Can someone with IB tell me if primary pegs on IEX are allowed on both sides of the book?

Im trying to find a broker that wont erroneously reject my orders as wash trades when they arent

 

I assume they’re rejecting because they are “potential” wash sales. Compliance likes to be in the safe side. If nobody answers your question , I can try to experiment on this using BYND.

 

Qlai, thank you. They aren't even potential wash sales , IEX confirmed primary pegs on opposite sides will never cross , different story for discretionary and midpoint pegs tho. I had to hack my code to reprice pegs when it moves past the mid-price, which sucks cause that defeats the purpose of the peg and i lose my queue position . It did help tho.. broke even today instead of bleeding , I bet it would have a fighting chance if I didn't have to cancel and replace the damn pegs

 

Well, it did allow me to put them in at least. I don't know why it's showing status as blue (should be green), maybe because it's after hours and I didn't click the "after-hours" checkbox. Maybe I should try during lunch time.

I don't know how your broker does the pre-checks, but when they look at outstanding bids and offers, there is only so much they can check as far as destination, order type, and conditions are concerned. Just because YOU know it's impossible for them to cross, doesn't mean that your broker's software knows that.

 

The order type seems to be correct one.

 

Right, im trying to get them to fix the bug in their software. That's thru interactive brokers? Maybe I'll switch to them and give this strategy a go since I don't need low latency colocated machine if I'm paying IEX to do that for me. Thanks!!

 

Yes IB, but I doubt you can use them. I submitted orders manually(since status was blue, they may not have gone through all pre-checks). Need to re-do this test during regular hours. Some features, like post-only for example, are not available via API. Also direct routing costs extra via API.

 

Oh yeah, I remember that now. I'll wait to hear back from you

 

Tried again and this time it went all the way to IEX. Also, looking at the API code, you should be able to place these orders via API.

 

Thanks qlai I might have to switch to IB to give this a try. Lime can't do it without charging me for fixing their software to work according to spec. I dont think the directed order fee will be a deal breaker since I will only need to send orders in response to inventory jumps