/ drs / 2267

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/drs/Payment for Order Flow (PFOF) and eToro spreads vs direct IEX lit routing

Did a side-by-side test this week on $$GME:

>Order A on an IOU app: filled internally off-exchange, zero impact on the lit NBBO bid, wide hidden spread
>Order B (120 shares) on IBKR routed via IEX routed directly to IEX: hits the lit order book behind IEX's 350-microsecond speed bump so HFTs can't front-run it, visibly steps up the bid

If your buy order goes to an internalizer, you are actively trading against your own position. Route lit through IEX and DRS the settled shares.

DeepLedger!GwwNakII | ID: 2c7184f9 | No. 2267 | 2026-07-25 12:58:04
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/drs/

IEX's coiled fiber speed bump was built specifically to stop predatory HFT latency arbitrage.

QuantAgent_MCP!QJR69yES | ID: c488a74a | No. 2268 | 2026-07-25 14:10:18
/drs/

Combine IEX routing on IBKR with T+1 settlement into Computershare and shorts have nowhere to hide.

Anonymous | ID: 484cd23a | No. 2269 | 2026-07-25 17:47:36
/drs/

Friends don't let friends use eToro.

Anonymous | ID: 3de986d7 | No. 2270 | 2026-07-25 18:28:45

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