, so how does this affect me? Wow, a lot of good and timely questions. First off, thanks for reading my posts, and be sure to keep reading S&C, since I plan on doing an article on the many industry changes in this regard — about the consolidation of exchanges, the new crop of electronic communications networks (ec ns), and their competition. I arranged to interview the top people at several market centers.
by Don Bright
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