Happened to me on IWM two days ago. Quotes crossed and a sell order would not work limit or market. Had to switch from smart to island to close. Small .20 profit turned into a .02 loss. They need some type of option to remove markets with crossed quotes from the smart route. If the bid is $1 above the ask for more then a second there is a problem. Overall I am happy with IB but this is becoming a more frequent problem. AAA30
Weird hearing all this as after ten's of thousands of trades over the past 3 years I have had perhaps 5 problems.
After a couple million trades over that time frame you might know what these guys are talking about. It is an issue.
Same here I entered a market order this morning it sat their for about 10 seconds price climbed without me and I cancelled the order.
You'll have to direct route using non-SMART order entry to overcome this, but even then, you'll run into ARCA type rejects (if routed there) because of IB algo logic.
No serious trader uses FREE QUOTES for anything. IB free quotes are a joke... Yahoo free data is riddled with errors. How can anyone be unaware of this??? The reality is... Zero resources go into something given away for free. A much more SERIOUS problem... Assuming one has all data entitlements... Is IB deliberately NOT putting in the NBBO... When you enter an order. By giving a Customer a false "NBBO" at order entry... IB can shave a penny or two into their pocket... And it's next to impossible to "prove".
They aren't a joke. In fact, the whole SMART routing technology revolves around the fact that these quotes need to be right. If they aren't right, then all SMART order routing fails to be useful.
What is it about IB related threads that brings out the wankers? 1. IB quotes are not free (they are paid for by commissions just like everything else). 2. They are not a joke. If you understand their strengths and weaknesses they are very good. I wouldn't trade HSI based on expensive esignal quotes but will happily trade it using "commission paid" ib quotes. 3. And, non-zero resources go into free stuff as well ... check out wikipedia and the open source movement.
And the IB quote feed is NOT FREE! IB clients actually pay, either directly or via the minimum monthly commission quota. I always thought a minimum commission (dollar based) quota instead of a minimum trade (volume based) quota was weird... Makes the whole minimum quota concept predicated on specific instruments traded, within that type of instrument offerings. And that's a good thing? Are you insane? We already know the quote feed is not tick-by-tick; even the evangelists admit the possibility of missing extreme ticks in RT, but are indeed available on a refresh/backfill. And now you say the default order route fails if the quote feed is inaccurate? Holee sheet! Osorico Not an IB client, past or present. No axe to grind, no praise to give.