IB best-ecn feature

[tntneo]

Hi,

BTW, in case you don't know, IB released an update of the standalone JTWS tuesday, may 29.
it seems Best_Ecn shows correct bid/ask now.

Anyone tried Best_ECN already ?
I did, but only once the fill speed was not that great. But it does not mean anything [one test you know].
And the feature was not officially released [I am not sure it is now].

It is a pity IB does not explain the basic logic used by Best_ECN. Def, you are welcome to give us more info

Of course, it is obvious, it'd try to get a fill at the best price. But I'd like to know what is the strategy :

- when there is no fill at the inside, where is the order placed ?
normally, when using direct ECN, the remaining order goes to the book. In the case of best ECN is it the same : going to the book of the ECN which filled ? or does IB try another ECN ?

- what is the time out per ECN when trying to fill ?

- any other info which would tell us what behaviour to expect. We can learn by trial and error, but I'd rather not...

vpiNeo

 

[def]

tntneo,
you have come across what is called a soft/stealth release which basically means that no announcement has been made. I think they are playing around with different logic and beta testing and when they are content with the feature an announcement will be made. If/when I find out more info about it, I'll make a posting.