there are also people that can be e-mailed on the SEC's website. i blipped them my concerns, and received in return (i believe) a standard cut and paste...
Island now recommends using a fast flurry of IOC orders to get the best price. (see island.com/etffaq.asp) I notice IB has IOC as a Order property option in the API. (tif can be GTC, DAY or IOC). Is this currently operational? If IB wanted to it could just set TimeOut=0 in the order's OUCH message to Island for all orders requesting it. What do they set it to now? Anyone know more about this? Def?
So, next month, when ISLD goes back under 5% (because no one can see their bid/offer to take), will they be allowed to start displaying again? And if so, will the same thing happen and it just goes back and forth, month to month?
I traded the spy's today using instinet - pretty good liquidity - although not as tight as Island -- but its only a matter of time before instinet is blackballed. The whole thing is really a disgrace and insults my intelligence. Hopefully, the nasdaq will be coming out with their own ETF's shortly -- and the AMEX can go to hell !!!!
Nasdaq and amex are in the middle of a separation - the divorce attorneys are working out the details !!!!
I notice the displayed size on the ES's was way down today. Was it the fed meeting or more likely, the lack of visible ISLD on the SPY to trade against.
So what route for the Q's now? IB SMART quotes are often locked or crossed, INCA: I saw 5 cent + spread, ARCA looks good has it replaced ISLD? can't get NYSE for some reason.
what are you guys/gals using as a gauge of market depth. i use rjt to trade - ARCA is too slow, island is closed and the RJT bid/ask are not always (as in almost never) where the true market is? im in the dark. i cant believe they basically shut island down!