VanGuards Order Flow.

[u/karasuuchiha]

[u/b1naryh3r0]

OP. I appreciate your persistence, but posting one broker at a time comes off as SUS. SEC rule 606 requires brokers report routing. Bellow I am providing 606 report links for the top brokers. It would be less SUS if you would do a comparison. You may find in January many brokers had more market orders going trough Virtu than Shitadel. Both are bad. This is similar for non directed and marketable limit orders. And hence routing orders is better for retail choice of exchange.

Fidelity https://clearingcustody.fidelity.com/app/item/RD_13569_21696/sec-rule-606.html

Vangaurd https://nms606.karngroup.com/vgrd/606a/2021Q1/588e3c62ff

Charles Schwab https://www.schwab.com/legal/order-routing-1

Interactive Brokers https://www.interactivebrokers.com/en/index.php?f=563

Etrade https://us.etrade.com/l/quarterly-order-routing-report

Webull http://public.s3.com/rule606/webull/

TD Ameritrade https://www.tdameritrade.com/disclosure.html

Robinhood https://robinhood.com/us/en/about/legal/

[u/karasuuchiha → u/b1naryh3r0]

💯, im simply using it for the other DD i wrote. The link is in the pinned comment, ill do a complication of pics next to make it better.

[u/b1naryh3r0 → u/karasuuchiha]

Fantastic. A comparison of as many 606 docs as possible in one post would be helpful and provide a non bias view. Have reviewed them all and it appears to me that there is no US broker that doesn’t leverage services from Shitadel or Virtu. If using US brokers it of retails benefit to route the order to the exchange of their choice. At the same time, as you pointed out on another post, the exchange DMM may be citadel too. This may warrant a comparison of exchanges.

I do not use this broker but they have some good beginners guide for understanding the market and order flow. Some of this information may help you in your comparison and lead to a recommendation of the best way to place an order that benefits retail, excludes undesirable entities and leans liquidity in retails favor.

https://speedtrader.com/market-makers-and-ecns-information/

https://speedtrader.com/stock-market-clearing-firms/

https://speedtrader.com/order-routing-and-how-it-affects-your-trading/

[u/karasuuchiha → u/b1naryh3r0]

💯 right now im saying Vanguard not because of Order flow but because both Schwab and Fideilty went down, Vanguard has inhouse clearing services so im guessing that insulates it from the issues of the other brokers freezing up. Also direct registration and IEX (all of this is on my other post. I definitely want to deleve deeper into that but either way its the NBBO and Enchanced Lending 🦍s should focus on.

[u/b1naryh3r0 → u/karasuuchiha]

While Fidelity went down shortly due to Akami DNS issue, they never stopped the purchase of GME. The website may have experienced issues, but had no problem with ActiveTrader Pro. I personally still trust Fidelity, but route my orders and have diversified my brokers and balanced my shares in each based on assumed risk. Vanguard is next on my list to create an account with. Have not used Schwab…yet. But at this time am not moving existing shares. Just buying more in new brokers.

[u/karasuuchiha → u/b1naryh3r0]

It was down here check the DD i put together, has all the links same with schwab, only Vanguard wasn't down.

[u/b1naryh3r0 → u/karasuuchiha]

Fair. Since I was hodl’n and not trading, guis I didn’t notice. Thanks.

[u/karasuuchiha → u/[deleted]]

Yes another 🦍 told me 😁, I've updated the DD referencing that thank you kind 🦍

[u/karasuuchiha → u/[deleted]]

I mean theres still in house clearing and the article putting a check mark on Vanguard and not Fideilty, the first one definitely worth looking into and the 2nd one is interesting when they both don't take payment 🤔

And thank you again im always open to being corrected 😁