Hi guys, I am trying an arbitrage pairs trade. Long/short the stock and its ADR. Ironically the stock is less at it’s home exchange in Europe than the ADR in the US. The ADR leg works fine but closing/opening the equivalent leg in the illiquid stock in Europe crushed me last time. The bid/ask stayed the same after entering a sell order at the bid yet my order wasn’t executed. I used simple limit orders. After roughly 30 sec the bid moved against me several times and I had to chase it until the profitability was gone. Unfortunately lots of those beautiful IB order types are only meant for the US markets. Which order type would you suggest for a pairs trade where the “difficult” leg is in Europe? Are IBs Third Party Algos meant for US exchanges or worldwide? “Jefferies Pairs - Risk Arb” sounds good – does anybody have experience with this one? Thanks a bunch.