Interactive Brokers, Timber Hill News

C

cscott

NEW YORK, April 11 (Reuters) - The Stockholm Stock Exchange said on Wednesday its disciplinary committee fined U.S. banking giant JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research) and market maker Timber Hill each 200,000 Swedish crowns ($1.38 million) for violating its trading rules.

The exchange said Timber Hill, a unit of Interactive Brokers Group (IBKR.O: Quote, Profile, Research) placed automatically routed sell and buy orders on several occasions that deviated from the current market value of the securities concerned. Meanwhile a JPMorgan broker, on several occasions, placed buy and sell orders on the company's own account in a manner that resulted in several automatically matched transactions, which means the bank was conducting trades with itself.
 
Quote from cscott:

... 200,000 Swedish crowns ($1.38 million) ...
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The rest of the world takes 200'000 USD and DIVIDES it by the 6.9 SEK/USD rate. That comes to something under 30K USD. You take 200'000 and MULTIPLY it by 6.9 and calculate 1.38 million. Your economic framework seems flawed, or your info is poorly verified such that you just passed on flawed data.
 
Guys....it's pretty easy to have a software bug & end up painting the tape.

That said, some time ago, for retail IB accounts, IB instituted an algorithim that prevents their customers from mis-keying an order that would paint their own tape (that customer's order against his own).

IB operates 110% above board, you'd know this. if you know how they work. They are trying to corner the market in efficiency. They are not trying to win by sneaking in the backdoor.

Both IB and TMBR operate on the same philosophy.
 
Quote from IBj:

The rest of the world takes 200'000 USD and DIVIDES it by the 6.9 SEK/USD rate. That comes to something under 30K USD. You take 200'000 and MULTIPLY it by 6.9 and calculate 1.38 million. Your economic framework seems flawed, or your info is poorly verified such that you just passed on flawed data.
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I'm just curious. I don't have an account with IB. TMBR used to be really active on most nasdaq stocks. They are no longer so. Have you changed your marketmaker for Nasdaq stocks. If so, who? I brought this up in another thread and somebody mentioned 'Ideal'. But I don't see them making a market on any Nasdaq stocks. Would appreciate any info.
 
Reuters does sometimes make mistakes. Here's the corrected version:

http://www.reuters.com/article/bankingfinancial-SP/idUSWEN631920070411

NEW YORK, April 11 (Reuters) - The Stockholm Stock Exchange said on Wednesday its disciplinary committee fined U.S. banking giant JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research) and market maker Timber Hill each 200,000 Swedish crowns ($29,027) for violating its trading rules.

The exchange said Timber Hill, a unit of Interactive Brokers Group (IBKR.O: Quote, Profile, Research) placed automatically routed sell and buy orders on several occasions that deviated from the current market value of the securities concerned.

Meanwhile a JPMorgan broker, on several occasions, placed buy and sell orders on the company's own account in a manner that resulted in several automatically matched transactions, which means the bank was conducting trades with itself. (Exchange rate $1 = SEK 6.89)
 
Quote from ak15:

I'm just curious. I don't have an account with IB. TMBR used to be really active on most nasdaq stocks. They are no longer so. Have you changed your marketmaker for Nasdaq stocks. If so, who? I brought this up in another thread and somebody mentioned 'Ideal'. But I don't see them making a market on any Nasdaq stocks. Would appreciate any info.
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There is no market in Nasdaq stocks.

It's all dark pools and black boxes.
 
Quote from stock777:

There is no market in Nasdaq stocks.

It's all dark pools and black boxes.
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I have to disagree. Look for UBSS. He is the marketmaker for Cybertrader. He is extremely active on all Nasdaq stocks. Of course anybody closely watching will know about the others. I don't deny black pools and boxes. But those are all done through ECNS. However, Check out the statistics and you'll find UBSS leads everybody in terms of number of shares traded per day. He trades actively under his own name. Cybertrader also has the option of routing orders through UBSS via their Cyberselect venue. incidentally,Lehman is their MM for listed securities.
 
So UBSS shows up on the bid/ask. So what.

When you can tell me he tips his hand and lets you frontrun his game, then we can talk.
 
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