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IB questions
- Thread starter o10maximus
- Start date
Was anybody able to succesfully switch from long to short in one transaction?
I tried it approx 2 weeks ago (on 2 separate occassions), and wasn't succesfull. Actually, the order was completely messed up, not even the long position closed in full, and the remaining order got cancelled.
IB told me that this is not allowed.
But if the software splits up the order, why shouldn't it be allowed?
Your experience?
Thanks.
I tried it approx 2 weeks ago (on 2 separate occassions), and wasn't succesfull. Actually, the order was completely messed up, not even the long position closed in full, and the remaining order got cancelled.
IB told me that this is not allowed.
But if the software splits up the order, why shouldn't it be allowed?
Your experience?
Thanks.
Originally posted by PXG
Was anybody able to succesfully switch from long to short in one transaction?
I tried it approx 2 weeks ago (on 2 separate occassions), and wasn't succesfull. Actually, the order was completely messed up, not even the long position closed in full, and the remaining order got cancelled.
IB told me that this is not allowed.
But if the software splits up the order, why shouldn't it be allowed?
Your experience?
Thanks.
Yes, probably have done it 100 times now and haven't had one problem. Haven't tried for the last week though.
I recently sent this question to the IB help desk.
<<<I know odd lot orders are not available from you for NYSE stocks and for things like the QQQs. If I therefore want to buy say the QQQs I have to buy at least 100 shares, however if I want to buy more than 100 what is the next amount I am
permitted to buy is it 200 or is it 150 or is it any number for example 123 just as long as it is more than 100.>>>
and here is the reply
<<<Dear Trader,
Thank you for the e-mail.
You may purchase any amount of shares of QQQ, as long as you are buying more than 100 shares (e.g. you may purchase 123 shares).>>>
IB then went on to confirm that this was the case with any NYSE stock too, now someone I know thinks that the information the IB help desk gave me could be wrong, and that one has to purchase stocks in increments of 100. Could Def or someone else who knows for sure please tell me if I want to buy more than 100 shares of say the QQQ's can I buy any amount I want or does it have to be 200, 300, 400 etc.
<<<I know odd lot orders are not available from you for NYSE stocks and for things like the QQQs. If I therefore want to buy say the QQQs I have to buy at least 100 shares, however if I want to buy more than 100 what is the next amount I am
permitted to buy is it 200 or is it 150 or is it any number for example 123 just as long as it is more than 100.>>>
and here is the reply
<<<Dear Trader,
Thank you for the e-mail.
You may purchase any amount of shares of QQQ, as long as you are buying more than 100 shares (e.g. you may purchase 123 shares).>>>
IB then went on to confirm that this was the case with any NYSE stock too, now someone I know thinks that the information the IB help desk gave me could be wrong, and that one has to purchase stocks in increments of 100. Could Def or someone else who knows for sure please tell me if I want to buy more than 100 shares of say the QQQ's can I buy any amount I want or does it have to be 200, 300, 400 etc.
Originally posted by Bilbo Baggins
You may purchase any amount of shares of QQQ, as long as you are buying more than 100 shares (e.g. you may purchase 123 shares).
This is correct.
BTW, < 100 shares is called an "odd-lot".
> 100 shares, but not an even multiple of 100, is called a "mixed-lot".
There are still problems with TWS thinking that some odd-lot closing orders are opening orders when you have other orders pending in the same stock. I haven't had time to create a scenario to pin it down, but it sure is a pain.
Alanm,
Thanks for the odd lot, mixed lot explanation. I have been having problems with mixed lots routed through BEST for the last few weeks. The even part will execute well, but the odd part seems to sit until someone else takes it out. This if fine when the market moves fast in my favor and the fill is better, but it's a problem when it moves away. I don't know if this is related to your problem or not, but it sure makes some problems for me.
Thanks for the odd lot, mixed lot explanation. I have been having problems with mixed lots routed through BEST for the last few weeks. The even part will execute well, but the odd part seems to sit until someone else takes it out. This if fine when the market moves fast in my favor and the fill is better, but it's a problem when it moves away. I don't know if this is related to your problem or not, but it sure makes some problems for me.
In case anyone cares, someone posted to our site about it:
NASD Regulation Censures and Fines Interactive Brokers For Market Systems Violations
WASHINGTON, April 18 /PRNewswire/ -- NASD Regulation, Inc., today announced that it censured and fined Interactive Brokers, L.L.C., $230,000 for multiple violations, including order routing, Order Audit Trail System (OATS) reporting, record keeping and supervision violations. During a three-year period Interactive Brokers violated NASD rules by mis-programming its order routing system so that customer orders that were routed through Nasdaq's SelectNet system to electronic communication networks (ECNs) were treated as "non-negotiable," which means the essential terms of the order, including the size, could not be changed. NASD rules prohibit non-negotiable orders from being sent to ECNs and permit ECNs to reject them. In most cases, ECNs exercised their right to reject them, due to difficulties in programming their systems to accept this type of order.
Get the whole story here: www.briefing.com.
NASD Regulation Censures and Fines Interactive Brokers For Market Systems Violations
WASHINGTON, April 18 /PRNewswire/ -- NASD Regulation, Inc., today announced that it censured and fined Interactive Brokers, L.L.C., $230,000 for multiple violations, including order routing, Order Audit Trail System (OATS) reporting, record keeping and supervision violations. During a three-year period Interactive Brokers violated NASD rules by mis-programming its order routing system so that customer orders that were routed through Nasdaq's SelectNet system to electronic communication networks (ECNs) were treated as "non-negotiable," which means the essential terms of the order, including the size, could not be changed. NASD rules prohibit non-negotiable orders from being sent to ECNs and permit ECNs to reject them. In most cases, ECNs exercised their right to reject them, due to difficulties in programming their systems to accept this type of order.
Get the whole story here: www.briefing.com.