NYSE Kills ‘Land Mine’ Order Type Some Blame for August Mayhem

[Sig]

Just today IB instituted this rule on equities due to it being forced onto them by the exchanges. If you want the ceiling to be changed, you have to do it PER ORDER by contacting IB support - no, I am not kidding, one order at a time like it's 1985.
It's downright absurd at this point. I'm all ears regarding workarounds to this pure malicious stupidity.

What do you mean "the ceiling to be changed"?

 

[d08]

For instance the stop order is at $20 then the ceiling will be at $20.01, if the price moves above that then the order won't be executed despite being a marketable stop order.

https://www.interactivebrokers.com/en/index.php?f=14186&ns=T

 

[ktm]

I'm sure that feature will be in the next software release.

 

[d08]

I'm sure that feature will be in the next software release.

From my chat with IB I understood that it won't be because it's the exchanges that are trying to kill stop orders. I hope you're right though.

 

[ktm]

Coming from the broker, the exchange never knows whether the order being presented is a freshly keyed order, or one being created as a result of a stop being hit. To them, it's just a limit or market order.

It seems silly to me that IB would have a structure in place that tightly limits an order price then forcing interaction with customer service to change it for each order. I get that people need to be protected from unintended consequences - and themselves - but having the power to change order parameters is ubiquitous in TWS.

To me, this seems like simply another safeguard in TWS that the user should be able to adjust. I can't imagine they envision taking all these customer service contacts to perform this function.