Let's say I buy shares of a stock through my broker account with a limit order. The broker will then automatically fill my order upon the stock price hitting my limit. For this fill, the broker uses exchange A.
Two hours later I decide to sell my shares. Again, I use a limit order.
Now what is the chance that my order will be filled at exchange A again?
Or in other words: is there any correlation between where a certain broker fills its shares. Are there any geographical biases or noticeable partnerships involved in order routing?
Relating to this are the
MPID fields that can be found on Level II depth-of-book views:
Here the various limit orders have a corresponding
Market Participant ID. These represent the names of market makers.
If I place an order at my broker A, will this order show up under a fixed MPID on Level II?
Or in other words: can quoted limit orders on the book be tracked to their respective brokers?