How do people get filled with odd spread?

[a529612]

Don't options go by 0.05 tick minimum? How do people get filled with odd spread like 3.47, etc? Is there a broker that lets you trade in 0.01 tick?

 

[daniel5198]

Quote from a529612:

Don't options go by 0.05 tick minimum? How do people get filled with odd spread like 3.47, etc? Is there a broker that lets you trade in 0.01 tick?

IB does. And the rest will follow next year.

 

[MTE]

Thinkorswim has it as well.

 

[a529612]

Quote from daniel5198:

IB does. And the rest will follow next year.

Any idea when next year? Is that by law or they have no choice but to follow the competition?

 

[Steve_IB]

Quote from daniel5198:

IB does. And the rest will follow next year.

The penny pricing that is being introduced by the exchanges in January next year is only a 12 month pilot program and on 13 options classes only.

For those of you that don't have IB accounts, you can view the markets for penny priced options (for free) at the following link:
http://www.interactivebrokers.com/en/penny/index.php?ib_entity=llc

 

[Steve_IB]

More info regarding the penny priced options:

http://www.financialnews-us.com/index.cfm?page=ushome&contentid=1046738222