IB Suggestions & Improvements

Quote from Steve_IB:
You may wish to post your API suggestions here.

Yup. I think T&S was already requested there, too. While agreeing I want to see it in the API, most of what I wrote applies to the TWS front-end.
 
My suggestion:

IB has very recently started offering pass-through of ECN rebates/charges but still charges a PER SHARE commission in the new "unbundled" commission structure. Although its a step in the right direction, my suggestion to IB is to now offer fixed per-order (not per share) stock commission pricing with ECN rebates/charges passed-through to the client:

Comparing adding liquidity trades: with IB's new unbundled structure which charges a starting $0.0035 per share commission to a fixed per-order commission charged by Choicetrade ($5 per trade), we can see that the fixed per-order structure used by Choicetrade is better for larger trade sizes (1500 shares and over). If we assume that trade size ranges from 100-5000 shares as below, IB's per share pricing costs a total of $192.55 for all the trades while Choicetrade's fixed per order pricing costs a total of $-5 (ie costs nothing to make all the trades!). Please correct me if im wrong in my analysis. RML, Choicetrade, Genesis, and others do offer it, so why doesnt IB offer a fixed per-order pricing with ECN passthrough pricing also?

Formulas used:

Assumed typical $0.002 ECN rebate per share

Choicetrade commission= 5-(Shares*0.002)
IB commission = max(0.7, Shares*(0.0035-0.002))

Shares,Choicetrade,IB
100,4.8,0.7
200,4.6,0.7
300,4.4,0.7
400,4.2,0.7
500,4,0.75
600,3.8,0.9
700,3.6,1.05
800,3.4,1.2
900,3.2,1.35
1000,3,1.5
1100,2.8,1.65
1200,2.6,1.8
1300,2.4,1.95
1400,2.2,2.1
1500,2,2.25
1600,1.8,2.4
1700,1.6,2.55
1800,1.4,2.7
1900,1.2,2.85
2000,1,3
2100,0.8,3.15
2200,0.6,3.3
2300,0.4,3.45
2400,0.2,3.6
2500,0,3.75
2600,-0.2,3.9
2700,-0.4,4.05
2800,-0.6,4.2
2900,-0.8,4.35
3000,-1,4.5
3100,-1.2,4.65
3200,-1.4,4.8
3300,-1.6,4.95
3400,-1.8,5.1
3500,-2,5.25
3600,-2.2,5.4
3700,-2.4,5.55
3800,-2.6,5.7
3900,-2.8,5.85
4000,-3,6
4100,-3.2,6.15
4200,-3.4,6.3
4300,-3.6,6.45
4400,-3.8,6.6
4500,-4,6.75
4600,-4.2,6.9
4700,-4.4,7.05
4800,-4.6,7.2
4900,-4.8,7.35
5000,-5,7.5

Choicetrade total commission = $-5 ($5 rebate)
IB total commission = $192.55
 
IB changed intraday cut off time for all US index futures and futures options from 15:45 to 16:00 EST effective this Weekend.
 
Quote from ids:

IB changed intraday cut off time for all US index futures and futures options from 15:45 to 16:00 EST effective this Weekend.
More...

It would be nicer if it eventually got pushed over to 16:15 EST but still, thank you thank you thank you thank you :)
 
How does IB handle positions with MOC orders? Is it possible for IB to liquidate a position between 3:40 and 4:00 even though an MOC order is in?

Thanks!
 
Quote from ids:

IB changed intraday cut off time for all US index futures and futures options from 15:45 to 16:00 EST effective this Weekend.
More...


Nice.

Great new "news feed" and "real time data monitor" features in the latest beta 856.

No instructions on using the "real time data monitor" though.
 
Now that the index price has appeared on the Option Trader page for the symbol k200, korean options, could we have the model prices and greeks calculated?
 
Quote from Shreddog:

How does IB handle positions with MOC orders? Is it possible for IB to liquidate a position between 3:40 and 4:00 even though an MOC order is in?

Thanks!
More...

Unfortunately, IB will liquidate your positions at 3:50pm even if you have MOC orders in for them. This is a major oversight by IB in designing their liquidation algorithms..either they're still using an algorithm designed before MOC orders existed, or whoever designed the algorithm totally forgot about MOC orders. It does not make sense because NASDAQ rules dictate that MOC orders cannot be cancelled after 3:50pm anway, and so if IB is evaluating your account for potential liquidation at 3:50pm as they do, they should consider positions for which MOC orders have been placed as "closed positions". Instead what ends up happening right now, is that if you place MOC orders and your SMA is less than zero at 3:50pm, they liquidate your positions and then the MOC orders still get executed (they cannot be cancelled after 3:50pm) resulting in you taking home net positions opposite to what you had before 3:50pm. This needs to be fixed by IB soon and i think they're already aware of it.
 
Quote from giggollo:

Unfortunately, IB will liquidate your positions at 3:50pm even if you have MOC orders in for them. This is a major oversight by IB in designing their liquidation algorithms..either they're still using an algorithm designed before MOC orders existed, or whoever designed the algorithm totally forgot about MOC orders. It does not make sense because NASDAQ rules dictate that MOC orders cannot be cancelled after 3:50pm anway, and so if IB is evaluating your account for potential liquidation at 3:50pm as they do, they should consider positions for which MOC orders have been placed as "closed positions". Instead what ends up happening right now, is that if you place MOC orders and your SMA is less than zero at 3:50pm, they liquidate your positions and then the MOC orders still get executed (they cannot be cancelled after 3:50pm) resulting in you taking home net positions opposite to what you had before 3:50pm. This needs to be fixed by IB soon and i think they're already aware of it.
More...

I know ib has a % parameter if case you entry orders way off of actual price.

I sell instead of buy and vice versa a lot. Can we just have an option that when we hit transmit is verifies the order?? Say, buy x shares of xyz at xx.xx??

Have it optional cuz I know a lot of people aren't retarded like me.

John
 
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