IB execution on open - different for round lots?

Discussion in 'Order Execution' started by droskill, Oct 19, 2009.

  1. Hey all,

    I'm wondering if people have different fill experiences with IB based on whether or not you're buying/selling round lots or not. I'm finding a lot of slippage buying on the open using odd lots, and I'm trying to figure out strategies for improving my slippage.

    If anyone has a comment on the difference between odd and round lots, I'd love to hear it. If you have any general comments on the most affective way to buy individual stocks on the open, I'd appreciate your thoughts as well.

  2. What symbol? What exchange? What orders?
  3. I was using SMART to route the orders - the stocks are largely irrelevant in my mind, but for this case, I was buying RNR and DENN on the open.
  4. rwk


    Round lots and mixed lots are best because some venues (e.g. NYSE specialist) won't fill odd lots. I think there might be ECNs also that won't fill odd lots, but I'm not sure.
  5. I don't know what you mean 'on the open' but my guess it's a market order. Try to use ISLAND. I route SPY orders to ISLAND and I have no problem with the odd lots.
  6. Thanks - I mean on market open as a market order - as in at 9:30am.

    I'll try out Island for a specific routing to avoid the NYSE specialists.
  7. Bob111


  8. rwk


    Be advised that IB charges more for routed orders. I don't think they will rout an odd lot to a venue where it will be rejected.
  9. Bob111


    "they" can and will trade through your island order. hide it, and possibility of an execution(specially in a "good trade") will be close to zero
    losers of course will be all yours
  10. It never gets rejected. It just sits there and according to IB waits for it's match.
    #10     Oct 19, 2009