IB trading platform (E-Minis)

TriPack · Mar 1, 2002

Originally posted by ArchAngel
Tripack - I think you've got the direction backwards.

I agree, I think you've got the direction backwards. Putting in a limit buy order at 1090 and getting filled at 1090 while the market is trading at 1100 would be like printing money. If any of you know of a market like this let me know! With a limit buy at 1090 you will get filled no worse than or higher than 1090.

Futures Market Simulation

Price capping is used to obtain the best price in the market while increasing the probability of an execution. Futures Market order simulations are submitted at .3% better than the best bid or offer. If the order becomes non-marketable, the best bid or offer is recapped at .3%.

And after looking at it, looks like .3% instead of 2% like I thought.

ArchAngel · Mar 2, 2002

Tripack - Oops, you're right. I'm typing "buy" when I'm thinking "sell".

A SELL market order when the price is at 1100 would become a sell limit @ 1090.

TriPack · Mar 3, 2002

I've done that myself many times, think one thing and say/do the other. I guess with .003 x 1132.5 we get 3.25 as the +/-.

MikeTrader · Mar 3, 2002

TriPack and Arch nice thread and infromation on globex

thanks

Mike_____

I need help gettign TWS workong on java2 in mac OSX any experts you might know? thanks

stocon · Mar 3, 2002

Is IB site dn this weekend? I can't get into either of my accts.
Thx Steve

macal425 · Mar 3, 2002

Originally posted by stocon
Is IB site dn this weekend? I can't get into either of my accts.
Thx Steve

IB is always closed during the weekend until approximately 6pm (EST) on Sunday evenings.

ArchAngel · Mar 3, 2002

Tripack -

Where'd the .3% come from? Is this something IB does by itself?

The Globex front-end should do the market order to limit order transform based on whatever guidelines the CME is currently using. Is IB getting in the middle and doing the transform themselves?

TriPack · Mar 3, 2002

I just took it off the IB web site:

http://www.interactivebrokers.com/html/tws/market_orders.html

for general info and:

http://www.interactivebrokers.com/html/tws/futures_simulation.html

for specific info related to futures market simulation (the quote I pasted in a previous post).

My interpretation is that IB puts in the price .3% above/below the current price, and then adjusts it if price shoots through this level without giving a fill (like in a fast market greenspan environment).

TriPack · Mar 3, 2002

Just another thought, since the only native order type that GLOBEX actually supports is LIMIT, market orders would have to be simulated by IB. I *think* I recall when IB started up as a retail brokerage, the only type of order it accepted was limit. Market orders were added later due to public demad for them. Again this is from memory so I might be off.

Info on exchanges and order types supported at:
http://www.interactivebrokers.com/html/retailAccount/products.html

def1 · Mar 3, 2002

I have been asked not to post and will only respond to inaccurate facts. For now, I will not respond to general questions....

1. IB does not differentiate between prop side and customer orders. That means price time priority. The prop side does not see the orders. They go straight to the exchange. In short, IB DOES NOT TRADE AGAINST ORDER FLOW.

2. A limit order will be sent immediately to globex and will be posted as fast or faster than any platform that I know of. Stop orders currently reside on the IB servers and get send when triggered. The reason is that there are problems with Globex software that need to be resolved.

3. Tymjr: you traded with IB well over 6 months ago. Probably more. Since then there have been more APIs added, More T1's and an upgrade to a number of versions of globex software. I will not doubt your experience. However, your comments are out of date.