I Have always used interactive brokers as my broker for stocks... I like them alot... I now trade always with market on open orders... I have no comparison but I was wondering if any members can compare how IB ranks next to other brokers when using MOO orders.... thanks for any helpful advice given
The orders are sent to the main exchange unless specified otherwise. All brokers are exactly the same when it comes to opening/closing auctions, only the commissions are different (obviously),
I did an MOC order on IB this past friday on a very liquid ETF and it was filled 5 cents off the market on ARCA, how can this be ?
Orders in the ARCA auction are filled as per the ARCA auction rules. http://www.nyse.com/equities/nysearcaequities/1157623605155.html If you think that IB gave you a different price, you can check the official auction prices published by ARCA: http://www.nyse.com/equities/nysearcaequities/1170329803505.html
what is a primary exchange for this ETF? where it's listed? i'm asking,cause i have similar question about how and where to route my order, if i'm looking to get into a nasdaq listed stock on open,at open price. 'SMART\ARCA' option at IB doesn't look\sounds right for it and make me think that they wil fill me same way they filled you. because that 'option' give them right to route my order basically anywhere. how do they handle MOO\LOO orders? anyone?
Unless you are dealing with an extremely liquid stock, always route OPG/MOC to primary exchange for proper liquidity, for Nasdaq that is ISLAND. You don't need to change the default route, when TIF is OPG the main exchange is selected by default.
Thank you for quick respond,but when TIF is OPG default exchange on my TWS is SMART. when i saved order as a basket file-it says SMART\ARCA(which is once again-doesn't sounds right to me) when i called to IB's CS-they said-no changes necessary,SMART will take care everything,but i kinda doubt that. tried to place OPG order on paper account-nothing really happened. order status was blue and order was canceled after stocks starts to trade after 9:30. no any sign that it was ever submitted anywhere