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Howto choose a marketplace while submitting an order for a stock trade
It depends on your cost structure and knowledge of the exchanges. It could be optimal to make a manual exchange selection so long as it's cheaper to do so. For brokers with trade fees, this is a lost cause because the cost of the trade is already so high that auto routing will be no cheaper than manual routing. For brokers who charge extra to manually route, this could be a good policy if the exchange chosen has very high rebates.  This does not apply to equities because they are so cheap, but there are still a few expensive option exchanges. This all presumes that one's broker shares exchange rebates which nearly all do not. If one has direct access to the exchanges, they are presumably doing this already. To do this effectively, one needs: For anyone trading with brokers without shared rebates or who does not have knowledge of the exchange prices and their liquidities, it's best to auto route.