The buy side doesn't route orders. Brokers route orders, and they aren't required to tell their clients where they route the orders. (Some good brokers do allow

The buy side doesn't route orders. Brokers route orders, and they aren't required to tell their clients where they route the orders. (Some good brokers do allow traders to direct routing, but I believe it's not common). Also, there is a network effect to overcome here. Try to give IEX more than a few months before writing their obituary. They haven't even fully launched yet (they are still a dark pool)