Hi all, I attempted to conduct some small trades on OTCMarkets (OTCQX, OTCQB, Pink sheets) on Interactive Brokers recently and noticed the delayed/non-executed trades. I have read the information at: http://www.otcmarkets.com/learn/market-structure and http://www.otcmarkets.com/learn/trading It seems that the OTCMarkets trades runs on messaging and responses from individual broker-dealers rather than using a trade matching engine. I noticed a few times my order is marketable and even exceeds my limit buy/sell price (cross referenced with ToS price feed), however, they are not executed. Anyone can shred any light on what is going on and how to improve trade executions at OTCMarkets? Thanks!
Look at your L2. If you see liquidity in ARCA, then send your order there, otherwise you will have to wait for an equity MM to respond.