IB: slow order entry today...anybody else?

most (not all) of the airlines are NYSE, i don't know if "BEST" is used for NYSE but i don't think so, so i will assume that we are talking NASD

i only trade NASD and i use Best_ECN, which works OK for me, or i might use SOES if i see a MM on the inside (with limited luck, however)

i don't like to comment unless i am sure, so with this disclaimer: I AM NOT CERTAIN , but as i understand IB "BEST" routing you can end up SNET 'ing a MM who can hold the order for a specific amount of time (i think it is 30 sec. now but used to be longer)

having lost $1700 on a trade this way once (at Datek before they went "Direct") , i now avoid SNET like the plague, therefore i don't use "BEST"

someone PLEASE correct if any of the above is wrong


PS, having re-read shneed's post, he states :"...I was not able to even place the order for about 30 sec" I am not sure if that would be related to routing choice
 
Roger2,

I was trading SKYW. When I was placing a sell order through IB BEST, I had no idea where the order would be routed, however, I was not trying to sell the stock at the bid, I was trying to place the order on the offer. Most of the time when I do this, the order goes live in less than a second, and it is usually routed through Island, for the past week I've seen up to 45 second delays for the order to go live at all. By the way, earlier this week when I saw this happening, I tried to place the orders directly through Island, and had the same delays.


shneed
 
about the freezing of IB.
Yes it happens... and I soon will have a clue for you all. I do not right now but let me give you the context :
2 machines, sharing the same DSL connection through a router and ethernet switch.
one freezes, not the other one !
so it is not the internet connection. it might be programs installed on the machine (both are Win2000 so that's not it).
I am now proceeding by elimination, this takes time because I disable things and wait for a freeze. I'll do that until both are correct..

One thing I did not check yet is the server used. It is quite possible each machine uses a different IB servers. I know that only monday. But I wanted to bring this up because without seeing it with my own eyes on 2 machines side by side, sharing the same internet connection, I would not believe it.

it is probably a small thing.

neo
 
Roger2,

With the advent of supersoes, your order should no longer get routed to SNET, but always to supersoes instead, at least for nasdaq NMS stocks. I've got good success with supersoes and its much easier to cancel your order. You can see where IB best is routing your order if you look at the destination column, it should tell you where its going.
 
I do not use IB myself but generally speaking, when you sell stock on the offer you are not able to direct the order to anyone specifically as the fact that the sell order is at the offer means it is passive and you are waiting for a buyer to come in and take the offer. The only exception would be when ECN buyers are crossing the market. If IB will take your offer via its BEST option and then wait for the first ECN to lock/cross the offer and then instantly hit the lock/crossing bid, I would be surprised.
 
Re NASDAQ routing:

With superSOES there is now no reason to ever route SelectNET. The MM do not have to honor SelectNet (is my understanding), while they do have to honor superSOES.

That being said, I still strongly recommend routing to ISLD given the super fast fills and very good liquidity.
 
Originally posted by mcvcpa
I do not use IB myself but generally speaking, when you sell stock on the offer you are not able to direct the order to anyone specifically as the fact that the sell order is at the offer means it is passive and you are waiting for a buyer to come in and take the offer.
More...

that's true. but the order still has to be sent somewhere. the routing is very important then. do you post your bid on island or or another ECN or do you give it to the specialist at NYSE ?
you have to make this choice or let the 'BEST' (worst?) make the choice.

neo
 
This thread is getting confusing...


tntneo: sounds like you are doing valuable research regarding the TWS freezing that many have experienced...please let us know what you are able to determine.
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Htrader: you said "With the advent of supersoes, your order should no longer get routed to SNET, but always to supersoes instead, at least for nasdaq NMS stocks"

Are you refering to IB "BEST" routing algorithm? If so, are you saying that the algo goes to SuperSOES before it trys SNET? Does the "BEST" algo go to SNET as a last resort ? Or not at all?

I thought that SuperSOES was used ONLY to hit a posted bid/offer. In the example that shneed described, he wanted to sell but he did not hit the bid, instead he joined the inside ask. Can SuperSOES do that?

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shneed: it sounds like the problem you had, waiting for orders to 'go green', was experienced by many of us last week, myself included. Was this an 'internet problem' related to the nimda virus? Who knows...

I may have confused the issue by mentioning SNET. But this is something which needs to be straightened out. Rules change. Routing algorithms change. Here's what I DO know:

1) if an SNET order lands with a MM (as opposed to an ECN), the MM can hold that order. Last fall when I got stung the the MM could hold the order for up to 3 minutes. I have read (here on ET) references that would seem to indicate that the time limit is now 30 seconds. So I'm not certain how long the MM can hold your order, but any delay is not good in a fast stock.

2) SNET used to be (may still be?) part of IB "BEST" routing algorithm


After reading your recent post, I don't think SNET was involed. But I would advise NOT using "BEST" for daytrading until we know if SNET is part of that algo. Try "Best_ECN" or SOES (SuperSOES) instead.

I couldn't find any relevant info on routing at IB website. If anyone understands "BEST" or "BEST_ECN" algorithms please illuminate.
 
Any updates on the situation....?


I'm still getting slow orders, they take about 30 sec to go live.



thanks
Nick
 
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