My experience with RTH + Pre-open Re-route NYSE limit orders that were immediately marketable has been limited to some testing on 100 LU at a shot. I've found that these orders got directed to NYSE whether I entered them the night before or at 9:29. As soon as I get set up better to handle the switch to IB from another broker I'll be executing many more limit orders on the open and I'll learn for sure how well their routing works. For example, what about marketable limit orders entered after 9:30 but before the opening cross? It seems logical to me that they would still be directed to the NYSE.
I'll try to relay what I saw happen today. I'm playing with too many parameters at once. So, hopefully I got it right. When I placed a DAY order with RTH selected last night, I got a warning dialog from TWS that the order would not be submitted until after 9:30:00 AM. I thought that was curious. I don't remember seeing that warning in the past. It was a very appropriate warning for my interests. So, I added a GAT of 9:27:00 while leaving it as a DAY order with RTH selected. Of course I have Pre-Open Re-Route selected in the SMART configuration. The order was routed to AMEX as I had hoped at 9:27:00. I guess that it's OK to have a GAT prior to RTH when RTH is selected. This gets the order routed to the primary exchange prior to RTH so that it will be there for the market open. I placed other orders with GATs as late as 9:29:00 AM. The one with the GAT of 9:29:00 went right to the primary exchange (AMEX). Great! I'll try that for all my orders for tomorrow to test for consistency. I had 7 orders on 2 different Nasdaq stocks. Of course those orders all sat on ISLAND during the market open even though I have selected the Pre-open Re-route option. That is because that configuration option only works for listed stocks (NYSE and AMEX) as advertised by IB. All in all, I'm pleased with the functionality of the Pre-Open Re-Route for AMEX stocks. I didn't test for NYSE stocks, but I'm guessing that it probably works just as well. I would like to make some suggestions for IB. Unfortunately, the suggestion feature of account management has yet to be implemented and it appears that submitting an inquiry/trouble ticket is not an appropriate path to submit suggestions. ===================================== Suggestions to IB: 1. Route RTH orders (subject to the Pre-Open Re-Route) to the primary exchange at 9:27:00 AM rather than providing a warning dialog. This would be a good default behavior without a GAT. The order can't execute outside of RTH anyway. 2. Provide a Pre-Open Re-Route to SUPERSOES capability for NASDAQ primary stocks. It could be enabled by the same check box in the TWS SMART configuration menu as the listed stocks re-route or a new separate check box for NASDAQ stocks. ===================================== NOTE: I hope that readers realize that my posts/comments are not meant to bash IB. I'm just trying to understand how to utilize IBs capabilities to my best advantage. I'm able to make and keep more profit with IB than I could with previous brokerage accounts... and that's what matters most.
For the NASDAQ orders, can't you guys just submit regular DAY limit orders on SUPERSOES? A regular DAY limit order submitted to SUPERSOES before 9:28am will not be filled premarket (ie before the opening cross at 9:30). However, it will participate in the opening cross and, if not filled, it becomes a DAY limit order immediately and automatically after the opening cross and sits there for the rest of the day...i must be missing something..
The unbundled commission for smart orders is $.0035 - .001/share. Unbundled is only available for smart orders. Bundled is .005 manual - .008 api. Potential difference is as large as .007/share.
To my knowledge, you can route to SUPERSOES manually and pay unbundled, but if you want unbundled with the API, then you must use SMART...so I guess you really need to use the API in your case and cannot place manually, correct? http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=ca#unbundled "** USD 0.7 minimum per order, only the bundled fee structure is available for Non-Smart Routed API orders."
You are correct, the unbundled fee structure applies to manually routed direct orders. In fact all my trading is currently manual with a different broker but I frequently submit 100+ plus pre-open orders a day. Many of these I modify based on the open. On a busy day I might have 30 changes. Frequently I cannot change these fast enough manually. Programmatic changes would be much faster. That is one reason why I'm working on switching to IB. I will probably do what I do with my current broker and use a keyboard macro processor to simulate normal manual entry. It's cumbersome and fragile, but it's better than actually entering them myself. I am not sure what happens if I use the API to change the manually entered orders. Will the commission change? Can I change them to Smart? Will I have to cancel and then submit new orders to maintain unbundled pricing? All questions I will have to answer.
Perhaps at one time it was possible to direct route a limit order to Supersoes, but it isn't now. Now you will receive an "SUPERSOES only accepts marketable order" message. According to their web site "Because Supersoes, Soes, and Selectnet do not accept non-marketable limit orders, non-marketable limit orders that are routed to these destinations will be rejected." I'm new to IB, but about 3 weeks ago I thought I tested routing a limit order to Supersoes and it worked, but perhaps that was a marketable limit order. It looks like there is no method to route a limit order to Nasdaq that participates in the opening cross and survives afterwards either directly or through Smart.
You're right, and i really don't understand why this is not supported. IB's explanation that you quoted doesn't make sense (can you provide a link to where you got that from btw?) Supermontage (Supersoes) does accept DAY limit orders in premarket, and they do behave exactly as you wish them to, so i dont know why IB doesnt support them, maybe someone from IB can elaborate..then again i was also recently surprised to learn that you cannot place ARCA reserve orders through IB..i think all these order types should be made available to IB customers.
The link is http://www.interactivebrokers.com/en/trading/orders/limit.php I entered two SUPERSOES limit orders last night and this morning at 9 they were fine. Later when I checked they had disappeared. I hadn't kept TWS up and evidently there is no way to get an audit trail otherwise. I talked to a customer rep who after some research determined the reason the orders were canceled but couldn't say why (other than to point to the web site's explanation) they were not supported.
well i cant even direct-route a non-marketable DAY limit order to SUPERSOES using IB's TWS DURING market hours..so it looks like IB does not support it at all (premarket AND during regular hours)