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Can anyone at IB tell us when native NYSE hidden orders will be supported?
- Thread starter trader422
- Start date
Agree with sprstpd on the general principle ... but I might add:
As most readers here probably know, the time-honored (and until recently very profitable, at least for me) business of being a non-pro retail liquidity provider is being rapidly crushed to death by the HFTs employing (1) a scorched-earth, on-steroids version of traditional order internalization and (2) latency arbitrage (i.e., legal front-running) using colocated direct exchange feeds versus the slower and less information-rich consolidated tape which all the little people have to use. Probably most of you read last week's news on the new NYSE RLP program and recognized this as another major nail in the coffin...
I've had a good run as a liquidity provider and won't be completely sorry to give it up in favor of one or more new lines in the trading business, but it's worth a try (or two, or three), and it's worth keeping a finger in the pie over the next few years, to see if the exchanges are now, or will ever, make available to retail traders any new order types that might be effective weapons in the battle against the HFTs. Do I believe it will happen, or is happening? No, but as just said I'm willing to invest some time, now and in the future, making sure I definitely can't do anything about getting screwed by the new order.
Anyway, that's my interest in the subject matter at hand: Check out any new order types and confirm or deny the hypothesis that they are not going to help me.
As most readers here probably know, the time-honored (and until recently very profitable, at least for me) business of being a non-pro retail liquidity provider is being rapidly crushed to death by the HFTs employing (1) a scorched-earth, on-steroids version of traditional order internalization and (2) latency arbitrage (i.e., legal front-running) using colocated direct exchange feeds versus the slower and less information-rich consolidated tape which all the little people have to use. Probably most of you read last week's news on the new NYSE RLP program and recognized this as another major nail in the coffin...
I've had a good run as a liquidity provider and won't be completely sorry to give it up in favor of one or more new lines in the trading business, but it's worth a try (or two, or three), and it's worth keeping a finger in the pie over the next few years, to see if the exchanges are now, or will ever, make available to retail traders any new order types that might be effective weapons in the battle against the HFTs. Do I believe it will happen, or is happening? No, but as just said I'm willing to invest some time, now and in the future, making sure I definitely can't do anything about getting screwed by the new order.
Anyway, that's my interest in the subject matter at hand: Check out any new order types and confirm or deny the hypothesis that they are not going to help me.
By the way ... can I get IBsoft back on this thread to say whether or not the native hidden order capabilities will be supported right away in the API, at the same time they go live on TWS?
Ordinarily for any new TWS feature I would figure another year+ for API support, but since the API already supports the "hidden" flag I was assuming/hoping that we would get API support automatically and right away...
Ordinarily for any new TWS feature I would figure another year+ for API support, but since the API already supports the "hidden" flag I was assuming/hoping that we would get API support automatically and right away...
Quote from Rationalize:
Have to as though .. why so much interest in hidden orders?
I mean, you're asking for shitty queue priority here.
Quote from sprstpd:
In my case, I don't appreciate being auto-pennied by robots. Any avenue that I can possibly have to eliminate this annoyance is a plus in my book.
Right .. but as I understand it, with the hidden order type, you will be at the back of the queue, always. You effectively award yourself adverse selection here, by now only getting filled when price moves through your level.
Not ideal, unless you're seriously accumulating & trying to hide the fact that you are the market.
IBsoft, I appreciate the positive action very much but this is just a toy until it is enabled in the API ... can you give us any ETA for the API support?
Also, what about TWS support for the new NYSE RLP order type? I'm not 100% clear on this yet, but it appeared from the SEC filing that retail traders are able to submit these orders.
Also, what about TWS support for the new NYSE RLP order type? I'm not 100% clear on this yet, but it appeared from the SEC filing that retail traders are able to submit these orders.