IB Sticky Market Orders

[def]

Quote from Cluseau:

i hope everyone read the link with IB.

they were sued for playing the 'NBBO game' with customers orders. there are plenty of current lawsuits pending but i think you can search for those on your own.
also, if you want a real opinion and not one from a hired gun you should call your attorney or an attorney familiar with investment fraud and ask them to review IB's customer agreement and current 'status'. also, remember folks--you are retail--different rules apply to institutions. hope this helps anyone looking to use IB(timberhill). good luck.


alex

show me proof and details. You absolutely have no clue what you are talking about. IB doesn't play any games with customer orders.

The facts are very simple. IB's SMART routing in options is probably the best in the business.

As far as I know we are also the only firm dynamically routing retail orders to move from one exchange to the next in attempts to achieve better fills.

IB is also the only firm that I know of that takes the execution risk when trying to leg spreads electronically between different exchanges.

A large number of institutions and many of the largest brokers utilize IB's SMART routing to execute for their clients. When proposing our routing services to them, we are quick to show them our routing statistics. Why? It speaks and sells for itself.


as an aside to your ridiculous comment about trade busts for timber hill (which of course has nothing to do with IB orders)..... Where do you draw the line? last month a firms screw up caused tmbr to execute over 100K contracts in a few seconds. The firm that messed up hit every offer and bid on the same delta side that was sitting at the exchange. Due to the milliseconds in difference between orders submitted to the exchange, a number of trades took place at poor prices when quotes were being updated. Let's assume the delta was over 1000 futures. When you are electronic you immediately hedge the delta. The initial 100K trades trigger thousands of other trades with third parties. So what do you do? Let the party that messed up out of their trades and take the hit on your hedge? Sorry, can't do that. Instead you rebook the trades that are grossly out of range.

 

[IBsoft]

def,

Let's not waste any more of our time and effort responding to Cluseau. I think he managed to show his true colors through his own posts better than we can through our responses. I think the only thing he deserves at this point is to be ignored.

Let's save the time we are willing to spend on the forum on reading the comments that can lead to the improvements in our system and on addressing concerns of polite existing or prospective IB customers.

IBsoft

 

[Boy Plunger]

Please disregard my comments and as you say my ignorance of IB policies and practices. I am truly sorry if i have caused IB or ET harm regardless if what i posted is true or false. I will no longer interfere with IB business here at ET even to direct members to information regarding disclosure agreements. Please continue to do business here unabated by me and again i apologize about any perceived loss IB or ET may have incurred due to my comments.

thanks.


alex

 

[Avid_Consumer]

anybody see marketable and non-marketable limits sticking in some sort of pending status for a few seconds today while the mkt is slipping away from you? the spread was nice and stationary when i transmitted, and immediately started running thereafter. internet connection was fine obviously, as i could see the damn thing slipping away.

functionality returns 5-6 seconds later just in time for me to fill two ticks higher. that's a new one

*"LIGHT BLUE indicates that you have transmitted your order, but have not yet received confirmation that it has been accepted by the order destination."

 

[Htrader]

Quote from Avid_Consumer:

anybody see marketable and non-marketable limits sticking in some sort of pending status for a few seconds today while the mkt is slipping away from you? the spread was nice and stationary when i transmitted, and immediately started running thereafter. internet connection was fine obviously, as i could see the damn thing slipping away.

functionality returns 5-6 seconds later just in time for me to fill two ticks higher. that's a new one

*"LIGHT BLUE indicates that you have transmitted your order, but have not yet received confirmation that it has been accepted by the order destination."

Its been happening to me all day. Smart limit orders for nasdaq stocks keep sticking and not executing. I'm emailing the help desk about it.

 

[murray t turtle]

Quote from def:

show me proof and details. You absolutely have no clue what you are talking about. IB doesn't play any games with customer orders.

The facts are very simple. IB's SMART routing in options is probably the best in the business.

As far as I know we are also the only firm dynamically routing retail orders to move from one exchange to the next in attempts to achieve better fills.

IB is also the only firm that I know of that takes the execution risk when trying to leg spreads electronically between different exchanges.

A large number of institutions and many of the largest brokers utilize IB's SMART routing to execute for their clients. When proposing our routing services to them, we are quick to show them our routing statistics. Why? It speaks and sells for itself.


as an aside to your ridiculous comment about trade busts for timber hill (which of course has nothing to do with IB orders)..... Where do you draw the line? last month a firms screw up caused tmbr to execute over 100K contracts in a few seconds. The firm that messed up hit every offer and bid on the same delta side that was sitting at the exchange. Due to the milliseconds in difference between orders submitted to the exchange, a number of trades took place at poor prices when quotes were being updated. Let's assume the delta was over 1000 futures. When you are electronic you immediately hedge the delta. The initial 100K trades trigger thousands of other trades with third parties. So what do you do? Let the party that messed up out of their trades and take the hit on your hedge? Sorry, can't do that. Instead you rebook the trades that are grossly out of range.

================

Def & IBsoft;

That was/is a smart idea-SMART routing ,options;
helped your SMART routing live its name this week by excluding AMEX exchange.

Both of you get to supervise a lot of option trades, why
would some want to SMART route & exclude BOX????????

Question refers to individuals/institutions trading ;
not the exchanges that didnt want competition.

 

[zdreg]

Quote from Cluseau:

funny replies...

for the record, i have no axe to grind, no sour grapes.
i am not an IB customer, never was an IB customer.
i do know someone from timber.

i believe i answered and directed avid consumer to the information he sought, he will make up his mind, not me.

as for def,
you are a wage earner that is told what to say.
you have no mind of your own and if you did you would not be allowed to say what is on your mind because IB has you locked in a contract. trying to manipulate people proactively is something i discourage for your sake. just let them take headers themselves, it's working, leave it be.

for those of you who take this personally, i don't.

do some research before you spout off accusations about my intentions to defame IB. they are of no concern to me. i was simply trying to help a fellow brethren find information. he can make up his own mind. i simply stated what happens, accurately.

chaod,
pseudo attorney need not reply--go to law school before you choke on your own words...


take care

alex

are you the 7thdim. there is a similarity
in the style of writing. of course both of you have strong complaints about IB.

 

[IBsoft]

Quote from murray t turtle:

================

Def & IBsoft;

That was/is a smart idea-SMART routing ,options;
helped your SMART routing live its name this week by excluding AMEX exchange.

Both of you get to supervise a lot of option trades, why
would some want to SMART route & exclude BOX????????

Question refers to individuals/institutions trading ;
not the exchanges that didnt want competition.

Sorry, what is the question?

 

[zdreg]

Quote from zdreg:

are you the 7thdim. there is a similarity
in the style of writing. of course both of you have strong complaints about IB.

"strong complaints about IB"
to clarify: vociferous but invalid complaints about IB

 

[Choad]

Quote from Cluseau:

Please disregard my comments and as you say my ignorance of IB policies and practices. I am truly sorry if i have caused IB or ET harm regardless if what i posted is true or false. I will no longer interfere with IB business here at ET even to direct members to information regarding disclosure agreements. Please continue to do business here unabated by me and again i apologize about any perceived loss IB or ET may have incurred due to my comments.

thanks.


alex

Nice.

Looks like you got the word.

I guess I don't need to go to law school...