How to buy US-T Govt Bill ?

Discussion in 'Order Execution' started by hakem, Sep 7, 2018.

  1. hakem

    hakem

    Is there anything special to know about buying US-T Govt Bill ?

    First I transmit a buy order with the IB OrderEntry with the ASK-price as limit.

    Now I can see the order in the pending window but nothing happens.
     
  2. elt894

    elt894

  3. hakem

    hakem

    Thankyou !
     
  4. SteveH

    SteveH

    Treasury Direct.
     
  5. GRULSTMRNN

    GRULSTMRNN

    Hmm, it also seems to apply for larger orders. Recently put in a limit buy at the offer for 400k usd notional in a 92 day tbill and did not get filled all day. I may have to check with IB tech support or their trading desk to inquire why. Had this happen a few times already when I roll over some of my tbills

     
  6. luisHK

    luisHK


    Yes, not quite sure how it works and curious of any feedback you might have gotten from IB.
    Entered several orders lately from 300 to 500k on treasury bills and notes 1 year out, could buy at the ask except today, tried 2 different expiries on T Bills with 300k but nothing happened.
    From here tws is dodgy and I thought this might be linked to the internet connection while the order went through, but even after restarting TWS, it shows orders weren't hit.
    Also if i put an order midpoint on T bills it doesn't show on tws as a new bid, not sure what's going on (market data issue possibly, destination is smart, which is the only choice the system gives me)
    USD cash with IB over 10k is now paying 1.68% btw, not negligeable.
     
    Last edited: Oct 1, 2018
  7. GRULSTMRNN

    GRULSTMRNN

    The issue got resolved for me. IB support staff advised me to switch in the settings for fixed income instruments to raw pricing and I got then filled right away. Not ideal because I do not fully understand the mechanics behind this configuration but I got filled right away at the price I wanted Good enough for me for the time being.

     
    luisHK likes this.
  8. luisHK

    luisHK

    Thanks Grul, just opened a ticket with IB asking how to set this up on TWS, looked around but could only find explanations for webtrader.
    In the link it appears raw pricing is the default setting :

    https://www.interactivebrokers.com....webtrader/customizing/trading preferences.htm


    "When turned on, lets you display the total price, which includes any extra fees or commissions charged by the external executing systems. Also, the Limit, Bid and Ask prices in the Order Management Panel will be treated as the total price.

    By default, Fixed Income Pricing is turned off, and the Limit, Bid and Ask prices are treated as raw prices without extra fees or commissions included."
     
  9. luisHK

    luisHK

    Got a reply from IB, indeed the default setting was Net pricing. Switched to Raw, will see if fill issues at ask happen again.
     
  10. GRULSTMRNN

    GRULSTMRNN

    It did the trick for me. Good luck.

     
    #10     Oct 3, 2018