IB execute stop way above market price

Whether individuals are right or wrong is a separate issue--but for some mysterious reason, issues that would otherwise be (first) handled in a private forum keep popping up on Elite Trader.
IMO, IB could be doing more to increase their confidence rating. Meanwhile, it is a pity, because they spend a lot of money and time on Elite Trader for the very purpose of a good image.
 
This is the response I got from IB.

"Connection issues with the BRUT ECN caused erroneous market data to be introduced into the tick file. The prints that caused this order to trigger were actually from 9:42:19, prior to the order being submitted. The data was transmitted as if the execution was occurring real time. Accordingly, since the default for NYSE stop orders is last sale it used a last sale price of $71.03 which caused the order to execute at the market."

Due to the small amount of loss involved, I would not pursue this matter any further.

I would be more cautious with stop order next time.
 
Quote from alanm:

Quote from zmui: [presumably buy of DIA at 110.87] I use prophet.net chart. The time of the fill was at 1.27Pm 3/10/06.

On my chart, the high of the bar starting at 2006-03-10 13:27 is, indeed, 110.87. Looking at T&S, at 13:27:34, AMEX printed 400 shares @ 110.87. At the time, INET's offer was down at 110.79, so this was probably a technical violation of the trade-through rule (by 0.05), though the order probably was triggered when the NBO ticked up to 110.81 (at INET) at 13:27:30, so it was only $0.03 above the $0.03 window. I suppose you might be due an adjustment of $0.03 from AMEX, but you may or may not get it, and, realistically, it's unlikely that anyone would be interested in pursuing it for such a small volume (400 shares max at $0.03 = $12).

Bottom line - your stop was run by a penny and then the market reversed. Happens to us all, all the time :)

You might think of excluding AMEX and NYSE from your SMART routing - DIA is plenty liquid on INET, and you'd have gotten filled at 110.81 or better on INET when the stop triggered.

I got all this from IB's interactive charts, BTW :).

BTW, I was using line charts for this and got tripped up by something I forgot about. At the same time as the 4x110.87 print on AMEX, there was a 4x110.79 print on INET (probly the spec picking up a free $0.05 :). DIA@SMART trades on a 1-minute duration line chart shows 110.83 (the average of the two trades) for that second, while a candlestick chart shows the 110.87 high. FWIW, myTrack does the same thing with line charts.
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Thanks for you insightful explanation and your advice on excluding AMEX and NYSE from smart rounting. Since you say this happen to us all the time, I probably would not held IB liable. But i have being trading about 3 years, this is the first time it happened to me.:cool:
 
Quote from Choad:

1. Use IB charts.

2. As def said, T&S shows it WAS NOT IB.

3. Your charts are wrong.

4. The execution was fine.

5. Def and the other good folks at IB await your contrite apology. :mad:
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I don't think i will apologize to IB, eventhough it is not their fault. They could have explain it to me in detail as alanm did, rather than telling me that they overlook and then telling me they will not make any adjustment. How would you feel if IB treat you this way?
 
I'm another one customer who found IB stop-order is getting unreliable these few weeks.

I have been trading IB for past 2 years and I generally have no problem with the stop-buy or stop-sell order execution. But these few weeks, the stop-order would just hang there even when the real-time price is way above (for stop-buy) or way below (for stop-sell) the trigger price. And I'm using SMART routing. Direct routing to the specific exchange is even more unstable.

When you ask their customer service, they ask you for information. When you give them all the information you have, they ask you to be even more specific. WTF, the stop-order has not even been trigger and executed, how specific can I give you the information.

If too many customer complain about the same thing, please just go and check your system. Please check your change log, and undo any thing that made your system unstable and unreliable. Do not always assume that your customers are always newbie in trading and know nut about order execution. And when they tell you that there are something wrong somewhere and call you, please be humble to go back and check your system.

When your customer service ask for more information when there are no more information I can think of, he/she just explose his/her unprofessional way of handling the matter and show ignorant in trading execution.
 
Quote from Bitstream:

man, usin' stps is like kamikazin'; if u stare at da screen and follow' your pos there's zero need to make use of them.
ever seen how many spikes take place on the various products u trade/follow in just 1 session?


have u realized how easy it is for stops to be taken out on a regular basis....save some cash mate, leave those stops for karakirians.
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Reply/thoughts to bitstream/zmui;

There always sems to be bits of wisdom in bitstreams words,
especially on stocks/DIA, ;
however stops on liqudid mini derivatives products like YM,ES work fine with IB. Those contracts move orderly & fast enough for well researched stops to work better than with stocks. Havent traded other mini s lately enough to comment on them.

Thoughtful Reply to Option Trader;
Think you/me/anyone sees a certain number of posts like these for 2 reasons [1] Most people like to communicate, trading can be a lonely profession.[2] Easy to miss important details, like had temporary trouble with SMART routing because ,
believe it or not,
was supposed to capitalize '' SMART'' not type the usual lowercase letters.
:cool:

Hope this helps.
 
ib has been unreliable with their stops compared to other systems for years - I think the reason is becasue they delay getting orders out into the marketplace once the stops are hit by a few fractions of a second giving the trading public worse fills on the slippage - so to all of you who do not care about slippage have fun trading at IB !
 
Quote from trader_rachel:

ib has been unreliable with their stops compared to other systems for years - I think the reason is becasue they delay getting orders out into the marketplace once the stops are hit by a few fractions of a second giving the trading public worse fills on the slippage - so to all of you who do not care about slippage have fun trading at IB !
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Bullshit.

My stops are beautifully executed. If you make the effort (read take f'ing responsibility for your actions and your results not blame everyone else like those stupid terrorists :)) to understand the options IB offers then you can get your stops to behave however you want!
 
Quote from trader_rachel:

ib has been unreliable with their stops compared to other systems for years - I think the reason is becasue they delay getting orders out into the marketplace once the stops are hit by a few fractions of a second giving the trading public worse fills on the slippage - so to all of you who do not care about slippage have fun trading at IB !
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your above comment is utter BS.
 
while I surely take responsibility for my trading actions - obviously you guys have not used the top line proprietary systems out there - and if you would did, you would not be happy settling for second best :) good luck to you :)
 
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