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That is what they taught us at school. The random walk theory. :)

More like 1 ES point every 5 minutes!

Agreed.

In all fairness to IB, this blog entry in the Wall Street Journal states that there are now 55 different stock exchanges and trading platforms. Thus, it will probably be somewhat difficult to add all of these avenues to find liquidity...

Blackguard was correct... one trading career ended: http://biz.yahoo.com/bw/080228/20080228005520.html?.v=1&printer=1 MF Global Announces $141.5 Million Bad Debt Provision Thursday February 28, 8:30 am ET Company Remains Well-Capitalized with No Impact to Client Funds NEW...

Exactly. Since Optionshouse is their own version of SMART routing it is reasonable to assume that (1) all order flow will first go to Peak 6 so that they can maximize the bid-ask spread and then (2) any option that Peak 6 does not make a market in will be sent to the exchange where they can...

https://scs.fidelity.com/other/offers/registration_freetrades.shtml?IMMID=00233&banner=homepage&psite=homepage&refhp=c You have to roll over your 401-K into an IRA. See the fine print. Essentially you get up to 60 or up to 100 free equity trades (as defined in the fine print) for a...

Sure this can happen. If I am a broker-dealer or market maker I can place these types of orders. However, I am guessing that it would be unlikely that the customer would get an immediate execution if he were trying to split the bid-ask spread. Remember, with multiply listed options, the...

Yes, it could be a market maker with a hidden order marked to the bid-ask spread (i.e., it changes with the bid-ask spread). It could be part of a spread. It could be a customer who wants to sell (or buy) a lot of options at a price but does not want the order to be shown. We do not know who...

A good suggestion would be to have a public "spread book" available to all IB customers. Assuming that the customer wants his order to be shown, IB could display all of their spreads in real time to their customers (Think or Swim does this). The CBOE now publishes their spread book (all...

Option Trader, If you watch carefully with certain options on certain exchanges, the bid-ask spread is relatively wide. You notice that all the exchanges are on the bid and all of the exchanges are on the offer. The reason they do this is because the want the "stupid" retail order flow to...

I agree with this. Also, I have noticed that if I am doing a spread trade the order is held upstairs and watched up the computers. If it can get executed immediately, it will be done. However, assuming that the options trade on the ISE, wouldn't it make sense for SMART to send the spread...

A long time ago before IB started charging order cancellation fees, option commissions were the same regardless of using SMART or DIRECT routing. Since the customer now has to pay for (1) order cancellation fees, (2) any removal of liquidity fees, (3) any ETF marketing fee, etc., wouldn't it...

But here is one problem with EWZ options. I am not disputing the ISE and CBOE stats. However, if I am trading EWZ options on the ISE or CBOE, I have to pay an additional 18 cents for the ETF marketing fee. If I have this order executed on the PHLX, I do not have to pay the 18 cents. Thus...

That makes sense. The order from the second broker could have been executed on the ISE as part of a spread strategy. The ISE has a spread book. Some of the other option exchanges may have a spread book, but I am not 100% sure of this.

List of brokers: http://www.onechicago.com/040000_trading/oc_040302.html

Maybe your other broker is routing your order to the ISE? IB's smart router put the order on the CBOE. IB isn't receiving ORDER FLOW PAYMENTS ON OPTIONS, but it MAY be routing the order to the CBOE because Timber Hill is the DPM in the option that you were trading.

Meanwhile, B1S2 is out enjoying a few drinks. This is all noise for him! :)

Avarus, It is starting to seem that you are the BSD in the ES market and you are the one moving the market to the "right areas"! :)

Agreed..... you guys kicked some serious butt. :)