IB and modified orders

Discussion in 'Order Execution' started by Valorum, Sep 22, 2009.

  1. Valorum


    Did someone notice too that modified orders on the TWS may or not be executed?
    I Placed and order and when it was executed/should have been executed, I got "and invalid order". Yeah, only problem is that in the audit trail it was acknowleged.
    Got a problem another day with a modified order (that of course didn't got executed), the IB person told me the reference (as proof) of modified orders don't count. Great, isn't it ?

    What I learned from it : trust your broker as much you would a marketmaker
  2. Eight


    how much time expired between sending the modification and execution?
  3. zdreg


    please post or PMed me the reference to modified order not counting.
  4. Valorum



    I modified the price of an order on a low liquidity volume stock and it was clearly on the screens (the TWS and my backup quote feed for more than 5 minutes), ready to get filled. But the surprise came when my order disappeared and the guy with the sell order above me got a fill and I had to see "the invalid order message".

    I checked the times and sales and my order is clearly visible and so was in the dealing system.

    Apparently it is better for low volume stocks (less than 10 millions shares) to cancel an order and have to re enter it (and avoid the use of the nice when it worked -back then - modify feature)

    Please check your PM zdreg
  5. Eight


    Was it an OTC stock?
  6. Valorum


    No, it wasn't an US based OTC stock. The most strangest things happen on the one or other non US exchange : freezing quotes, executed orders that get canceled because the marketmaker changed his mind (the German marketmakers have that right), orders that don't appear on the screen, when they are entered before the open (even if the green light let you think otherwise) and that won't get executed.