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OK IB - What Is Going On?!!!
- Thread starter OrderBlaster
- Start date
Orderblaster has it 100% correct.
IB has figured out how to use the color blue to represent every permutation of how a stop-limit order can be handled.
We need some confidence that our orders are being held natively.
**MOST IMPORTANTLY** - Why are we now at the back of the queue for OCA's (assuming that they are truly indeed the only orders that maybe held on your servers rather than Globex) ???
There is a major competitive DISadvantage and one which i think you will lose many customers VERY fast.
IB has figured out how to use the color blue to represent every permutation of how a stop-limit order can be handled.
We need some confidence that our orders are being held natively.
**MOST IMPORTANTLY** - Why are we now at the back of the queue for OCA's (assuming that they are truly indeed the only orders that maybe held on your servers rather than Globex) ???
There is a major competitive DISadvantage and one which i think you will lose many customers VERY fast.
I will try one more time:
globex future stop limit = native (held by globex)
globex future stop market = simulated (held by ib)
In case you doubt the above, try placing a stop limit and call Globex to verify that they see it.
I can't answer your OCA issue as I don't understand it. You will have to get a clear answer from the person who first explained it to you.
globex future stop limit = native (held by globex)
globex future stop market = simulated (held by ib)
In case you doubt the above, try placing a stop limit and call Globex to verify that they see it.
I can't answer your OCA issue as I don't understand it. You will have to get a clear answer from the person who first explained it to you.
Quote from sg2112:
Orderblaster has it 100% correct.
IB has figured out how to use the color blue to represent every permutation of how a stop-limit order can be handled.
We need some confidence that our orders are being held natively.
**MOST IMPORTANTLY** - Why are we now at the back of the queue for OCA's (assuming that they are truly indeed the only orders that maybe held on your servers rather than Globex) ???
There is a major competitive DISadvantage and one which i think you will lose many customers VERY fast.
This will be my last contribution to this thread. With further issues about this subject, please contact the helpdesk.
Here it goes:
When a customer places a stop limit order, he is not guaranteed an execution. i.e. when the order gets triggered (regardless whether the order is native or simulated) a LIMIT order gets placed on the book.
In this circumstance we want the customer to know the exact status: i.e. the order displayed on the TWS is NO LONGER a Stop limit, but a LIMIT (resulting from the trigger). We want him to know that the order GOT triggered.
Further, when the customer decides to modify the stop limit order, we want him to know (during all stages) what he is modifying. i.e. when the order has not triggered, he is modifying a stop. On the other hand, when the order did get triggered, he is modifying the LIMIT order.
Finally, the status is now consistently displayed. Dark blue means that the order got acknowledged by the entity who is responsible for its triggering.
Whenever possible, IB offers native order types. We only offer simulated ones, when the exchange does not offer the native kind. We understand that the native orders are superior to the simulated ones. We offer simulated orders, because our customers want them.
Here it goes:
When a customer places a stop limit order, he is not guaranteed an execution. i.e. when the order gets triggered (regardless whether the order is native or simulated) a LIMIT order gets placed on the book.
In this circumstance we want the customer to know the exact status: i.e. the order displayed on the TWS is NO LONGER a Stop limit, but a LIMIT (resulting from the trigger). We want him to know that the order GOT triggered.
Further, when the customer decides to modify the stop limit order, we want him to know (during all stages) what he is modifying. i.e. when the order has not triggered, he is modifying a stop. On the other hand, when the order did get triggered, he is modifying the LIMIT order.
Finally, the status is now consistently displayed. Dark blue means that the order got acknowledged by the entity who is responsible for its triggering.
Whenever possible, IB offers native order types. We only offer simulated ones, when the exchange does not offer the native kind. We understand that the native orders are superior to the simulated ones. We offer simulated orders, because our customers want them.
Quote from Quah:
IBSoft -
Maybe it would be easier to explain why the change in the colors? That's what doesn't seem to make much sense - why not keep things the way they were?
Can you get someone in here who does understand? Or consider this example:Quote from IBsoft:
I can't answer your OCA issue as I don't understand it. You will have to get a clear answer from the person who first explained it to you.
I place a sell limit order above the market and a sell stop-limit order below the market. They are set up so that one cancels the other (OCA). IB will display the sell stop-limit order as colour blue but it will NOT be sent to Globex - it will be held on IB servers. This, according to your own announced policy.
So, now we have a situation where a blue colour for a stop-limit could represent either a native or non-native order ...depending on whether it is OCA or not. What a confusing mess! If what you are saying is true (pardon my skepticism) then just permit an independent stop-limit order to be green again and everyone is happy.
Everyone that is, except the legions of people who use IB front-ends which use the OCA order type. These people are screwed with their stop-limit order via this policy change. Pardon me, I mean they have the luxury of relying on IB servers to trigger their stops all the time.
IBSoft, or Def, or any other IB representative:
Can we please have a different color designation when native orders are sent to the exchange and waiting for processing?
That would be more informative, and it will reduce the amount of telephone calls to IB's help desk to verify that the order is sitting properly on the exchange.
As I had mentioned in the past, there have been occassions when my globex stop limit orders were not being sent to globex. Were it not for the different color status, I would not have detected this problem as readily.
Thanks.
-- MMM
Can we please have a different color designation when native orders are sent to the exchange and waiting for processing?
That would be more informative, and it will reduce the amount of telephone calls to IB's help desk to verify that the order is sitting properly on the exchange.
As I had mentioned in the past, there have been occassions when my globex stop limit orders were not being sent to globex. Were it not for the different color status, I would not have detected this problem as readily.
Thanks.
-- MMM
Oh man, what's the name of the PR course that IB puts their customer reps through?Quote from IBsoft:
This will be my last contribution to this thread. With further issues about this subject, please contact the helpdesk.
Here it goes:
When a customer places a stop limit order, he is not guaranteed an execution. i.e. when the order gets triggered (regardless whether the order is native or simulated) a LIMIT order gets placed on the book.
In this circumstance we want the customer to know the exact status: i.e. the order displayed on the TWS is NO LONGER a Stop limit, but a LIMIT (resulting from the trigger). We want him to know that the order GOT triggered.
Further, when the customer decides to modify the stop limit order, we want him to know (during all stages) what he is modifying. i.e. when the order has not triggered, he is modifying a stop. On the other hand, when the order did get triggered, he is modifying the LIMIT order.
Finally, the status is now consistently displayed. Dark blue means that the order got acknowledged by the entity who is responsible for its triggering.
Whenever possible, IB offers native order types. We only offer simulated ones, when the exchange does not offer the native kind. We understand that the native orders are superior to the simulated ones. We offer simulated orders, because our customers want them.
I'm trying my best to be polite but it is clear to me that you are not grasping what is being said. As I demonstrated in my last post, there are three scenarios whether colour blue can mean three totally different things. This is called a backwards step not a forwards one. Eliminating the ability to have native orders as part of OCA is called a backwards step too.
As for you sayng that there is no guarantee of a fill on a stop-limit order (being the rationale for this colour change) ...that makes no sense either. Place an ES order with a 30 index point difference between the stop and the limit price. I will guarantee you a fill 100% of the time. I also guarantee that you will never see the colour change from blue to green because the fill will be instantaneous as soon as the price is touched ...assuming it really was a native order.
Last but not least, you admit to not knowing anything about the OCA problem (which directly adds to the confusion around the colour problem with stop-limits) and then you state how you are signing off the thread.
The level of arrogance at IB never ceases to amaze me.
What ever happened to service with a smile or the customer is always right ? Who cares if he/she is arrogant, the bottom line is that they are RIGHT and there is an issue here that needs to be addressed. We dont need to be scolded for presenting serious concerns with a change that seems nonsensical.