IB: Is there a way to prevent all orders to route to NYSE

Discussion in 'Order Execution' started by eveningtrader, Jul 1, 2008.

  1. Is it possible?

    I know there still plenty of fans for them, but I just can't let them to steal my money like that any more.
  2. vikana

    vikana Moderator

    It's getting to be a big issue for me, too.

    In TWS 884 there is a new checkbox under Order Defaults called "Consider Cost when routing". The docs seem to indicate that it would enable more ECN routes, but i've not seen any improvement.

    Here are the docs:
    "If checked, Smart routing will consider the total cost of executing the order, including commissions and other fees, when deciding where to route the order. If unchecked, only the exchange price is considered. Only valid for stocks routed to FWB."

    Now IB just needs to explain to me what FWB means (even though i have a guess).
  3. '

    why do you not like routing to NYSE
  4. Bad and delay fill.

    I have a protective stop for a stock, and it gap below the price on open. The order was filled on 9:33. Three (3) minutes after market opened. Stop can give bad fill, I accepted that. But took 3 minutes to filled 200 shares? A lot of things can happen in 3 minutes in a fast market.

  5. Do you know the difference between "market open" and "stock open"?
  6. range


    In the past, I have excluded fills on the Amex by doing this:

    Configure => Global Configuration => Smart Routing => Excluded Exchanges

    Then enter symbol, security type (e.g., STK), and route.
  7. Seriously do you know how to read the l2 screen? You trade thin spread stocks at the open and you want to get good stop fills??? It ain't happening.

    The best thing you can do is to smart route your order and even then you might still get bad fills. Or you can watch your l2 screen and pay attention to the price action.
  8. I don't mind getting a bad fill. I understand stop order get bad fill. My problem here is the order was executed 3 minutes after market open. There were trading pre market as well. Volume is not an issue for this stock because it trading 3 million on a daily average.

    Even if it's thinly trade, say 100k/daily, market order should have filled instantly, yes, it will be bad fill, but it should be instant, no 3 minutes from now.

  9. The open isn't necessarily at 9:30am Eastern. It can take several minutes for a stock to open and some times as long as 15 minutes. Your stop order was probably activated and executed immediately after the opening trade.
  10. Bingo, Hurricane. In the above-mentioned case, assuming you were in front of the computer, you would have been better off hitting an ECN once your price was hit instead of waiting for the NYSE open.
    #10     Jul 1, 2008