All my orders are options and thanks for pointing out the priority status change. Yes I have been notified about losing the priority customer status too. My understanding is that this is a exchange-specific effect. Have you seen a big impact on fills? and are some exchanges better to use without the priority customer status?
You should avoid pro-customer status if possible. As customer, you go ahead of firm/BD and pro-cust, but that is not the big issue. Customer fees are much lower than pro-cust fees. I can't speak for IB, but many introducing brokers like us have access to smart routes that can avoid most maker-taker fees as the give a first look to a market maker before landing on an option exchange. These routes are very popular. Those same MM won't accept pro-customers on those routes because the cost is too high, Also, for automated traders that are subject to non-display fees, OPRA has an exception for Priority customers but not for BDs and pro-cust. Once you get hit with non-display fees this will increase your monthly OPRA cost from around $50/month to $2000/month. https://www.opradata.com/specs/OPRA_FEE_Notice_9-30-2016_1.pdf You should give me a call tomorrow. Good luck..Bob
I don't use market data from IB other than quotes for positions and orders shown on the TWS platform. That's not "non-displayed use" you mentioned right?
Do you have an open API where MD leaves the display? If that is true, IB might have to change their policy one day. I would focus more today on keeping your orders below an average of 390/day.
if I drop the orders to less than 390 a day I'd miss out on opportunities amount to far more than $2000 per month. I'm thinking divert to other brokers.