Perhaps a viable solution to these varied requests is to allow the SMART algorithm to be customizable. Users can specific which exchanges they want excluded.
Arca problem is not unique to IB only. I trade prop using Sterling and run into the same problems. Since Island is no longer available on the QQQ's or SPY, when Arca is down too, makes fills more difficult for sure.
def, on a related not, why is "Best ECN" not available for all securities? To ensure an immediate fill, I often have to direct to a specific ECN. This is more prone to mistakes and inferior pricing, and also doesn't allow TMBR to pick it up if they want to. I would think a "Best ECN" for everything would be of mutual benefit to IB and customers.
Though I forget the specifics if I recall correctly, listed stocks need to be treated differently in regards to NBBO and best execution practices. TMBR will also only participate if the price they can execute is equal to order better than the NBBO.
ARCA has a problem with orders being sent during a crossed or locked market. ARCA just rejects orders sent during this time, where other ECNs (INCA) may adjust the price a penny above the locked price. Companies with direct lines may not be set up to handle that reject message and it may give the impression of a line problem, when it was really just one order. Also, ARCA has a glitch with their Nasdaq line. ARCA often gets orders stuck on the Nasdaq line, which results in no fills, until a person calls and draws attention to the order.
To all traders Mon Feb 3 08:23:38 2003 EST ARCA TRADING Trading at ARCA is currently unavailable via the TWS for Listed Stocks starting with O - Z, QQQ, and DIA due to a problem at the exchange. We are waiting to hear back from ARCA. Why doesn't that surprise us? Stocks with letters in the second half of the alphabet seem to be affected more often than the others. Maybe that's because one of the two ARCA servers is still a 486 running Windows 3.1. Time to upgrade, ARCA!
To ARCA traders Mon Feb 3 17:41:46 2003 EST Market data for all listed stock on ARCA is now available. ---------------------------------------------------------------------- Looks like IB are finally making the switch and are now informing us whenever ARCA data IS available.
Statements you might hear on a typical afternoon at ARCA: "Hey, Johnny, when I pull out this yellow plug, connect that blue wire to that blue terminal as fast as you can, ok!?" "Hey, nasdaq's on the phone again. Do me a favor, and wiggle those cables over there. I think Earl mighta tripped over one of them again when he was mopping the place up after Eddie's kid dropped his Slurpy on the floor." "Yeah when it's stuck like that we usually just wait it out. If nasdaq pulls the plug for a minute the whole thing should just reset. Just don't answer the phone for the next 10min and they'll just unplug us." "Yeah these computers have been real fidgety lately."
To ARCA traders Mon Feb 3 19:29:11 2003 EST We have become aware that market data was unavailable for some of the listed stock on ARCA. We have resolved the issue.
Arca is a major issue ; try the ARCA book from their site , it is usually lagged or just does not work. The ARCA book feed in MB trading and E-signal is also lagged , it is an ARCA problem not MB or E-sig. And its not my connection , I have DSL and Fiber Optic Cable :-}