Today, I submitted my first Hiden order with IB. It was 176 shares on IMGC, a LMT order "good till date", the exchange was "Island" and I checked Hidden (the only way to have an Hidden order with IB, as I understand). This order was filled less than 2 minutes after it was submitted. The cost was 2.29$ for this 176 shares.... The cost for 176 shares with a Smart routing is only 1$ ( Max(176*0.005$ ,1$) ). I asked IB using the chat, but i didn't receive a "good" explanation about the difference between 1$ and the 2.29$. So, if someone can help me to understand why it was 2.29$ instead of 1$, in detail, it'll be great.
I trade prop, so this probably isn't too relevant... BUT, we don't pay any more for a hidden isld order than if it is visible. Seems like you may have a case if they didn't properly explain it to you on the chat.
Are you being charged bundled equity commissions or unbundled equity commissions? Did you ever attempt to switch from one commission model to the other?
Very strange. It should be the same comish. You might also want to look at iceberg orders: http://www.interactivebrokers.com/en/trading/orderTypesMatrix.php In any case, follow up with an email to help@interact.... and let us know how it turns out. I for one, would like to know what is up with that.
my previous orders were all bundled orders, i didn't ask to change. i ask IB again for the detail of the commissions...
I have done thousands of hidden orders through IB and the commission I was charged was the same as if I had routed through SMART. I have noticed that sometimes the way commissions are calculated in the TWS in realtime are not always accurate. Check your daily statement tomorrow - it is the final word. If it still shows an overcharge I would create a trouble ticket at IB. This is assuming that you have bundled commissions and you didn't send the order via the API. I would think an API order might be charged extra in this case and I don't know how the unbundled commissions work.
thanks sprstpd, I'll check my daily statement tomorrow. My order was submitted by Excel (DDE link) , but i don't think it makes any difference with order submitted directly with TWS. (it makes no difference with all my preceding orders who were not hidden). For the moment, IB chat tolds me that they "don't understand".
I am not entirely sure but there should be an extra charge for orders routed directly to a particular exchange; this is more the case for options, but cud very well be for stocks as well.
Excel/DDE is considered an API. Non-SMART API orders (i.e. routed directly to INET (f.k.a. Island)) are charged $0.003/share extra (see http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc ). There are also change/cancel fees for such orders: $0.12 each, $0.24 credit per execution (see http://www.interactivebrokers.com/en/accounts/fees/otherFees.php?ib_entity=llc#cancel ). So, if you changed/cancelled 9 times, you get: 176 x (0.005 + 0.003) + 9 x 0.12 - 0.24 = $2.25 Still doesn't match, but it's closer. Did you change/cancel the order? (Edited)