Calling any Interactive Brokers guys on elitetrader (Def? Dav?) ... can anyone tell us when/if TWS and the API will support native hidden limit orders direct-routed to NYSE? I would also be interested in answers to the same question for ARCA, BATS and DirectEdge... Question for all: I'm assuming IB will come back with a really depressing answer, or none at all ... I need to do some testing with hidden orders ... can anyone give me some names of DMA brokers that do offer direct NYSE routing for the hidden order type, where I can quickly open a small (say, $100,000) account and do my testing? Of course, if this order type turns out to be interesting enough I would jack up the account size and start sending some decent volume...
Hidden orders are not native to the exchange, at least on the derivative exchanges... but I'm pretty sure it goes for the nyse too.
Check the exchange docs ... all the majors now have native hidden order types ... probably all the regionals too ... so far as I can tell (not very far), anyone can submit the basic hidden limit order type except maybe on AMEX.
can you post a link on those exchange docs? i couldn't find any hidden orders here- www.nyse.com/pdfs/fact_sheet_nyse_orders.pdf but, you right about BATS.. http://www.batstrading.com/features/ looks like they do support them. i'm also interested to hear the answers from IB. right now only island is supported(which is sucks,cause there is less and less volume on that ecn)
usequities.nyx.com/markets/nyse-equities/order-types ... see the "Dark Reserve" order type. Also, a good general reference for other exchanges: haimbodek.com/electronic_markets.html
Thanks for info! i've been saying this for a many many years-rather than adding more and more useless shit to already slow and EXTREMELY buggy TWS IB should work on simplicity,speed,quality of execution,routing etc. but..they choose to go the other way by keeping their programmers busy,working on shit like 'mosaic'(what a piece of crap),shaping and renaming various buttons and so on. as i said before-they have very little incentive to add anything, simply because all this active trading business currently is in decline. all i see that they are cutting their resources here and there and there is really nothing going on for last few years. we have very little hope that they will introduce any type of orders that are now supported by exchanges.
The OP, if he hasnt already done so, should raise a feature request on the ib website. Include all exchange doc links in the feature request. Perhaps post the link here so those interested IB users on ET can vote it up. Then it depends if IB want to do it, and how important they think it is. I once raised a feature request for a new native order type on an exchange.. ib confirmed they would implement it within a few months but it took them 2 years to actually go live with it. So it depends how important they consider it, but it is going to take six months minimum for a new request, but more likely much longer. Once they actually confirm they are going to do it (the feature request status will change to 'scheduled') you can probably ask them for a time estimate.
Southall, love your post since it is 100% planted in good old "Interactive Brokers Reality" (I've been with IB since 1999 and have been through this routine many times before) ... Unfortunately, your call to action is more grounds for suicide (or switching brokers) then grounds for hope ... Anyway, it seems a bit premature - perhaps we'll hear from IB on this thread, delivering the happy news that they are already working on it?