Routes such as ECNs (Electronic Communication Networks) work as order matching systems, allowing traders to advertise a price better than the current bid or offer.
Each ECN determines which services and order types it will allow. For most orders, DART™ provides the most trade options. DART™ automatically and continuously scans the market for the best price, then routes your order in a fraction of a second. There is no trading desk to impede you, no time-consuming intermediary. DART™ is directly connected to multiple exchanges and Electronic Communication Networks (ECNs).
| Route |
Order Types |
Eligible Stocks |
AON? |
Display? |
Discretion |
TIF |
|---|---|---|---|---|---|---|
| DART™ | Market, Limit, Stop Market, Stop Limit, Trailing Stop, Make Best | NASDAQ National Market (NNM), NYSE, AMEX, OTC.BB, OTC.BB Other (Pink Sheets) | No |
No |
No |
DAY, DAY+, GTC, GTC+ |
| ARCA | Market, Limit | NASDAQ National Market (NNM), NYSE, AMEX | No |
Yes |
Yes |
DAY, DAY+, IOC |
| INET | Market, Limit | NASDAQ National Market (NNM), NYSE, AMEX | No |
Yes |
No |
DAY, DAY+, IOC |
| BRUT | Market, Limit | NASDAQ National Market (NNM), NYSE, AMEX | No |
No |
No |
DAY+, IOC |
| TRAC | Market, Limit, Stop Limit | NASDAQ National Market (NNM), NYSE, AMEX, OTC.BB, OTC.BB Other (Pink Sheets) | No |
No |
No |
DAY+, IOC |
| GNET | Limit | OTC.BB | No |
No |
No |
DAY, IOC |
| NITE | Market, Limit | OTC.BB, OTC.BB Other (Pink Sheets) | No |
No |
No |
DAY, DAY+, GTC, IOC |
| SOES | Market, Limit | NASDAQ National Market (NNM) | No |
No |
No |
DAY, IOC |
| ATD | Market, Limit | NASDAQ National Market (NNM), NYSE, AMEX | No |
No |
No |
DAY, GTC, IOC |
| LAMP | Market, Limit | OTC.BB, OTC.BB Other (Pink Sheets) | Yes |
No |
No |
DAY, GTC, IOC |
| BSE | Market, Limit, Stop Market, Stop Limit, Trailing Stop, Make Best | NYSE, AMEX | No |
No |
No |
DAY |
| NYFIX | Market, Limit, Stop Market, Stop Limit, Trailing Stop, Make Best | NYSE, AMEX | No |
No |
No |
DAY, GTC, IOC |
| OES | Market, Limit, Stop Market, Stop Limit, Trailing Stop, Make Best | NYSE, AMEX | No |
No |
No |
DAY, GTC, IOC |
| FANC | Limit | OTC.BB, OTC.BB Other (Pink Sheets) | Yes |
No |
No |
DAY, IOC |
| Route | Order Types | TIF |
|---|---|---|
| DART™ | Market, Limit, Stop Market, Stop Limit, Trailing Stop | DAY |
| ASE | Market, Limit | DAY |
| BOX | Market, Limit | DAY |
| CBOX | Market, Limit | DAY |
| PSE | Market, Limit | DAY |
| PHS | Market, Limit | DAY |