Order Entry - Order Routes

For more information on the various order routes available at MB Trading, please view the MBT Order Routing Grid at: http://www.mbtrading.com/MBTOrderRouting.pdf

  1. MBTX - The MBTXTM smart order route is a one-button direct access route. MBTX intelligently harnesses the power of direct access trading by scanning Market Makers, ECNs, exchanges and hidden pools of liquidity for the best available execution. MBTX will direct your order to execute against liquidity on passive ECNs like ISLD, find liquidity with Market Makers, and then use a combination of an active ECN and SuperSoes to complete your fill - all for only one low commission and no additional charge for partial fills. MBTXTM is available from 8:00 am to 6:30 pm EST.

  2. ARCA - The ARCA ECN, when used with Nasdaq (OTC) securities, will route your order to the ARCA internal book, then to the ECNs and then to Market Makers. The first ECN posted will be the first preferenced, and so on. The criteria used for routing to Market Makers is determined by the best price and order/execution ratio (based on % fill history, time, and size shown). ARCA can also be used to place orders for NYSE (Listed) and AMEX securities. ARCA is available from 8:00 am to 8:00 pm EST.

  3. REDI - When you trade using the REDI ECN, your order is first routed within its internal book. If there is not a match within the REDIBook, it will search the other ECNs starting with the ECN of greatest size, and ending with Market Makers. If you wish to trade only within the REDIBook, select "IOC" (Immediate or Cancel) as your expiration. REDI is available from 7:30 am to 8:00 pm EST.

  4. ISLD - The Island ECN operates as an electronic central auction market. Each order is automatically matched with other buy and sell orders. Island trades only within it own ECN and does not go to Market Makers or other ECNs. ISLD is available from 7:30 am to 8:00 pm EST.

  5. BRUT - The BRUT ECN matches trades with it own internal book. It reaches 100% of Nasdaq NM and Small Cap securities. BRUT is available from 7:30 am to 6:30 pm EST.

  6. GNET - In addition to its Nasdaq ECN, Globenet currently operates an electronic matching system for the OTCBB, and is the only electronic matching system operating in this sector. Globenet has been spearheading changes to the OTCBB marketplace for the past 3 years, and believes these changes, combined with Globenet's automated platform, will enhance visibility, transparency, and overall execution quality of OTCBB securities trading. GNET is available from 8:00 am to 4:00 pm EST.

  7. HRZG - Herzog Heine Geduld (OES) is a Market Maker that provides direct liquidity in the Nasdaq market and NYSE listed securities.

  8. ISI - The Super Dot system is available for NYSE listed securities only. Trading is available from 9:30 am to 4:00 pm EST.