[rjrdi38dbbdb]

> So you are saying HFT will avoid your market order in this case, while HFT will provide better price when they are the sole counter party in separate liquidity pool?

Yes, absolutely. The best feeds (tightest spreads) are only given to specific clients who are requested to trade exclusively with them. If they detect you splitting your orders up between venues, they'll worsen your feed. The feed they'll send to public lit ECNs will generally be their worst (widest spread).

[sdwr]

Ahh, this is the comment that cleared it up for me.

MM takes on risk, can offer tighter spread when not exploited (ex. HFT arbitrage)

Could theoretically take advantage by manipulating prices

But is already operating within the bounds of the existing public spread