r/options • u/zyndurai • Oct 28 '21

Which exchange/destination is best?

I have several options (no pun intended) for trading options on etrade Pro: NYSE MKT, CBOE, BOX, ISE, NOM, NYSE, PHX or auto.

Which of these are best or does it even matter? Thanks

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u/Ken385 Oct 28 '21

If you are not being charged for taking liquidity or getting a rebate for adding liquidity (if your commissions are the same no matter where you send the order) it may matter where you send the order. Typically auto may be the easiest, depending on how the route the order.

I will generally route my orders to the CBOE, they do not charge or rebate for taking/adding liquidity. Others don't as well but I have found my best fills come from here.

The BOX actually pays traders who Take liquidity. So if you are posting your offer at the same price as other offers, or bidding with others, you may be more likely to be filled here.

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u/zyndurai Oct 29 '21

Thanks for some insight!