IB drop-down routing

V

vitajex

If I type in the symbol QQQ in the IB TWS, I get
the following list of routes to add to the page:

BEST, AMEX, ARCA, BTRADE, INSTINET, ISLAND, NYSE,
RDBK

If, instead, I create an order line for QQQ, and
click on the Dest. column to bring up the route drop-down
menu, I get the all the above plus the following
additional routes:

CBOE, F_AMEX, F_NYSE

If I try instead the stock JDSU, I get these
routes:

BEST, BEST_ECN, ARCA, BRUT, BTRADE, INSTINET, ISLAND,
MXT, NASDAQ, RDBK, SOES

The drop-down list for an order for JDSU contains
the following additional routes:

CFCO, VWAP

Any clue what these additional routes do? Has
anyone used them. Def?

-v
 

VWAP, is volume waited average price. It is a new feature that will used by institutions. VWAP could be used for a fund that say wants to buy 1 million shares at the average price between Time X and the close. Normally VWAP orders are phoned or faxed in to a trading desk. The nice thing about the VWAP feature with IB is that it can be done with the click of a mouse. Probably all traders on this site will not have any interest in this feature.

As for the other routes ignore them for now.
 
Wild guesses...

CFCO could be the market maker (Cohen Fein & Co).

CBOE, F_AMEX, and F_NYSE could be for SSF's. If CBOE weren't there I would have guessed NYSE direct or something.

If I can't make guesses about the market, I'll do it about IB order routes! ;)

Having a VWAP route is pretty cool, because even if not useful for average traders, those trading in sub-$5 or size might find it useful.
 
trinfo,
i hedged on my answer mainly because I was in a rush and am not 100% certain. I think some pertain to option linkage routing (see the press room if interested but this is just a guess.

VWAP will not be available on all stocks. S&P 500 for certain and other liquid stocks. It will mainly interest fund managers and thus is probably not worth discussing on these boards.
 
Thanks for the replies.

I found a link in the IB press releases that
suggests CFCO might be Cantor Fitzgerald Co.
CFCO is listed as an exchange in the IB
symbol lookup page.

I heard QQQ stock would trade on the CBOE floor
at some point, and IB symbol lookup does indicate
this.

I guessed F_NYSE might mean "Firm" or "Floor".
The idea about single stock futures is interesting.

-v
 
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