IB Opening Only orders

Discussion in 'Trading Software' started by H2O, Nov 4, 2003.

  1. H2O



    I received an email from IB today (IB TWS Highlights) which handles order types.
    When I looked at Limit on Open this was the description :

    Limit-on-Open- A limit order set to execute at the limit price or better at the market's open. Available for stocks on NYSE and AMEX, routed direct or through Smart order routing.

    Especially the last part caught my attention.

    Routed through Smart

    I always thought LOO orders could only be send to the exchange directly. Seems like IB now does this for you. But this also indicates we can use automation (using API) without paying the extra routing fees. Cancel fees will hardly apply because the cancel fees are only charged if the order is cancelled through the API (Not when cancelled by the exchange or if cancelled using TWS)

    Any comments ?
  2. nitro


    You have described it pretty well. That is how it works.