IB best-ecn feature

Discussion in 'Retail Brokers' started by tntneo, May 30, 2001.

  1. tntneo

    tntneo Moderator


    BTW, in case you don't know, IB released an update of the standalone JTWS tuesday, may 29.
    it seems Best_Ecn shows correct bid/ask now.

    Anyone tried Best_ECN already ?
    I did, but only once the fill speed was not that great. But it does not mean anything [one test you know].
    And the feature was not officially released [I am not sure it is now].

    It is a pity IB does not explain the basic logic used by Best_ECN. Def, you are welcome to give us more info :)

    Of course, it is obvious, it'd try to get a fill at the best price. But I'd like to know what is the strategy :

    - when there is no fill at the inside, where is the order placed ?
    normally, when using direct ECN, the remaining order goes to the book. In the case of best ECN is it the same : going to the book of the ECN which filled ? or does IB try another ECN ?

    - what is the time out per ECN when trying to fill ?

    - any other info which would tell us what behaviour to expect. We can learn by trial and error, but I'd rather not...

  2. def

    def Interactive Brokers

    you have come across what is called a soft/stealth release which basically means that no announcement has been made. I think they are playing around with different logic and beta testing and when they are content with the feature an announcement will be made. If/when I find out more info about it, I'll make a posting.