I see everybody speaking about heading to constancy as a result of they don’t take part in PfoF. That is true. However one factor that’s being misrepresented, or reasonably “omitted”, is that Constancy does certainly use their very own darkish pool to commerce block orders to institutional traders. Greater than a 3rd of Constancy’s every day orders qualify as a block order and so they might, at their very own discretion, ship these purchase orders by means of their darkish pool on to institutionals.
Simply bear in mind that they may very well be collaborating in a approach that impacts sure shares unfavorably for retail traders.
Disclosure: I’ve my complete portfolio with Constancy.