Are you experiencing problems with ARCA?

Discussion in 'Order Execution' started by alanm, Nov 11, 2002.

  1. alanm


    On an almost-daily basis, we have problems with market data from ArcaEx at Interactive Brokers. Most of the time, this is a period of time when data for a given alphabetic range of, or all, symbols are not available. Less frequently, but still at least a few times a month, ArcaEx quotes are stale across the board, crossing other ECNs, particularly after hours. Almost without exception, IB says the problem is ARCA's fault.

    I've got a letter prepared to send ARCA, the SEC, and the related SROs, talking about various problems that include those mentioned above.

    What I want to know from other traders with other brokers is "are you experiencing these same quote problems with ARCA, and with the same frequency"?

    P.S. I'm also addressing the other policies that cause them to routinely fail to execute orders that are marketable against their own book because of their marketplace confusion.
  2. lescor


    Same thing at Echotrade. You can count on a message about a problem at ARCA on a daily basis. It's an ARCA problem though, not a problem at the broker/dealer.
  3. thx1138

    thx1138 Guest

    Since the final intergration with REDI ECN, I have also noticed increased problems with ARCA. Problems definately relate to quotes. I believe that the merge took a toll on the technology, but thats just my guess. Really, since I rely on this too, I feel like I have to use an alternative.
  4. Yes, both of those ARCA issues occur on REDI+ everyday since the merger.

    Seems like 2 or 3 ARCA quotes inside the best bid/offer will accumulate in the L2 window about a penny or so away from each other. When you try to take out/hit one, you do not get filled, yet the bid/offer is still showing in the L2.
    Then maybe a few minutes later, they all get cleared out at the same time. Seems like maybe they were cancelled orders which are not being cleared from L2.

    Before the merger what used to happen was if you tried to take out/hit an ARCA quote in the L2 between the best bid/offer, the ARCA quote would "disappear", you would not get filled, and your bid/offer would be showing in the L2 on the opposite side.

    Good luck trying to get this resolved ...
  5. did anyone watch the testimony on C-Span with all of the ECN lawyers?
    What a joke...ARCA is such a bunch of crooks..and on ebig pain in the ass.

  6. I have a direct feed and trade on the ARCA platform, it has really sucked for about the past 2 months. Crossed markets, not getting fills I was clearly due, stacked ARCA bids/offers which are way away from the actual market.

    Trying to trade ARCA on news is a complete joke. I am using BTRD (as much as I don't like tying up a Bloomberg screen) and INCA a lot more than I used to.