If anyone cares, Automatic Execution of Certain Eligible Orders Now Available Through IB's Affiliate Timber Hill Interactive Brokers is pleased to announce a new addition to the market centers available through IB's Best Execution order routing system. IB's affiliate Timber Hill LLC recently became a Nasdaq market maker and has agreed to provide an automatic execution service for certain eligible IB customer orders, both for certain Nasdaq stocks and certain NYSE and other exchange listed stocks. When IB's Best Execution order routing system searches the available market centers for your order, if Timber Hill is willing to provide an execution at the best available national price or better in the designated stocks, IB may send your order to Timber Hill for an immediate automatic execution. If the Best Execution system routes your order to Timber Hill's automatic execution service, your order will get at least as good as the best price posted on any market center in the IB system (or better), and more importantly, your order will be executed immediately, with no chance of the market price moving away from your order before you get a fill. Please note that only orders that are immediately executable are eligible to be routed by IB to Timber Hill. Timber Hill will not handle or represent non-marketable orders. The service will be rolled out for certain listed stocks beginning in mid-March, with Nasdaq stocks to follow. IB hopes to add more stocks to the service as quickly as possible. For more information, please click here to read our FAQ on the Timber Hill Automatic Execution Service.
I hope this doesn't end up like PRIMEX. If they give an instant fill - fine, if they take a look and then re-route - BIG problem. I also hope it doesn't lead to a lot of new bugs in TWS and BEST. I guess will know soon.
All executions will be automatic. Plus there is a chance at price improvement. See, FAQ on their website for more information.