SEC Large Trader question

I am trying to figure out if I register with the SEC as a large trader, will my PFOF brokers flag my orders when they are sold to market makers? I am purposely staying under $200 Million/20 Million Shares a month because I am very concerned about losing execution priority on the ATS's and dark pools that my orders are routed too. Once you register I think its at least a year or two before you can reverse the large trader status. If my orders lose thier execution priority my strategies will lose the vast majority of their profitability. I realize most SEC Registered Large traders are probably using Prime/DMA brokers, but my strategy is optimized for a retail pay-per-order-flow situation. I realize Citadel/Virtu/etc. are trying to find any way they can to stop paying for order flow that is not profitable to them and filtering out large traders seems like it would be a good way to do this if the brokerages would cooperate. I have some LLC accounts I trade in which I am considered a professional subscriber and the execution priority I am given is much lower. I'm worried if I register with the SEC then this could happen to my cash and retirement accounts as well. I haven't been able to get a definitive answer from any of my brokers and would appreciate some advice from anyone who has expertise in this area. Thanks

Submitted October 02, 2020 at 02:58PM by lenderlaertes

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