Questions about ISE and Interactive Brokers (IB)

A

andiamo

Hello,


I have a few questions for the group and I would really appreciate it you could share your thoughts and experiences regarding ISE and IB.

1) Let's assume that you are trading options using Interactive Brokers (IB) and you want to route your orders to ISE. Assuming that you were trading a product that was liquid, what would be the 'average' amount of time it would take to fill your order (going through IB to ISE)?

2) What is your overall experience/impression of option trading using IB? There seems to be quite a few traders using IB for stocks and futures. I'm just wondering what the pros/cons would be for options trading?

3) Do you feel that you get better fills on ISE as opposed to, say, the CBOE? In general, what are you thoughts on trading via ISE (likes/dislikes)?


Thanks!
 
open up an acount with IB

and route directly to ISE .... for 1 contract

time the amount of time it takes to get a fill

do the same thing for CBOE for 1 contract

:)
 
Assuming the order is marketable, that is, you are hitting an existing limit order already out there, it's fast. I would say within about 2 - 3 seconds but I have never timed it precisely. I run dialup sometimes and it's about the same. I'm not sure how it could be much faster.

If it was faster, I'm not sure how that would help with options contracts.
 
Quote from ktm:

Assuming the order is marketable, that is, you are hitting an existing limit order already out there, it's fast. I would say within about 2 - 3 seconds but I have never timed it precisely. I run dialup sometimes and it's about the same. I'm not sure how it could be much faster.

If it was faster, I'm not sure how that would help with options contracts.
More...

KTM,


So you are getting filled in about 2-3 seconds on market orders (I am assuming this is through ISE, no?). With regard to slippage, do you find that your fills are pretty consistent across exchanges?

Thanks for your response!
 
Quote from andiamo:

KTM,


So you are getting filled in about 2-3 seconds on market orders (I am assuming this is through ISE, no?). With regard to slippage, do you find that your fills are pretty consistent across exchanges?

Thanks for your response!
More...

Two to Three seconds is for LIMIT orders where I am selling at the bid, etc... Market orders were a hair faster last time I did one, but it's been a while. I don't need to risk a bad fill, so I rarely do market orders.

I route through SMART with IB, some fills are ISE, others are not. I generally don't notice much lag in any exchange, provided the order is marketable at the time I click "Transmit".

Hope that helps.
 
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