If I send a market order to an exchange with quantity greater than the quantity of the inside quote at this exchange, and if another exchange has quantity to fill the residual portion at NBBO, will my order by routed to that exchange? Will I be charged a routing fee? How does the exchange decide where to route the order in case of a tie?
What happens If I send it with an ISO instruction (intermarket sweep order) to not route it and avoid paying the routing fee. Would the residual be cancelled? Or is it filled on the same exchange at an inferior price? I guess that would be a RegNMS violation.
Also, how is the exchange for the NBBO determined in case of tie? Is it based on the primary listing for the stock?