For the IB savvy, some Best_ECN questions: When using IB's Best_ECN and using the IB option of rapidly modifying the order after transmission (by incrementing price and hitting Transmit again) what exactly happens? Will the existing order be cancelled and the new one introduced to the routing algorithm as though it were a fresh order - perhaps sometimes routed differently? What is the likelihood of double executions doing this on IB Best_ECN as compared to IB Best or ISLD? Thanks.
I've stayed out of this thread as the first issue was answered. If an exchange does not report a cancel or execution, there is not much a broker can do. As for the BEST ECN questions, I don't trade the nasdaq (other than some test orders now and then) and thus can't really help. I do add that dlinkes issues were passed on to higher levels. Hopefully with the introduction of SuperSoes, they are less of an issue. jwcrim, I think the order would go as a cancel/replace for the very reason you mention - to avoid double executions. I can't speak for the different ECN's but the way orders are handled depend on the exchange software. Outside of the states I have experience with 5 different platforms. Some allow you to modify an order, others make you cancel/replace, others act differently depending on the type of modification. In my experience with all these mechanisms, the code has been programmed to avoid double executions.
Anyone know why IB won't publish their ECN algorithym? It seems like then you could make the best choice of how to route if you knew exactly what they would do with the order. Julie