You can choose to have Ultimate Trader automatically route orders according to their type, or you can select routes and preference specific ECNs and market makers at creating an order time.
The following routes are available to Ultimate Trader users:
AUTO
Routes OTC orders via a Smart Order Routing System or via ARCA.
Routes Option orders to ADP/SIS (ADP Securities Industry Software)
Routes Listed orders through ISI to SuperDOT.
INET
Routes orders to the Instinet ECN.
SNET
Routes orders to the SelectNet system, NASDAQ's market maker-to-market maker execution system.
SOES
Routes orders to the NASDAQ Market Maker System, also referred to as the Small Order Execution System (SOES).
ARCA
Routes orders to the Archipelago ECN.
BRUT
Routes orders to the Brass Utility (BRUT) ECN.
The following table shows the routes available to each type of security:
|
Order Entry Button / Route |
Type of Security | ||
|
Listed |
|||
|
AUTO (Options) |
Yes |
||
|
AUTO (Listed) |
Yes |
||
|
INET |
Yes |
||
|
SNET (SelectNet) |
Yes |
||
|
SOES |
Yes |
||
|
ARCA |
Yes |
||
|
BRUT |
Yes |
||
|
Exchange or Route |
Hours of Operation | ||
|
Instinet |
7:00 AM ET - 8:00 PM ET | ||
|
ABW Desk |
8:00 AM ET - 5:00 PM ET (Phone Orders) | ||
|
SNET (SelectNet) |
8:00 AM ET - 6:30 PM ET | ||
|
NASDAQ (SOES) |
9:30 AM ET - 4:00 PM ET | ||
|
ARCA |
8:00 AM ET - 8:00 PM ET (for NASDAQ listed stocks) | ||
|
BRUT |
6:30 AM ET - 7:00 PM ET | ||
|
OPTIONS (ADP/SIS) |
9:30 AM ET - 4:02 PM ET (for equity options) | ||
|
LISTED (ISI) |
9:30 AM ET - 4:00 PM ET | ||
Notes:
Day orders on Instinet & ARCA that have not executed by 3:59:59 PM ET will be killed at 4 PM ET.
ARCA does not accept Market orders from 4:00 PM ET - 9:30 AM ET (the following morning)
GTC orders are executable only during regular market hours - 9:30 AM ET - 4:00 PM ET
You may enter a post market order on Instinet after 4:00 PM ET
You may enter a post market order on ARCA after 4:00 PM ET
Click here to display a printable quick reference to order entry routes and their rules.