fastest execution at best price?

Discussion in 'Order Execution' started by techtrader03, Mar 16, 2003.

  1. Which brokesr have the fastest execution at the best price for market orders of 1000 shares block? It seems interactive brokers has the best execution according to many feedbacks. Are there any better out there? What are experiences you guys have for both traditional online brokers and direct access brokers especially for market orders. Any responses are appreciated, thanks.

  2. ....PointDirex is fastest I've seen....I don't recall many posters commenting on the speed of IB, they usually point to the all around functionality of IB..
  3. def


    If you end up getting a fill via TMBR* routing - no one is faster as fills are virtually instant. From there it depends on where the order is send. If ISLD - extremely fast, NYSE - dependent on specialist.

    Other brokers are surely fast but I'm confident that IB's speed will hold it's own against all other firms.

    * TMBR routing is an internal route that takes IB's affiliate Timber Hill's market making equity orders in the internal NBBO. If it can better or match the NBBO, it will give you an instant fill.
  4. Like def said, your execution speed through IB will be determined by your connection speed to the internet. TMBR and ISLD are definitely under half a second, from the time you hit the key to the time you see the shares in your account, probably even faster, but I can't really look that fast. My best guess would be an eighth of a second. Instinet is around one second, NYSE anywhere from a second to a couple of minutes. Your typical liquid stock like GE, GM, DD, EK will most likely take 5 to 10 seconds for a marketable 1000 share order under average market conditions.

    In very heavy volume, IB's quotes sometimes lag up to a few seconds, but executions are still quite fast (about one to two seconds for ISLD, 10 seconds for other ECNs) Most of that delay is probably caused at the exchange itself.