IB Bonds

Wait... that screen shot shows a bond that's not eligible for trading (it's in default). And you say you don't have a subscription for bond data? What am I suppose to be looking at?

Why don't you post a screenshot of a live bid/offer line for something that is tradeable... along with the CUSIP - or at the very least maturity and coupon along with the ticker?

Quote from Bob111:

------For corp bonds, generally quotes are meaningless. ---

here is an example of IB quotes(it's old screen shoot,but i'm pretty sure it's looks same,if you pull quotes(assuming customer have subscription for a bond data(which i don't))

if you are you saying that if one want to buy at ask or close existing position at bid and this trade will not be excuted at prices ,quoted on screen shoot- i have a news for you-you wrong
More...
 
And this is a serious question: can you walk me through what happens when you click on the offer? Does your fill come instantaneously, or does it wait for a few seconds (of varying length) and then a fill comes back (or reject)?

Quote from Bob111:

------For corp bonds, generally quotes are meaningless. ---

here is an example of IB quotes(it's old screen shoot,but i'm pretty sure it's looks same,if you pull quotes(assuming customer have subscription for a bond data(which i don't))

if you are you saying that if one want to buy at ask or close existing position at bid and this trade will not be excuted at prices ,quoted on screen shoot- i have a news for you-you wrong
More...
 
the purpose of this screen shoot(in case if you having problems understanding my previous post) is to show you how quotes for bonds looks in IB. all i'm trying to say that if you decide to buy 100K worth of bonds at ask AT THIS PRICE-you will be filled at price. you see. that's all. same for selling at bid.
i have no interest in new subscription for a data,even if it's cost $1 at IB.
 
But if you don't subscribe to the bond data... how would you see bond quote? <- this is what I'm confused about. Or is that not what you mean by bond data?

Quote from Bob111:

the purpose of this screen shoot(in case if you having problems understanding my previous post) is to show you how quotes for bonds looks in IB. all i'm trying to say that if you decide to buy 100K worth of bonds at ask AT THIS PRICE-you will be filled at price. you see. that's all. same for selling at bid.
i have no interest in new subscription for a data,even if it's cost $1 at IB.
More...
 
Quote from DontMissTheBus:

And this is a serious question: can you walk me through what happens when you click on the offer? Does your fill come instantaneously, or does it wait for a few seconds (of varying length) and then a fill comes back (or reject)?
More...

depends.in some cases (again-my experience buying corp bonds) few years ago-execution will be almost instantaneous. in some cases-might take couple minutes. but there is no phone calls,no request for quote process. you click-you buy. that's all. once again-this is the only broker,who offers DIRECT access to a market. once again-you get what you see. stick with your corded phone,pal..
dunno about now, but back in a day bonddesk was an ECN. just for bonds. if there a seller sitting on it and you want to buy at this price-you will get filled w\o any problem.
 
Given what I said about IB's execution venues for corp bonds... you realize you basically confirmed what I'm saying right?

Those "couple minutes" is the time it takes IB to take your order, route it through to its venues, where it issues request for quote to its counterparties, and wait to see if it's filled....

There's NO direct access... because it's not a direct access market place! IB is basically acting as an gateway where your orders are being shown to a bunch of potential counterparties, who then decide whether they want to fill or not.

You don't do the phone call. You don't do the request for quotes. IB does it for you. But it doesn't mean it's not done... and it certainly doesn't guarantee those levels are firm.

This is EXACTLY how it works in the corp bond market, which I've been trying to tell you for the last 4 pages....

Quote from Bob111:

depends.in some cases (again-my experience buying corp bonds) few years ago-execution will be almost instantaneous. in some cases-might take couple minutes. but there is no phone calls,no request for quote process. you click-you buy. that's all. once again-this is the only broker,who offers DIRECT access to a market. once again-you get what you see. stick with your corded phone,pal..
More...
 
I can confirm for the both of you. Regarding corps, there are several broker dealers now at the retail level offering a total electronic bond platform experience that essentially looks and feels allot like a real time Level 1 NYSE type interface where buy or sell orders can be fulfilled in a matter of seconds.

In other words, you will see inventory size being offered for an ask price and also for someone who may be on the bid price, if there is one.

Sometimes for some bonds, there will no ask or bid. Sometimes for some bonds there will be just an ask. But for a large percentage of the time, especially in the more liquid issues, you will see both bid and ask. Sometimes the spread is wide, while others much closer.

If you are looking to buy a particular bond and you see the ask inventory/price is available, have done your DD and are happy with that said price. You place an order the same way you would for a stock either limit or market and the fill is sometimess less than a minute but usually its a matter of seconds.

One caveat is that not all bond players are networked the same way for specific broker dealers. Some brokers will have slightly better price offerings at any given moment in time. Some brokers might have one specific corp that another does not even offer at one moment in time.
 
Who are these broker-dealers? If it's someone like UBS or BAC, isn't it just their own executable levels? So you basically only have bid/offer of a single party? Further, I imagine those levels, while executable, are "subject", no? (correct me if I'm wrong on that, since I don't know who these BDs are)

In anycase, this is my point: you can simulate a real time level 1 NYSE type interface, but it's a simulation; there's no actual national market place for this stuff;

Quote from DeltaSpread:

I can confirm for the both of you. Regarding corps, there are several broker dealers now at the retail level offering a total electronic bond platform experience that essentially looks and feels allot like a real time Level 1 NYSE type interface where buy or sell orders can be fulfilled in a matter of seconds.
More...
 
Quote from DontMissTheBus:

Given what I said about IB's execution venues for corp bonds... you realize you basically confirmed what I'm saying right?

Those "couple minutes" is the time it takes IB to take your order, route it through to its venues, where it issues request for quote to its counterparties, and wait to see if it's filled....

There's NO direct access... because it's not a direct access market place! IB is basically acting as an gateway where your orders are being shown to a bunch of potential counterparties, who then decide whether they want to fill or not.

You don't do the phone call. You don't do the request for quotes. IB does it for you. But it doesn't mean it's not done... and it certainly doesn't guarantee those levels are firm.

This is EXACTLY how it works in the corp bond market, which I've been trying to tell you for the last 4 pages....
More...

one more time-if you having problem understanding me-call to IB. they NOT doing requests for a quote every time i place an order. ask them about how they match the orders,read above about bonddesk example. i'm NOT SAYING THAT YOU WILL GET EVERY BOND you see, at the price you see. that's depends on where the fucking bond is located. yes,you right about it. but also get this through your head, that IB is pretty big firm and OFTEN trade are executed inside it(case of instantaneous execution)...mean some of then can be match AUTOMATICALLY either internally. or with outside customers for example at bonddesk.com
 
Quote from DontMissTheBus:

Who are these broker-dealers? If it's someone like UBS or BAC, isn't it just their own executable levels? So you basically only have bid/offer of a single party? Further, I imagine those levels, while executable, are "subject", no? (correct me if I'm wrong on that, since I don't know who these BDs are)

In anycase, this is my point: you can simulate a real time level 1 NYSE type interface, but it's a simulation; there's no actual national market place for this stuff;
More...

go back to your institutional cage pal...
'm just to lazy..otherwise i would show you that current corp bond market is no better than stock market. try to place a buy order. few seconds later there is will be bid at the better price. you go lower-he will go lower. almost instantaneously
 
You must log in or register to reply here.
Back
Top