do you like interactive brokers?
- Thread starter Gordon Gekko
- Start date
IB is:
1) Inexpensive
2) Reliable (It used to suck - big positive difference here now)
3) Great on Electronic Marktes like NASDAQ, e-minis, ISE, etc.
4) The only broker that offers MOO and LOO orders (AFAIK)
5) They have an API and example programs that would allow one to automate a system (if that was your "thang")
On the downside, IB does not have access to cheap and fast Bullets, and as far as I know, IB has no way to route to the NX.
But, here is the number one reason I may leave IB:
I trade NYSE, and IMHO, IB is doing something funny with my orders that I don't like. For one, I have on my screen the route to the NYSE, I often get filled on TMBR, which is not what I want (it's as if IB is skimming my order flow to their proprietary traders.)
Secondly, I have noticed that my orders are sometimes not filled promptly on NYSE or sometimes not at all (using limit) when it feels as if I should have.
I am not the only one that has had this experience - go into the chat room and ask P2 what he thinks of his experiences with IB trading NYSE.
nitro
1) Inexpensive
2) Reliable (It used to suck - big positive difference here now)
3) Great on Electronic Marktes like NASDAQ, e-minis, ISE, etc.
4) The only broker that offers MOO and LOO orders (AFAIK)
5) They have an API and example programs that would allow one to automate a system (if that was your "thang")
On the downside, IB does not have access to cheap and fast Bullets, and as far as I know, IB has no way to route to the NX.
But, here is the number one reason I may leave IB:
I trade NYSE, and IMHO, IB is doing something funny with my orders that I don't like. For one, I have on my screen the route to the NYSE, I often get filled on TMBR, which is not what I want (it's as if IB is skimming my order flow to their proprietary traders.)
Secondly, I have noticed that my orders are sometimes not filled promptly on NYSE or sometimes not at all (using limit) when it feels as if I should have.
I am not the only one that has had this experience - go into the chat room and ask P2 what he thinks of his experiences with IB trading NYSE.
nitro
I have checked and found between 1/4 th and 1/2 of my orders are filled via TMBR when I use limit orders on SMART. I think the reason is I hit the bid or offer when I think it is time to get in or out. TMBR fills my order immediately and sometimes at a better price. I am glad to get the immediate fills. I do not think IB is making money by filling my orders ( based on the share price movement after filling my orders) other than perhaps saving the ECN fees; But, If IB can make money by filling my orders, I am all for them. IB has been great for me!
Catoosa
Catoosa
Nitro,
Do you get TMBR fills when you have selected NYSE as your route? I don't trade too much NYSE - a few trades a day in MER and MWD - but I have never had this happen. If I use BEST/SMART route, I sometimes get TMBR fills (very quickly), but If I designate NYSE, I have always been filled on NYSE. If your experience is different you may want to contact IB, because your order should be filled where you designate.
As far as IB goes, they have their problems, but all in all, I really like them. About as reliable as you will find I think, cheaper than anyone else, and 4x margin - even over night. I wouldn't be where I am in my trading career if it weren't for IB. Still when problems arise (like the recurring quote problems), it can be frustrating.
def
Sponsor
nitro,
NX - I assume you mean NYSE direct. IB's internal NYSE routing should direct orders to NX if they are eligable. I'm not sure of the specifics.
I was of the understanding that if you select NYSE you should get NYSE. If not, send a note to IB Mgmt asking for an explanation.
I'll explain the TMBR routing again in the attempt to emphasize that it only provides better executions.
The Timber Hill prop side trades on average over 100 million shares of NYSE stock per week. Its trading model has a given market for all of the stocks it trades at any given time. These prices are naturally constantly changing.
IB's SMART routing will take the bid/ask prices from the various exchanges and create the best national market. If TMBR's internal price is equal to or better than the other exchanges, the order will be routed to TMBR. As long as speed and price are your main concerns, you should not care if you get filled at ISLD, NYSE, TMBR or elsewhere. Naturally since the TMBR orders can be matched internally, execution speed and confirmation will be faster. It is a win/win situation. You get an immediate and faster execution than otherwise possible while IB saves on exchange fees. TMBR as a client of IB receives the same benefit of other clients. Sure TMBR is hoping to profit from your trades. But then again, what do think the specialist or the other side of your order is doing.
Some other key points I'm pulling from our web site:
Question: Will Timber Hill ever hold on to my order if it is routed to the Timber Hill Automatic Execution Service?
No. All orders routed by IB to Timber Hill will be immediately automatically executed, with no delay and no human intervention. IB will not route any orders to Timber Hill that are not immediately executable. Thus, Timber Hill will not handle or represent non-marketable limit orders.
Question: Can Timber Hill "peek" at my orders and trade ahead of me before my order is executed?
No. Strict procedures prevent disclosure of your orders prior to their automatic execution by Timber Hill. Again, unlike some other specialists and market makers, with the Timber Hill Automatic Execution service, you will see your orders being executed immediately.
I understand the concern from some clients but in reality the TMBR route is simply a competitve advantage. For more info refer to: http://www.interactivebrokers.com/html/retailAccount/faq/auto_exec_faq.html
NX - I assume you mean NYSE direct. IB's internal NYSE routing should direct orders to NX if they are eligable. I'm not sure of the specifics.
I was of the understanding that if you select NYSE you should get NYSE. If not, send a note to IB Mgmt asking for an explanation.
I'll explain the TMBR routing again in the attempt to emphasize that it only provides better executions.
The Timber Hill prop side trades on average over 100 million shares of NYSE stock per week. Its trading model has a given market for all of the stocks it trades at any given time. These prices are naturally constantly changing.
IB's SMART routing will take the bid/ask prices from the various exchanges and create the best national market. If TMBR's internal price is equal to or better than the other exchanges, the order will be routed to TMBR. As long as speed and price are your main concerns, you should not care if you get filled at ISLD, NYSE, TMBR or elsewhere. Naturally since the TMBR orders can be matched internally, execution speed and confirmation will be faster. It is a win/win situation. You get an immediate and faster execution than otherwise possible while IB saves on exchange fees. TMBR as a client of IB receives the same benefit of other clients. Sure TMBR is hoping to profit from your trades. But then again, what do think the specialist or the other side of your order is doing.
Some other key points I'm pulling from our web site:
Question: Will Timber Hill ever hold on to my order if it is routed to the Timber Hill Automatic Execution Service?
No. All orders routed by IB to Timber Hill will be immediately automatically executed, with no delay and no human intervention. IB will not route any orders to Timber Hill that are not immediately executable. Thus, Timber Hill will not handle or represent non-marketable limit orders.
Question: Can Timber Hill "peek" at my orders and trade ahead of me before my order is executed?
No. Strict procedures prevent disclosure of your orders prior to their automatic execution by Timber Hill. Again, unlike some other specialists and market makers, with the Timber Hill Automatic Execution service, you will see your orders being executed immediately.
I understand the concern from some clients but in reality the TMBR route is simply a competitve advantage. For more info refer to: http://www.interactivebrokers.com/html/retailAccount/faq/auto_exec_faq.html
My fills with TMBR have always been at the price I hoped for (limit) and very fast. I have now changed all my NYSE routes to SMART, since I like the fast fills of TMBR.
I have no problem with TMBR hoping to profit from the transaction. So do I, the NYSE specialist and everyone else taking the other side of my trades.
I have no problem with TMBR hoping to profit from the transaction. So do I, the NYSE specialist and everyone else taking the other side of my trades.
DEF- How to i hit NAS orders. I tried to use arca like I did while at cyber and never got fills. If I wait til arca hits the nyse order book by going limit, it's always too slow. What can I do.
Unfortunately, sweep or SMART doesn't solve the problem either. If ARCA requires that the order be allowed to go proactive in order to hit another ITS participant, you're out of luck, since IB's orders are marked "passive-only" (as DEF said) and IB has no other way to execute against ITS quotes.
TMBR rocks! I have always loved it, especially on listed stocks, where you expect the execution confirmation to take at least a second even with IB, getting the fill within microseconds of hitting the transmit key, and I don't know if it's just me, but I have received a fill at $.02 better than quoted quite frequently lately.
And just like others have stated in this thread, someone will always be on the other side of your trade, and that person will always seek to profit from that trade, so why should I care whether that someone is sitting at TMBR or GSCO or anywhere else?