Sorry if that was confusing...I trade through the API using the unbundled (or cost plus) fee structure...but the IB website says: "Please note that directed API orders cannot use the Cost Plus fee structure. Smart-routed API orders can use either the Cost Plus or Flat Rate structure." My questions is, would this be considered a 'directed API order'? If so, would I then be charged according to the flat rate structure for that trade only?
If you're an IB customer, I would not rely on anything DAV from IB has posted here unless you can confirm it by information posted on IB's website. There are significant discrepancies between DAV's postings in this thread and information contained on IB's website. I brought this to the attention of a customer service manager at IB ten (10) days ago and have not yet had a reply. I wrote to him again today and hope to be hearing from him soon...
What are some of these discrepancies? I believe you, and I'm not an an IB customer - I've just been following the thread and am rather curious.
If what you're saying about these orders here on Elite Trader is accurate, there ain't no "if" about it. Still awaiting your response to my reply to your private message...
I would like to thank DAV and others for working on this issue. To summarize, they have recently introduced 2 new order types: a "relative passive" order which allows "negative offsets" and more importantly a true ISLAND relative order which rolls back if the NBBO becomes less aggressive. I have personally tested the latter native Island pegged order and found it to work properly; it follows the NBBO and rolls back if the NBBO becomes less aggressive. The TWS user guide has also been updated to reflect the fact that the native, directed Island pegged order rolls back: "** Orders with a positive offset that are directed to Island will move up and down with the market. Orders with a "0" offset are submitted as limit orders at the best bid/ask and will move up and down with the market to continue to match the inside quote." http://www.interactivebrokers.com/en/trading/orders/relative.php?ib_entity=llc I invite others on this thread to test for themselves and report back their findings. Note that you must specify the destination to be directed to ISLAND to send the native ISLAND pegged order that rolls back; if you specify SMART as destination you will be getting the old IB-simulated relative order which does not roll back.
Yes, DAV has been quite good about staying on top of this. Appreciated. When did you test? We found some issues with mine on Tuesday, but think that it should now be resolved.
I tested today. If you still have a problem, post here specifically what the problem was and we'll try to figure it out
I will if I see anything once I test again next week. DAV is working with me on it and I'm fairly confident is has been straightened out. He really has been very proactive and responsive with the whole thing. So although it cost me a bit on Tuesday, I've been pretty encouraged by the process.