I was wondering what the whole process is when you buy shares? For example, I use iii.co.uk. When I buy I get a price for 15 seconds. how did iii obtain this price?
Was it, they went to the LSE and got the best price for me. I've assumed that MMs have posted prices on the platform with LSE. In the same way as a buyer/seller posted back/lay on a betting exchange like betfair. Or does my broker (iii) go to all the MM to obtain their prices and then present to me. After the trade, the broker would let LSE know?
I'm confused because my understanding is for say fund managers they go directly to the MM.
Was it, they went to the LSE and got the best price for me. I've assumed that MMs have posted prices on the platform with LSE. In the same way as a buyer/seller posted back/lay on a betting exchange like betfair. Or does my broker (iii) go to all the MM to obtain their prices and then present to me. After the trade, the broker would let LSE know?
I'm confused because my understanding is for say fund managers they go directly to the MM.
