Lately I have very frequently not been receiving fills, using Island through IB TWS. For example, there will be 1000 bid at 10.000 through ISLD, so I'll I'll post 1000 at 10.001: then several thousand shares will print at 10.000, but I won't get filled. The 1000 ISLD posted at 10.000 doesn't move either... What's the deal? How can trades go off at 10.000 if I'm bidding 10.001?
The trades are going off on SOES or another ECN. Just because ISLD is at the inside doesn't mean that anyone has to route there.
Why don't you use smart order routing? I do, and I've never had a problem getting filled. On several occasions I've even got price improvement. It just works alot easier that way for me.
Ecn like Market maker ? Is possible ? But with Ecn you don't have FLASH fills ????? If i put 100 Share at 20.00 $ and in the INET book i have 100 lots at 20.00 $ I HAVE TO HAVE INSTANT FILL !!!
Sure you have "flash" fills at an ECN, but only if you route to the same ECN, since nasdaq is a fragmented market. Suppose the bid looks like this: 10.001 ISLD 10 10.00 ISLD 10 10.00 NITE 100 with your 1000 shares at the top. People can route to SOES all day long getting 10.00 from NITE without ever touching your order. If, on the other hand, someone does route to ISLD, you're first in line to get filled. That's the risk of joining the bid and not paying the spread: no fills or partial fills (like 2 weeks ago when someone lifted a mere 4 shares off my offer). "Smart" routing is great if you are paying the spread, but if you are just joining the bid/offer, it will most likely dump your order at ISLD like you are already doing.
But i don't have understand the post of "newestmember" *Lately I have very frequently not been receiving fills, using Island through IB TWS.* Newestmember don't have match ISLD order with the ISLD book ? I'm wrong ?
Something doesn't seem right.. I don't know if this is a one-time deal you are talking about or this is an "often" experience. Most daytraders know that it is VERY rare to have island on the inside while orders are being filled on the outside.
And I trade all sorts of different stocks.... I think the SOES explanation makes the most sense...I use Smart, so IB posts my bids through ISLD....