IB routing question

Discussion in 'Interactive Brokers' started by Babak, Aug 23, 2001.

  1. Babak

    Babak

    Please forgive me if this has already been answered (I couldn't find a definitive one on the site):

    When using BEST routing with IB is it possible for the order to go into the 30 sec. loop with MM/ECNs (thereby preventing a *fast* fill) ?

    or has the algorithm been altered to prevent this ?

    thank you :)
     
    #1     Aug 23, 2001
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  2. def

    def Sponsor

    #2     Oct 6, 2001
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  3. Eldredge

    Eldredge

    I have been wondering the same thing as Babak. I looked at the flow chart (very informative), but I am still wondering if an order on BEST can be delayed by a MM. I trade liquid Nasdaq stocks, so BEST_ECN works quite well for me, but at times it would be helpful to use BEST. I don't use it because I don't want my order tied up. What is the real-world experience of those who use BEST? Thanks for your help.
     
    #3     Oct 6, 2001
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  4. stock_punter

    stock_punter

    I tried trading the QQQs with BEST and found it unsatisfactory. The occasional delay in execution when it was routed the the AMEX led to poor fills: I watched as the stock moved down several ticks for over 5 seconds before the order was filled.

    I now use Island execution when trading the QQQs, and have been happy with the near instantaneous quick execution. According to Island's web site about 64% or so of orders on the QQQs are filled at the current bid-ask or better ... see http://www.island.com/qqq/index.asp .

    -- Punter
     
    #4     Oct 6, 2001
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  5. roger2

    roger2

    This past Friday at approximately 10:58 I placed an order, using IB's "Best" routing, to short 200 shares of MCDT at $33.66

    At the moment I placed the order, the ask was $33.67 and the bid was $33.66. MLCO was on the inside bid and there were no other bidders at $33.66

    Since I "hit the bid" I exepected the order to execute immediately with MLCO via SuperSOES.

    Instead, nothing happened at all....I watched for 15 - 20 seconds, my order was "green" on my IB order entry screen and the bid from MLCO remained. Eventually I cancelled the order.



    Has anyone else experienced this problem?

    Is this the "30 sec. loop" which Babak referred to in the opening post of this thread?

    Or is there something I am missing here regarding the functionality of SuperSOES.... possibly regarding the size of my order???



    Any insights would be appreciated ; )

    Thanks in advance.....
     
    #5     Jan 13, 2002
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  6. qwiktrade

    qwiktrade

    roger..

    you can only short a nasdaq stock on an upbid.. if you try to short at the bid price when the stock is on a down bid then the TWS adds .01 to the current bid and places your order there..

    -qwik
     
    #6     Jan 13, 2002
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  7. roger2

    roger2

    Thanks qwiktrade...

    gee this is embarrassing, i was so worried about a possible problem with IB or SuperSOES that I overlooked the most obvious explanation: the downtick rule
     
    #7     Jan 13, 2002
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  8. Pabst

    Pabst

    Def;
    The order routing chart for futures indicates that Globex accepts only simulated stops. I am understanding that a ES or NQ stop is "held" by the IB server until Globex prints at the triggered price. Is this system of treating stops unique to IB? Also ACE seems to accept "real" stops, is that correct? If so, does ACE have a pct. limit or band that prevents stops from being filled in a worst case liquidity vacuum at a price of like 80.00 in the bonds?
     
    #8     Jan 13, 2002
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