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What kind of trading platform is "echo" and what broker offers it?

<i>For Naz stocks I guess the bid has to hit the stop or be below it twice for it to execute? Which basically means, if the stock is now trading below your stop the stop should get executed, right? Of course the inverse would apply for buy stop orders. </i> Not the bid, at least two offers...

The Island ECN does enforce the uptick rule for NYSE stocks but not for Nasdaq stocks. With Nasdaq stocks it is the submitting broker's responsibility to ensure compliance with short sale regulations. According to some other people I've heard from, IB in fact does not seem to enforce the...

IB does not use the exchange stop facility for NYSE stop orders. While the election algorithm differs, they are broker held just like Nasdaq. From what I've been told this is done at the request of IB's institutional customers that don't want to tip their hand to the specialist. As for their...

Unlike with Nasdaq stocks using BE with NYSE stocks can be a good choice at times. However, you need to be aware that the specialist's quote is often not indicative of where you would be filled by him. So by taking an ECN offer/bid you may actually be giving up a potential price improvement.

You probably have not been with IB for a long time if this is the first time that you encounter an order that got stuck cancelling. Whenever that happens insist that the helpdesk call the ECN in question and confirm order status with them. Otherwise you may be in for a nasty surprise the next...

The slowness of ARCA at IB is not just a problem at the open but persists throughout the trading day and is independent of order size. The same problem exists with INCA and despite numerous complaints from customers for som inexplicable reason IB simply does not seem to care. Theses delays that...

I agree with rtharp about price following size, however, short-term reversals especially on the downside are also characterized by extremes in price and volume. In many cases the specialist will "flush the toilet" right before a reversal causing price to gap down a half to a full point from the...

In order to protect people from odd lot executions REDI matches odd lots only with other odd lots and never outside its book. That's why you'll often see locked and crossed markets on REDI's own order book. As for locked markets with other ECNs after hours, that happens when an existing order on...

You can flip from short to long with a single order but not vice versa since it would be impossible for IB to enforce the uptick rule for just part of an order.

Your problem with ARCA is due to IB's awfully slow link to ARCA. Like INCA this makes ARCA practically unusable with IB for anything that moves. IB has been promising an upgrade to their INCA link to resolve the delay problem for over half a year now and it's probably not worth holding your...

It's available in the installed version. Just run the update check utility that comes with the installed version and it will download and install the updates for you.

Take a look at Tradelog (http://www.armencomp.com/tradelog/). Since there's no capital gains tax where I currently live I'm not using it for tax purposes but as a general trade accounting and analysis tool. They started supporting IB's statement format a couple months ago. Unfortunately, IB does...

If your primary objective is to get out fast and you don't care about potential price improvements there's also the option of using the NYSE's Direct Plus route now which results in an automatic execution against the posted bid/offer.

That's correct from a theoretical point of view. However, from a practical point of view it is getting much more difficult to get orders executed due to constant penny frontrunning.

I don't see how you've come to that conclusion. E.g. for BRCD average trading volume has not increased since it started trading in decimals. Tick volume has increased, but that's actually due to the liquidity reducing effect of decimalization. Liquidity is now spread out over six times as many...

Keep in mind that by trading NYSE stocks on an ECN during regular market hours you give up all the advantages of an exchange such as price priority, time priority, and most important liquidity. If at all choose an ECN that is integrated into CQS and ITS so you will be seen and can't be traded...

You can't trade successfully based on Level II information alone. Level II is useful to judge execution risk, micromanage entries and exits, and to find out where to best route your orders, but as a trading strategiy tool it's of very limited use. And those people scalping for teenies based on...

Unless they have changed their listed order handling over the past year Datek is definitely not a good choice for trading NYSE stocks due to their practice of sending most of their listed orders to ISLD. With their order handling you can pretty much forget about ever receiving price improvement...

Privateer, "I don't see a reason why to pay 100 or 200 bucks for something which I get for free from my broker anyway." Based on that statement I have to assume you never made it past L1 quotes on any of the services you've tried out. There's a number of quote feeds whose quality and...