This morning, BEST_ECN routing is missing from my IB execution platform. Only BEST is still there. Does this mean BEST will route through SuperSoes now? Is this an improvement or a liability? I thought BEST_ECN would always be the quickest fill.
I mostly use BEST_ECN for routing. When TWS loaded my contract page, it didn't load all the contracts which had BEST_ECN routing set and I cannot create new contracts with BEST_ECN. I downloaded the latest build 758.4, so that might be causing this problem. I didn't see any bulletins saying BEST_ECN wasn't working. Fleance IB JTWS Bug & Request List http://www.geocities.com/afleance/jtws_feedback.html
When I contacted IB's help, they said Q: What happened to BEST_ECN ? "A: It [BEST_ECN] is only available for non NMS or small cap issues. There should be an explanation of this change sent out today." Q: Is this a permanent change by IB, not a system problem? "A: correct" So, right now it looks like IB is trying to remove BEST_ECN for Nasdaq tickers. I have no idea why, but I don't like it. Fleance IB JTWS Bug & Request List http://www.geocities.com/afleance/jtws_feedback.html
IB is beginning to become a big pain in the A$$!!! Features that disappear one day for no apparent reason and with no advance notice. Quotes that are as slow as molasses in January. Rude and ineffectual customer support. I'm looking around for another broker. This is tiresome. :-|
Thats sucks , the best ECN route is an important option. I like to see my order hit the ecn book ( usually ISLD) , so that if I cancel I can see it leave the book. Canceling an order takes to long to show up on their software. I love the low commissions but if this causes trading issues I am going to use someone else. Super Soes is great with usually equally quick fills but I want to have as many options as possible as to how my order gets routed.
A consolation (and benefit of EliteTrader) is discovering that others are experiencing the same problems and frustrations that I am. This problem with Best_ECN first appeared on Friday. After a customer service chat and two emails to customer service I have concluded that the technical services department is the dominant organization within IB and that customer service is out of the information loop. Customer service responded to my emails with less than the full and open disclosure and/or did not respond to my questions. The mind-set within the IB organization is sorely in need of a change.
Before you guys soil your panties, I NEVER use BEST ECN. I use BEST and direct ecn's exclusively and have had no problems at all. SuperSoes is fast enough, so what's the problem? If you want to whack ISLD, then route to them directly. Same with REDI or INCA. Try BEST before you declare the apocalypse.
My guess for why BEST ECN is missing is to force us to use BEST and thus get filled via their timberhill market marker. I think this is a very negative development, especially when you consider that IB will now be trading as principal against their own customers. I pulled this from the website: "Timber Hill hopes to profit (but also may suffer loss) by trading as principal against your order." I think IB should at least make it an option not to be have timberhill in the BEST routing.
I was always under the impression that BEST was basically the same as BEST ECN but also included SOES. Since BEST was intoduced I never saw the point in having BEST ECN. I don't see a problem in getting rid of it.
If Timber wants to trade against me by filling me at MY PRICE, who cares. They are not playing with the order, simply providing liquidity at the inside (or better). From what I can tell, the Timber Hill thing is good news. If I see otherwise in practice, I'll be the first to say so, but I reserve my paranoia until then, suggest others do the same.