I place an order to sell some treasury bonds that I own at IB with an asking price approximately midpoint of the bid/ask spread. The IB asking price never changed to reflect my lower ask. My quantity was equal to the original ask quantity and 100x the lowest quoted quantity, so that wasn't the issue. As usual, IB customer service was a ridiculous waste of time. His conclusion was "I would chase for the update of the ticket". Does anyone have a better insight into the problem?
Bond markets are governed by a very different set of quotation rules and a different level of automation. I'm not surpised your seeing weird stuff. Just walk away from the transaction and try again later.
Yes, of course, I have tried again many times. I've now confirmed that I'm seeing actual trade-throughs. Multiple "last trade" prices that are higher than my asking price. It seems odd that this is allowed in any kind of electronic trading platform.