We've noted that flash orders have riled quite a few players on Wall Street. Securities Industry News adds nuance to the debate by noting the diverging opinions of two big-name retail brokerages: Charles Schwab and TD Ameritrade. Flash trades essentially are new order types that are "shown" by some market centers on a proprietary basis, often via a dark pool, before making them publically available. Charles Schwab falls in line with other critics. The firms worry that the private quote-data feeds, in order to make use of the pre-routing displays, will increase costs for all. It also worries that the advance peek, made available to some, could disadvantage others relying on the consolidated public quote stream.

TD Ameritrade, however, has harnessed such systems to benefit customers. It has used Direct Edge's Electronic Liquidity Provider (ELP) for years. It believes the program has provided retail customers with access to additional liquidity and price improvement, leveling the field a bit compared with institutional investors. One thing is for sure, flash volume is picking up. This is one of those issues that strikes to the heart of the public markets and fairness. It will stoke some deep feelings. At some point, you would expect retail advocates to weigh in. But it is tricky, perhaps, retail brokerages will have to acquire access to remain competitive. 

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