Smart Order Routing: Dancing with the Devil

Because brokers receive next to nothing in commissions, it is accepted that brokers program their SORs to visit their own dark pool first. That can easily be undone, but the only way to do it is by asking. By Jake Thomases

Buy-side firms need not wonder if their orders are being placed first in their broker's dark pool, says Sal Arnuk, the co-founder of Themis Trading. They need not wonder because it is certainly happening. It's a process he understands but accepts reluctantly, calling its