IB routing to PRIMEX
- Thread starter hpex1
- Start date
Firstly, relax!
Secondly, PAMM's will be required to submit 80% of their eligible customer orders to Primex. PAMM's are Nasdaq market makers not IB.
Thirdly, there are other options when executing orders (ARCA)
Lastly, IB will eventually do what is right. If that means disabling PRIMEX from BEST and BEST_ECN then they will do it.
It appears that the biggest negative is that PRIMEX gets a look at your order (tradable order) then can take a few seconds to decide whether they want it or not - this delay will cause us to miss the market more times than not. Therefore IB should only send our orders to PRIMEX as a last resort because we currently have access to about 90% of the best bids/asks. Look for them to make this change.
Secondly, PAMM's will be required to submit 80% of their eligible customer orders to Primex. PAMM's are Nasdaq market makers not IB.
Thirdly, there are other options when executing orders (ARCA)
Lastly, IB will eventually do what is right. If that means disabling PRIMEX from BEST and BEST_ECN then they will do it.
It appears that the biggest negative is that PRIMEX gets a look at your order (tradable order) then can take a few seconds to decide whether they want it or not - this delay will cause us to miss the market more times than not. Therefore IB should only send our orders to PRIMEX as a last resort because we currently have access to about 90% of the best bids/asks. Look for them to make this change.
I have received 10 fills from PRIMEX today (out of about 200). The stocks were NTAP CSCO VRSN INTC AMAT. I think that they are only routing to PRIMEX for the NAS100 stocks, so you might not see it for other NASDAQ stocks. I almost always use limit orders, so I can't comment on market orders.
I have noticed a slighting sluggish response with BEST_ECN on some fills this week, but not sure if it is IB's quotes or maybe I just missed hitting the bids.
I would like the option to disable PRIMEX routing because it appears to have issues versus real ECNs like ISLD, INCA, and the owners of the exchange appear to be anti-ECN market makers.
Fleance
I have noticed a slighting sluggish response with BEST_ECN on some fills this week, but not sure if it is IB's quotes or maybe I just missed hitting the bids.
I would like the option to disable PRIMEX routing because it appears to have issues versus real ECNs like ISLD, INCA, and the owners of the exchange appear to be anti-ECN market makers.
Fleance
Def,
I made a couple of notes today. At 1:47 I attempted to sell VRTS at 46.24 (at or below the current bid) this order was routed to PRIMEX - when not filled, it went to ARCA and then ISLAND. At 1:49 I attempted to short sell PSFT at 38.21 (at or below the current bid). This order was routed to PRIMEX and when not filled was routed to ISLAND. I used BEST limit orders for each of these 100sh orders. One of them was filled by the ECN. The other wasn't filled until the market came back to me a minute or two later (I can't remember if I cancelled the original order or left it live). This scenario happened over and over. PRIMEX is NO GOOD for traders! At best it gives delayed fills that can be had elsewhere, more often, it backs away and costs you a fill. Please get IB to allow us to remove it from BEST. This route is only best for the market makers.
I made a couple of notes today. At 1:47 I attempted to sell VRTS at 46.24 (at or below the current bid) this order was routed to PRIMEX - when not filled, it went to ARCA and then ISLAND. At 1:49 I attempted to short sell PSFT at 38.21 (at or below the current bid). This order was routed to PRIMEX and when not filled was routed to ISLAND. I used BEST limit orders for each of these 100sh orders. One of them was filled by the ECN. The other wasn't filled until the market came back to me a minute or two later (I can't remember if I cancelled the original order or left it live). This scenario happened over and over. PRIMEX is NO GOOD for traders! At best it gives delayed fills that can be had elsewhere, more often, it backs away and costs you a fill. Please get IB to allow us to remove it from BEST. This route is only best for the market makers.
Def,
Sorry for two entries, but I just checked my notes and executions. I believe the order at 11:47 was actually a buy order (at or above the offer). It was the one that didn't get filled. The SS got filled by the ECN. Everything usually happens at once the way I trade, so it's hard for me to make specific notes. Anyway the same scenario happens over and over. I hope this helps with your discussions with management.
Sorry for two entries, but I just checked my notes and executions. I believe the order at 11:47 was actually a buy order (at or above the offer). It was the one that didn't get filled. The SS got filled by the ECN. Everything usually happens at once the way I trade, so it's hard for me to make specific notes. Anyway the same scenario happens over and over. I hope this helps with your discussions with management.
I am new to this site and to IB where my account was just approved today. I have studied the best trading broker issue exhaustively for months, and had concluded that IB was the leader. I have read all ten pages of this thread and it seems clear that PRIMEX is a catastrophe for what I understand IB's attraction is to active traders. With the funding and learning curve, it will be a while before I have to face PRIMEX. I certainly hope IB sees the situation and disables it promptly before it does any more damage to its account holders. I think this is the most serious negative issue about IB that I have seen discussed at this site since I started lurking this fall.
Geo.
Geo.