IB Smart & TMBR

Discussion in 'Retail Brokers' started by Trader5287, Nov 23, 2002.

  1. Would someone explain where TMBR fits in in IB's smart routing? I don't recall seeing them as a selection though I do see that they are on many of my trades. Do they get the first crack at any orders I might place?

    Thank you.

  2. I should have put this under Order Execution. Sorry.
  3. Open an order line (by clicking on the bid or offer) then under Dest choose TMBR
  4. If TMBR is at or better than the NBBO, you will get an instant fill from them. This is great most of the time, but you do eliminate the chance for price improvement by the specialist on listed stocks. So, you have to decide if you would prefer an instant fill or wait for the possibility of price improvement (or no fill) on listed stocks. I have seen absolutely no disadvantage on NAS stocks.
  5. shneed


    Are you sure about this? I thought TMBR is only available through "smart" orders.

  6. It could be a nice feature if IB put TMBR as a direct route inside their TWS.
  7. Seems as if I designed a routing algorithm for orders from my own subsidiary, I'd want to keep the order in house if possible if no down side accrues to the trader.
  8. "Open an order line (by clicking on the bid or offer) then under Dest choose TMBR"

    Here's a screenshot.
    • tmbr.gif
      File size:
      12.3 KB
  9. yeah, but the last time i tried, which was a couple months ago, a TMBR order wouldn't be accepted (unless TMBR filled you thru SMART)

    i guess we'll all find out tomorrow
  10. Does TMBR is again available as a selection in the TWS, because it seem to be not listed now in the Destination Order?
    #10     Jan 18, 2003