> Are you expecting to only support institutional investors or retail order flow as well?
We don't segment the market at all or exclude subscribers (beyond requiring that they're FINRA registered BDs), but the way that PFOF works means that we likely won't see retail order flow from the brokers that wholesale it. We do view Smart Markets as a win/win/win/win for retail customers, brokers, market makers, and regulators alike (cleaner routing, better transparency and price formation, better allocative outcomes, lower technology costs).
> How does the expressive bidding interact with NBBO held orders?
We don't segment the market at all or exclude subscribers (beyond requiring that they're FINRA registered BDs), but the way that PFOF works means that we likely won't see retail order flow from the brokers that wholesale it. We do view Smart Markets as a win/win/win/win for retail customers, brokers, market makers, and regulators alike (cleaner routing, better transparency and price formation, better allocative outcomes, lower technology costs).
> How does the expressive bidding interact with NBBO held orders?
https://news.ycombinator.com/item?id=30257586
Expanding on that a bit—we have the standard Rule 611 requirements, meaning that we clear within the NBBO on a symbol by symbol basis. We don't route.