IB - penny option pricing *now*

Quote from stock777:

Steve, what about the cancel issue? If I display a bid or offer on the penny system, and and pull it before its taken, is there any fee for that?

From your description , if I execute against a displayed penny bid/offer it should trade, so the cancel fee is not much of an issue there.
More...

Cancel fees are still applied as standard.

If you execute against a displayed penny bid/offer then it "should trade" - but not guaranteed as it will still need to go to the exchange to execute.
 
So it would be possible to have a bid at 1.23 and have the market trade at 1.20 but not be filled if you weren't first in the cue then?

Thanks,

TNG

Quote from Steve_IB:

Assuming you are buying, the order will be rounded down and sent to an exchange so that the order is still working. E.g. you send an order to buy at $1.23. An order will be sent to one of the exchanges to buy at $1.20.
The $1.23 will be displayed on IB's penny option pricing system on the website and TWS. If there's a match, then the orders are sent to an exchange for execution.
More...
 
Quote from thenewguy:

So it would be possible to have a bid at 1.23 and have the market trade at 1.20 but not be filled if you weren't first in the cue then?

Thanks,

TNG
More...

Yes, that could happen - if you're not at the front of the queue, and the opposing sell order didn't come in via us (we do have a very significant market share).
 
Ok, good to know. Cool feature though. Can't wait for the exchanges to get on board....

Thanks,

TNG

Quote from Steve_IB:

Yes, that could happen - if you're not at the front of the queue, and the opposing sell order didn't come in via us (we do have a very significant market share).
More...
 
Quote from Steve_IB:

Yes, that could happen - if you're not at the front of the queue, and the opposing sell order didn't come in via us (we do have a very significant market share).
More...
Does this include brokers who send their order flow thru IB?
 
Quote from Steve_IB:

Yes, that could happen - if you're not at the front of the queue, and the opposing sell order didn't come in via us (we do have a very significant market share).
More...
When this feature is offered by the all brokers in January, will IB's current advantage become moot?
 
Quote from Option Trader:

When this feature is offered by the all brokers in January, will IB's current advantage become moot?
More...

No, because what is comming in January is a 12-18 month long pilot on 13 option classes. What IB is offering is all the classes listed by BOX and ISE and it is offering it now.
 
Can I still get a worse price if I want, then post nasty things about IB when I do? Just asking so some of the IB bashers won't have to.

I'm sure there will be some issues with this (mostly caused by "user error") but I think this is AWESOME. Yet another way IB is making things better (I LOVE the expired contract thing -- just get options going back 1-2 months and it will be perfect).

SSB
 
Quote from Steve_IB:
(we do have a very significant market share).
More...
This is such a superbly cool understatement :cool: thank you.

Great innovation btw, and a good example of out-of-the-box thinking, using your power where it is needed. Great stuff.

Ursa..
 
Quote from Steve_IB:

Yes, that could happen - if you're not at the front of the queue, and the opposing sell order didn't come in via us (we do have a very significant market share).
More...
I think IB missed my other question:
Does this market share issue mean only IB themselves, or also includes brokers who send order flow to IB?
 
You must log in or register to reply here.
Back
Top