You do not work at IB and often make inaccurate statements when it comes to routing of option orders and IB. The above is one of them. you're an expert You are mistaken in your post above. 1. It is correct that IB does not charge cancellation fees for option spread orders. 2. You are WRONG, IB posts combo orders on the COB so they DO rest on the COB at the exchange.
Really. I spoke to your trading desk and customers service. Three times. They all told me the same thing. smart route spreads do not rest on the COB at the exchange. You are constantly contradicting your own support team and information on your website. one guy even told me it could not be DMA routed. then when I did it, they told me it would cost $1/per contract rather then the post lower rate. SO, Your WRONG.
Don't think so. My info comes from programming but just to make certain, I'll reconfirm directly from those who do the coding again. This is also straight from our web site: Non-marketable spread orders native to the ISE on a single underlying will be temporarily routed to the ISE book, while non-marketable orders that are not native to the ISE will remain at IB. From that moment on, IB SmartRouting will continuously evaluate changing market conditions and will dynamically route and re-route based on this evaluation to achieve optimal execution. I believe the same holds true for the other exchanges that now have native orders but I'll check again as well. Perhaps the confusion comes down to the types of spreads sent as not all spread combinations are native to exchanges.
Robert, Just confirming, that my comments were indeed Correct. Simple spread orders routed via IB that are natively available will post to the COB of the exchange.
Then how do you explain that a spread order I entered, that received an execution later in the day, was deemed to take liquidity, not add. When I asked, they all told me the same thing. My spread stays in the system until actionable. Then it was sent to the ISE and took liquidity. My spread according the them, was not available on any of the COB on the exchanges. Except trading with other IB customers, they said I could not bid or offer the spread on the COB. That means no other firm's clients could trade with me and me add liquidity.
Without knowing your order details, type of spread, whether individual legs were marketable on other exchange which caused your order to be routed or an attempt to leg into the trade, tc. I can not tell. Send me your ticket and I'll have someone take a look. Just to be 100% certain I asked our programming group to place a simple non-marketable vertical spread and check the routing. They confirmed it was routed and posted to the ISE.
is there any charge for "Pause Execution", vs Cancel ? if so, this would be a way to lower costs you would Pause an order, usually a Day order, instead of Cancelling marc