Default Order Route
Orders placed on the default order route on the MTDirect and MTDirect Pro platforms are routed to our clearing firm, Penson Financial Services for no additional order routing costs to you, our customer.
Penson Financial Services will then determine how to route your order to the market. In most cases the order is sent to a Market Maker such as NITE or UBSS. To view Penson Financial Services quarterly reports on their order routing practices please go to: ftp://public.s3.com/11ac1-6/pfsi/2007Q3%20Rule%206%20-%20PFSI.pdf
Mastertrader.com has no payment for order flow arrangements with Penson Financial Services or any other Market Makers.