IB Execution Speed

Eldredge · May 13, 2002

Originally posted by Catoosa

We would all be better off if there were no specialist and all exchanges traded like NASDAQ and ECNs.
Catoosa

I don't know about everybody, but I know I would be better off. And, it would be much more fair and transparent! I would love to see the specialists disappear, or have a system like SuperSoes that would execute against their quotes INSTANTLY without intervention.

FX-Trader · May 13, 2002

Def lives in HK timezone (sleeping now ...).

Catoosa · May 13, 2002

Originally posted by FX-Trader
Def lives in HK timezone (sleeping now ...).

I am not surprised. This confirms to me what I have said in the past: "Most of the great customer support I have received from IB has come from the conscientious IB personnel in HK and Europe".

Catoosa

ddefina · May 13, 2002

Originally posted by Catoosa

We would all be better off if there were no specialist and all exchanges traded like NASDAQ and ECNs. Allowing a specialist to control all of the order flow and rip off all buyers and sellers should be a violation of antitrust laws. It is a license to steal. Total corruption in my opinion...

Catoosa

You know when you put down those crooks--I mean middlemen, you offend half the traders that take advantage of their chicanery. It's only a matter of time before machines with the logic of 2yr olds replace their sorry @sses.

BullFighter · May 13, 2002

Originally posted by ddefina

You know when you put down those crooks--I mean middlemen, you offend half the traders that take advantage of their chicanery. It's only a matter of time before machines with the logic of 2yr olds replace their sorry @sses.

I totally agree. I can't help wondering how much business the NYSE is loosing to other venues do to this. Sooner or later they will be forced to offer IOC limit orders and tighten the time that the specialaist has to fill market orders too.

Mike

SethArb · May 13, 2002

I just want to report that I had some problems with

BEST EX

even with Island ECN briefly

in the first 10 minutes of trading 930-940 am EST

I was able to execute with Instinet

things were back to normal for me afterwards

slippage early on cost me a few $ but

it was not so bad considering I was scrambling
to see what I could do to execute my trades
:eek:

nitro · May 13, 2002

..., I cancelled the BEST order and it stayed in pink for a while using NYSE as route. ...

DON'T do it this way - move the order away from the market _FIRST_, then cancel the order - _THEN_ you will see it go red in a second or two.

nitro

alanm · May 13, 2002

Originally posted by nitro
DON'T do it this way - move the order away from the market _FIRST_, then cancel the order - _THEN_ you will see it go red in a second or two.

This seems to work well, but I wonder why. You'd think that, if the spec marked the order "hold" because he was going to execute it shortly, he wouldn't let you change the price either, since that could effectively be the same thing as cancelling it.

I wonder if IB/NYSE is allowing changes to go green immediately, but still leaving you subject to a fill at the previous limit price.

vinigar · May 13, 2002

quote:
--------------------------------------------------------------------------------
Originally posted by nitro
DON'T do it this way - move the order away from the market _FIRST_, then cancel the order - _THEN_ you will see it go red in a second or two.

Nitro I am being stupid....what do you mean by move the order away from the market first. You'll have to help my tired ole ass out ...I've got a mental block here partner. Thanks

nitro · May 14, 2002

Nitro I am being stupid....what do you mean by move the order away from the market first. You'll have to help my tired ole ass out ...I've got a mental block here partner. Thanks

vinigar,

say you have an order in to buy that you want to cancel without being hung up to dry. A big assumption is that the order is a limit order. If so

1) First find the line that has the working order.
2) Next, click on the field that has the price at which you entered the order.
3) Since this is a buy, enter in a number well below the bid - .10c is fine.
4) Retransmit the order
5) Now, one or two things will happen, you will either get filled immediately, allowing you to get out imediately, or two, the order will cancel.

Do the reverse of # 3 above for a sell.

The faster you are at the above the better. It would be nice if IB had a button that automated the above for you.

nitro