Feature Requests - DMA in Options

Alpaca Products Discussion Feature Requests
1

Hi,

I would like to request an improvement to the current options order execution model.

I prefer paying a very small amount per contract or a higher fixed amount per month to control where my orders are sent. The current payment for order flow model is not efficient and works poorly in terms of filling priority for limit orders that add liquidity.

For example, competitors like Interactive Brokers (although they are too expensive) have smart orders that can be sent to different priority levels, such as maximizing the fill or maximizing the rebate.

Please consider allowing Direct Market Access (DMA) for options (To choose Specific venues as PHLX, CBOE, BOX, SAPPHIRE, MEMX, ETC). This would give daytraders and other users the control to send orders to specific destinations, which would improve fill rates and overall execution quality.

The current options model is not as “professional” as the one available for stocks.

Thanks

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2

@arag Thank you for the great feedback! Alpaca is currently looking into routing for individual option orders similar to those offered for equities, but no specific plans yet.

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