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IB Problem?
- Thread starter 2006
- Start date
Quote from giggollo:
on IB I had a stop order on AAPL filled 2 minutes after price crossed my stop price, and another stop on QQQQ that i cancelled coz it was just sitting there a minute after price crossed through the stop price, which may be because of the crossed quote i dont know....Although Genesis acknowledged the crossed quotes were streetwide, they fixed the crossed quote problem within minutes but IB did not. In a fast market, its easy to distinguish one platform from another i would say.
If a particular order destination has its quote frozen for a long, long time, then IB's SMART order router should recognize this and exclude that destination from its routing decisions. If SMART failed to do so, then this might explain why your orders did not execute. This would be one more example as to why we need to vote for suggestion # 2185, so that IB will focus on quality control as a first priority, and new features as a second priority.
I don't mean to suggest that IB is not a quality broker. I think IB is the best deal for a serious active retail trader. I think IB is a high quality broker. But it would be a much better deal if it put quality control as a higher priority than adding new bells and whistles.
Did anybody see these bulletins?
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 14:57:37 2007 EST
BRUT,ISLAND,SUPERSOES market data is currently unavailable.
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 15:22:20 2007 EST
Resolution:
BRUT,ISLAND,SUPERSOES market data is once again available.
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 14:57:37 2007 EST
BRUT,ISLAND,SUPERSOES market data is currently unavailable.
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 15:22:20 2007 EST
Resolution:
BRUT,ISLAND,SUPERSOES market data is once again available.
They both came up waaay too late. Practically of no use and AFTER the problem had been fixed!
Quote from originalskunk:
Did anybody see these bulletins?
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 14:57:37 2007 EST
BRUT,ISLAND,SUPERSOES market data is currently unavailable.
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 15:22:20 2007 EST
Resolution:
BRUT,ISLAND,SUPERSOES market data is once again available.
Quote from jimrockford:
If a particular order destination has its quote frozen for a long, long time, then IB's SMART order router should recognize this and exclude that destination from its routing decisions.
We are working on precisely this. It should be rolled out by the end of next week. The stale quote will also be removed from the TWS.
Quote from giggollo:
Good point jim, so for NASDAQ stocks, are you saying that if the primary exchange (say NASDAQ as was the case today) has frozen quotes that IB should switch to getting quotes and routing to ARCA? Please elaborate.
I am saying that if the customer SMART routes his order, SMART should attempt to obtain the best execution price from among the available alternatives as to order destination. SMART should not fall apart just because one of the various alternatives is displaying a stale quote. SMART should be SMART enough to walk around the obstacles, instead of crashing into them.
If, for example, NASDAQ has frozen quotes, and no execution can be obtained on NASDAQ or anywhere else at any price better than or equal to the one available on ARCA, then SMART should seek to execute on ARCA.
Quote from jimrockford:
If a particular order destination has its quote frozen for a long, long time, then IB's SMART order router should recognize this and exclude that destination from its routing decisions. If SMART failed to do so, then this might explain why your orders did not execute.
After talking to IB, the crossed quote from NASDAQ was exactly the reason why the stop orders did not execute. Glad to hear that IB is doing something about it, coz it seems computer glitches and quote issues at the exchanges are going to the norm whenever volatility increases if this FOMC day and the feb 27 plunge are any indication, and that will probably be the time youll most need a platform that remains functional in such environments.
Quote from originalskunk:
Did anybody see these bulletins?
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 14:57:37 2007 EST
BRUT,ISLAND,SUPERSOES market data is currently unavailable.
======================================================
To BRUT,ISLAND,SUPERSOES traders:
Wed Mar 21 15:22:20 2007 EST
Resolution:
BRUT,ISLAND,SUPERSOES market data is once again available.
I saw the resumption, never the initial notification. I don't think I ever got it. They were 4 minutes late activating a stop limit costing me a minimum of $5000. They told me it was a data problem from the exchange, but my quote vendor was supplying Nasdaq quotes all along. I saw when my stop limit should have triggered and didn't understand what was happening when IB didn't activate the order.