Robert Morse
Sponsor
Do you have time and sales for that option?
Does it show the National Best Bid) NBB at that time?
Does it show the National Best Bid) NBB at that time?
Question on Eurex Combo Execution
- Thread starter dhpar
- Start date
he is right, btw, if there was 5 lots on the bid and you sold, let's say 100, and it goes down to 24 $ due to lack of liquidity, you have no case.
if IB order routed to a mm and that mm gave you a sh!t fill, then IB is obligated to give you a fill adjustment as per best practice
Highly likely, it's the former, not the latter
Your trade price chart doesn't mean anything. Can you post a Time & Sales information window at the time of the execution of your market order that shows how much volume were sitting at the bid of each price level? If there weren't enough to absorb your market order, then your market sell order would be filled at the next best bid price. If there was enough no. contracts sitting at the bid price of the execution of your order, then you might have something against IB.
And if they are the sole mm at that moment, they can pull their bids/offers to have your order fall through. It only takes a split second to pull those out before your order gets posted to the NMS.
As far as the tape is concerned, regulators will see that the bid/offer disappeared from the NMS right before your order was disseminated. You were fair game.
I rarely use MKT orders w/ IB, and when I do IB usually follows up with the same email warning about MKT orders, effectively(?) insulating IB legally, as well as reminding me that MKT orders aren't such a good idea.
Do others w/ IB receive these email warnings ?
I have never received a poor fill like that on a non-option, and have never exited an option order via MKT, after 15yrs on/off w/ IB.
Maybe the MIDPRICE order at IB is the better choice when one wants a faster exit than LMT might allow -- has worked for me.
There's so many possible customizations in TWS that maybe you can set up a button for immediate exit via MIDPRICE or another similar order type ?
And, what IB dubs the "Price Management Algo" might also prevent bad fills; the trader can turn it on as a default for all (?) orders.
Do others w/ IB receive these email warnings ?
I have never received a poor fill like that on a non-option, and have never exited an option order via MKT, after 15yrs on/off w/ IB.
Maybe the MIDPRICE order at IB is the better choice when one wants a faster exit than LMT might allow -- has worked for me.
There's so many possible customizations in TWS that maybe you can set up a button for immediate exit via MIDPRICE or another similar order type ?
And, what IB dubs the "Price Management Algo" might also prevent bad fills; the trader can turn it on as a default for all (?) orders.
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How does the price management algo work?
Robert is a professional, why not PM him the trade?
time 16:29:52 CEST (10:29:52ET)
NBBO 29.25/30.05
48 size on the bid. I executed 1 contract only, stating DTB...!!! does not show anywhere...
it is not as much of economic damage for me but rather a moral disappointment wrt IB...
thieves plain and simple.
