IB Globex stops

Discussion in 'Index Futures' started by stevene9, Aug 30, 2001.

  1. I know Voodoos post pertains to regualr stops. If you place a stop limit the limit price will never nbe cjhnged by IB, nor should it be.

    I don't know if IB prefers stop limits to stop market orders, but we do. Again stop limits are accepted by Globex so they reside on their servers, stop markets are not accepted by Globex so they reside on our servers.
    #41     Feb 7, 2002
  2. as for sending in a price greater than the market price, it does not get changed for futures. Thus if you want to set a stop limit 50 points higher, it will get entered with that price.l IB doesn't change the price.

    For stocks it needs to be changed because there are rules requiring orders to be sent to the exchagne within the NBBO.


    Sorry to bother you again, but the faster I can get my order to globex in a fast market the lower the risk (particularly when using significant leverage.) As far as I know generally direct access brokers don't touch the orders, just pass them on, so this is a new issue I haven't dealt with before.

    As I understand your quote above neither the stop price nor the limit price of a stop limit order will be changed, the order stays on IB servers, and the moment they are triggered, a limit order (with the original price set by the client) is sent to Globex.

    I assume that limit orders (not stop limit) are also sent unchanged?

    You say that for stocks the limit price needs to be changed. If I send a limit order directly to ISLD at a price above the market, there are no ISLD rules that require any particular limit price, as long as the order doesn't lock or cross the market. Would the limit price for such an order still be changed?

    #42     Feb 7, 2002
  3. def

    def Sponsor

    I repeat again and I confirmed this with the head of operations (nevermind I've been on the prop desk for years, helped write some of the trading code, and know where we get our ticks from) - IB gets its ticks directly from Globex.

    Not sure what the point of your questions on what %ownership I have - why is that your business?

    Stop limits: as a trader I personally prefer stop limits for reasons like the NQ a few weeks ago when a firm entered an order to by 2000 NQ's instead of 200 and the market spiked 50 points only to immediately come back. A stop limit in this case gets a good fill, a market order is luck of the draw. I've seen other markets which are not as liquid as NQ spike up 2-3% on one large order, the first stops triggered get horrible fills 2-3% higher before the wave of sell orders refill the book to bring it back down.

    As for stocks, same idea, i'd rather put a limit at a set price above market than to have the potential for an extrememly poor fill. (others will counter that when they want out, they want out at any price).

    Back to Globex: Globex does not support stops on some interfaces and does it on different ways on others. If the new interface that IB rolled to last week supports native stops (we should be finding out within a few days), they will be moved there. (BTW, if Globex gives the go ahead, the change would most likely be put in very quickly).

    Voodoo, as to stocks i don't know the ins and outs of all the exchange rules. I do know that certain exchanges only allow certain orders. I better confirm the routing with programmers before discussing further.
    #43     Feb 7, 2002
  4. Def on his game as per usual. Thanks def!
    #44     Feb 7, 2002
  5. spencer


    I assume that IB will make an announcement or is this considered to be too behind the scenes?
    #45     Feb 8, 2002
  6. def

    def Sponsor

    no clue if a formal announcement will be made but I'll say something on the forum either way.
    #46     Feb 8, 2002
  7. Hi def, any updates in this matter ? Would it be CME´s ILink as described on CME website ?

    ( Quote: )
    "Previously known as GFIX, iLink (sm) is the umbrella term for our next generation interfaces:
    the iLink Market Data (MD API) and the iLink Order Execution. CME has committed
    to making the iLink interfaces the strategic direction for electronic interface access."
    #47     Feb 27, 2002
  8. Hi def, any news regarding stops on globex ?
    #48     Mar 12, 2002
  9. def

    def Sponsor

    yes, stop limits will be moved the globex servers shortly. don't have exact time frame other than it is currently on someones programming queue.
    #49     Mar 12, 2002
  10. hi Def,

    anything new with native stop limits ?

    #50     Jul 2, 2002