Error Message at IB

The order price 10.001 does not conform to the minimum price variation for this contract.

--- I'm trying to place an order through SMART or ISLAND using TWS and I keep getting this error message ---

 

Try 10.00 or 10.01 and see if you get the same message.

 

ISLAND no longer takes orders in sub-penny increments on stocks trading above $1

 

Thanks for the reply. I wondered if the merger between ISLD and INCA had something to do with this. First day that I noticed....thanks again!

 

today is the first day this went into affect:
http://www.island.com/prodserv/developers/resources/emailarchive/20040303.asp

 

IMO this is the biggest fraud one can imagine! They (INET themself) is making the biggest profits by applying this "automatic" rounding up/down for their own advantage. That is: they internally are using sub-penny pricing for their own advantage! This is a free ticket to let them do how they want with the money of others! IMO these bastards are the biggest gangsters in Wall Street. I personally am goiing not to use such ECNs anymore where sub-penny pricing is not possible.

 

Here's the reason:
A strategy gives
with sub-penny usage: 154%
without sub-penny usage: only 34%
So, these gangsters know exactly how to rip the masses! Sub-pennywise! The volume makes it... And: the rounding effect eats up all ECN rebates, even x-fold! Forget INET!

 

even bigger than say, TraderBrat??

-qwik

 

TraderBrat is peanuts.

 

Got question: I assume it is possible to trade odd lots on IB through SMART, correct? For example buy 155 stocks, etc.?

Thanks
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