any broker to provide API and direct access to ECN ?

Discussion in 'Automated Trading' started by trend2009, Sep 11, 2020.

  1. I have been with IB for many years, recently IB becomes more and more unfriendly. my trading needs to send orders to exchange directly, for example, send to Drctedge or arca. By doing that in IB, it charges very high commission. not only that, IB puts my account in close-only status complaining I have high OER.

    I hate ib as much as I like.
     
    Last edited: Sep 11, 2020
  2. ZBZB

    ZBZB

    what is OER?
     
  3. order fill ratio. send 100 order, 1 executed, oer=100
     
  4. qlai

    qlai

    Anything below 2% fill rate will be unwelcome. At the least you will be asked to pay extra. If you are using IB, you must not be very latency sensitive, so paying for Lime may be overkill, but check with them @Robert Morse
     
    Robert Morse likes this.
  5. where did you get the cut-off 2% fill rate?
     
  6. qlai

    qlai

    It’s a rule of thumb ... you can negotiate if you do enough volume. Do you really need position in queue? In other words, can your Algo be smarter in only submitting orders when they have a better chance to be filled?
     
  7. IB also gives me the 2% fill rate, I was curious if you were in the same situation before so you know the 2% number. I did not know there was such a cutoff warning line until I contacted ib. My order has to be sitting on nbbo to be lifted,so It is hard to reduce oer. I am searching alternative brokers but can not find other options. There was genesis securities which can send order directly to ecn, but it was closed years ago
     
  8. qlai

    qlai

    How about you run another Algo for the sole purpose of getting your fill rate up? If you use low priced stock and capture rebates, all it has to do is break even.
     
    MoreLeverage likes this.

  9. that is the final solution if I can not improve oer.
     
  10. For a low commission API broker, I use Fxview, HYCM and Roboforex. Fxview provides API service free of cost to traders with a minimum $500 deposit. It is a fantastic way of staying connected with your trades at all times and to keep your account 24/7 accessible.