Funny stuff on IDEALPRO

4

4XQs

I like trading on IDEALPRO, but there's this thing that's been bugging me recently:

The great thing with an ECN like IDEALPRO is that you participate in the market and can trade against other customer orders, not just the banks (or THE bank in case of a dealing desk).

But in the volatile environment this week and the one before, I've seen a couple of times that my order is resting on the bid-side - best bid and all alone - and then witness a market-maker (as by the size in millions) briefly rest on the other side of the same price, before bouncing up a pip or two again. I should have been filled with STP, but didn't. Now I'm not really complaining much about it, but I'm wondering: How can IB disseminate a quote and then not trade against it? I am positive I was alone bidding at the price level, and I don't think they allow invisible orders to trade in front of me (?).

I'd appreciate if anyone from IB could either comment on what this was, or whether they claim it was a mirage. Or anyone else chime in for that matter.
 
I have had the same thing happen to me several times over the last weeks. For example: I was bidding 1.4105, I was the only one bidding, the offer was 1.4105 probably from a mm, I did not get executed. (this was a made up example but something similar happened more then a few times; it's very frustrating)
 
Are either of you using FX Trade on IB?

This is an old screenshot if you don't know what I mean (it may have a different name now)

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29bbmgk.jpg
 
Quote from cvds16:

No, I just enter with TWS
More...

Ah ok, thanks, I'm looking for someone who uses/used it but haven't come across anyone up to now!

Sorry, no help with the OP's question....
 
It happens to me all the time with USD/CAD. Its their MM screwing around. I try to hit their offer, price jumps, i delete it
it comes back to my price, i try to hit the offer it jumps again.
Or better yet I hit their offer and it will not execute and its at their price...Whatever.....Games people play..
 
Ah, not using the FX Trader either - using TWS. I am a DOM-man myself, and unfortunately in the FX world there's an abundance of "poor" (imho) order entry platforms.
 
I've noticed the same thing a couple of times. Price moves to my bid/offer but doesn't execute. However, it's only at my price for a fraction of a second before moving back.

I've never complained about this to IB because I think I understand why this happens, and if I'm right, it's not IB's fault. There's no central exchange for forex like stocks. IB holds your order only in their system. You will see it in TWS if it's priced better than any of their participating banks but it's still only in their system. Once one of their banks shows a price equal or better than the price you want, IB's system recognizes this and sends the order to that bank on a fill or kill basis. In the fraction of a second that this takes, the bank may have already moved their price back and the order is unfilled.
 
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