One of the themes we have been active in discoursing over the past few years involves the conflicts of interests in order routing. Our discourse has focused on the wisdom of the “maker-taker” exchange pricing models, the nuts and bolts of algo order routing, as well as the plumbing of smart order routing. In general one has to question at least the wisdom of increasing the opportunities of increasing numbers of destinations and market players “touching” order flow as it makes its way to public and displayed markets.
This morning we
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