Waters USA: Smart Order-Routing Fees Replace Commissions
Economic interests affect order-routing logic, and broker-dealers may route orders to their dark liquidity pools before releasing them to other venues and market centers, according to sell-side participants who spoke at the Waters USA conference in New York this week.
"There's no such thing as a free lunch," says Sal Arnuk, co-founder of Themis Trading. "Yes, you pay half a penny now for algorithms and you don't get six cents a share anymore, but on the buy side, in order to get those cheaper
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