David Waring

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Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

frankomila

Hi Dave,

My first time on this forum.

Just an observation re TOS Platform. It looks like TOS doesn't have an Island book. I wish everytime I send an order to an ECN, I would be able to trace such order thru Island book for instance, and see for myself my price position on the book vs. the actual price tier on the TOS level II.

I suspect that everytime a TOS customer sends an order to the exchanges, that order goes first to a pool within TOS and subsequently being sent as an NBBO to the intended destination. I would say 90% direct access to the exchanges, somehow a particular order will be "lost in translation" or becomes "out of sight" until such time that TOS will fill my order a few seconds or minutes later.

Since TOS doesn't require its clients to pay ECN or Exchange fees upfront, I would understand if they would at times send some orders to friends like GSCO or MLCO just to scalp few bucks here and there, that is to cover routing and overhead fees.

It would be better if I can see the road clearly when navigating the market at TOS. When picking up a 100 bucks or 2 in front of a bulldozer/MM, i just want to make sure that I would still be alive to trade another day .

Other than these, this platform rocks with all the bells and whistles from active trader to prophet. It's nice.