For years now, IB's platform does not support native pegged ECN orders. Instead they offer an alternative IB order type called the "RELATIVE" order. This order puts IB customers at a disadvantage as follows: 1. Order limit price is updated by IB servers, which is slower than pegged ECN orders whose limit price is updated internally by the exchange/ECN servers. 2. IB Relative orders do not "roll-back". Pegged ECN orders do. In other words, an IB Relative buy order will adjust its limit price higher as the bid rises, but if the bid falls, the IB relative order will stay at the highest price reached instead of adjusting its limit price back down to follow the declining bid. This makes the IB Relative order a mispriced "sitting duck" waiting to buy higher than the current bid, and thus, by definition, it is no longer "pegged". The issue was raised 5 years ago in the following threads, and is still unresolved (!) : http://www.elitetrader.com/vb/showthread.php?s=&threadid=46452 http://www.elitetrader.com/vb/showthread.php?s=&threadid=45686 My questions are: 1. I'm not big on conspiracy theories but i wonder why IB has not in all these years allowed sending of pegged ECN orders through its platform and continues to offer only its own handicapped "RELATIVE" order? Could they somehow be benefitting from this? Is so, how? And if not, why not support pegged ecn orders to provide a true "direct access" platform and provide their customers with options that are readily available on other platforms? 2. Is it possible to enter a "pegged native ECN order" via IB's FIX Gateway directly? 3. In general, when you send an order via IB's FIX Gateway, are the tags first "interpreted" by IB's gateway and translated to a set of tags which they then send to the exchange, or are the tags you send via FIX sent DIRECTLY to the exchange as is?