Error Message at IB

N

newestmember

The order price 10.001 does not conform to the minimum price variation for this contract.

--- I'm trying to place an order through SMART or ISLAND using TWS and I keep getting this error message ---
 
Quote from newestmember:

The order price 10.001 does not conform to the minimum price variation for this contract.

--- I'm trying to place an order through SMART or ISLAND using TWS and I keep getting this error message ---
More...

Try 10.00 or 10.01 and see if you get the same message.
 
Thanks for the reply. I wondered if the merger between ISLD and INCA had something to do with this. First day that I noticed....thanks again!
 
Quote from j_medved:

ISLAND no longer takes orders in sub-penny increments on stocks trading above $1

today is the first day this went into affect:
http://www.island.com/prodserv/developers/resources/emailarchive/20040303.asp
More...
IMO this is the biggest fraud one can imagine! They (INET themself) is making the biggest profits by applying this "automatic" rounding up/down for their own advantage. That is: they internally are using sub-penny pricing for their own advantage! This is a free ticket to let them do how they want with the money of others! IMO these bastards are the biggest gangsters in Wall Street. I personally am goiing not to use such ECNs anymore where sub-penny pricing is not possible.
 
Quote from UMU:

IMO this is the biggest fraud one can imagine! They (INET themself) is making the biggest profits by applying this "automatic" rounding up/down for their own advantage. That is: they internally are using sub-penny pricing for their own advantage! This is a free ticket to let them do how they want with the money of others! IMO these bastards are the biggest gangsters in Wall Street. I personally am goiing not to use such ECNs anymore where sub-penny pricing is not possible.
More...
Here's the reason:
A strategy gives
with sub-penny usage: 154%
without sub-penny usage: only 34%
So, these gangsters know exactly how to rip the masses! Sub-pennywise! The volume makes it... And: the rounding effect eats up all ECN rebates, even x-fold! Forget INET!
 
Got question: I assume it is possible to trade odd lots on IB through SMART, correct? For example buy 155 stocks, etc.?

Thanks
50
 
You must log in or register to reply here.
Back
Top