BEST_ECN Missing?

Discussion in 'Retail Brokers' started by Trader01, Mar 18, 2002.

  1. The point is they had the option for best ecn and now they don't .
    I have been Day Trading long enough to know how to route.
    With the trading platform they give us and the slowness of displaying a confirmed cancel I liked the best ecn feature.
    Bottom Line - I like to have as mony options as posible.
    And I don't ware panties do you??
    #11     Mar 18, 2002
  2. LOL, I have no problem with the display of cancels. Sub second.

    #12     Mar 18, 2002
  3. I think we should create some pressure here in case IB removed
    BEST_ECN due to TimberHill routing.
    I do not think this is the "fine english way" here.
    However, if IB gives a _credible_ reason, why they removed
    BEST_ECN, i am of course willing to respect it.
    #13     Mar 18, 2002
  4. Sub Second cancels ?? Yes it will come off the Island book ( if i route there) immediately when I cancel but it hangs on the Java applet for about 10 seconds. I have used other trading platforms , interactive is not the best in that department . But I can deal with that considering the commission savings.
    Diapers ?? Now you are wearing diapers instead of panties , make up your mind already
    #14     Mar 18, 2002
  5. shneed


    To those who haven't seen what auto-ex can do, you will be amazed. Pretty soon everyone will be complaining why Timber Hill is no longer executing your orders.
    #15     Mar 18, 2002
  6. musicman, I have a real computer, and my cancels , of which there are about 200 a day, are immediate. Sorry.

    And the diapers were a suggestion :p
    #16     Mar 18, 2002
  7. You are a touchy one now aren't you.
    Do you work for IB ??
    200 cancells a day ?? So you trade about once every 2 minutes.
    Wow Ib must give you incentives for all that trading , I bet they offer to wash your diapers and panties.
    As for my computer , that is not the issue with the cancels , if it was then I would have the same trouble executing orders.
    I also have a fiber optic cable connection with average speeds of 2 Mbps , so it is not my internet connection either.
    And these are not Super SOES cancels , they were best ecn cancels that only needed to cancel an ISland book order.
    I see the order cancel on the ISLD book, the order status goes red and then the order stays there for about 10 seconds.

    Were you trying to impress us with the number of trades you do a day or just show us how much money you waste in commissions overtrading?? Or maybe all you do is cancel trades all day ??
    #17     Mar 18, 2002
  8. trader1


    I too am really upset about the loss of best ecn. It has been my primary execution option as long as I've used IB. I dont understand why in the world they would get rid of it, especially with no warning or explanation.

    Musicman- when the status goes red the order is automatically cancelled. The order line just stays on the screen a few seconds for confirmation purposes for you.
    #18     Mar 18, 2002
  9. def

    def Sponsor

    there is no conspiracy here. Best ECN was removed for NASDAQ NMM stocks because SuperSoes fills immediately and there was not point for Best ECN here. Small Cap still goes to Soes and SelectNet where the order can be held up and so you can still do Best ECN here.

    musicman: once your order goes green or red, it is confirmed to be at or cancelled by the exchange. It will remain on your screen for a number of seconds afterwards. (I'm not trying to defend stock777 but there are many many clients placing 200+ orders per day.)

    The removal of BEST ECN was noted on the web site and I agree could have been conveyed better. At the same time there were three other changes:
    1. NYSE stops will not be triggered until the first BBO is posted on the NYSE.

    2. New prices for Futures in Europe and Options on Futures in the US (same $2.40 as Futures).

    3. NYSE Pro, Amex Pro, and Open Book are now live in Market Data Subscriptions

    The NYSE stop change came from customer recommendations.

    In the end, removal of the BEST_ECN feature will free up resources and should provide better fills. Give it a shot first and if you see any deteriation in fills, let me or mgmt know. In the end, the firm has been committed to providing the best fills and these changes turn out to be a mistake, i'm sure quick action will be taken.
    #19     Mar 18, 2002
  10. Overall I like IB , I am saving a lot on commissions.
    No complaints with them .
    #20     Mar 18, 2002