SMH on IB

I'm an IB guy (was diehard IB, but not anymore). I agree, find another broker. I've got accts. at IB, Tradestation, & MB to name a few. Sometimes you DO need more routing choices, IB offers few. Tradestation likely offers the most (non-redundant) routing choices. I actually like MB the best currently for listed trading. I hear great things about Terranova, but they seem pricey to me.

If you've got access to some regional exchanges, you can auto-ex against the best bid/ask in many circumstances. AMEX specs are smucks who luv to try to grab the market by the tail.....thinking that the world will stop for their bids & offers....and simply succeed in screwing up the whole show.





Quote from ChartingMarkets:


Listen you may not want to hear this but it seems the obvious answer to me is you get your butt out of a place like IB. Your trading a hedge fund with size and your worried about not being able to hit ISLD or ARCA immediately to move size and not get held up by the AMEX. Well go find a direct access broker using Realtick etc and drop these IB guys. IB is not for you if you are trading size like that anyway because your costs as far as commissions would be better if bundled up under a per ticket price if your swinging 10k-30k. Furthermore, I am sure you are not just having the problem with SMH there must be plenty of other ETF's and stocks that you are having this problem with. I trade a large account myself but not a hedge fund. There may be reasons I don't know of that cause you to stay with IB but on the surface of your question I feel that this alone would be enough to motivate me to get the hell out of there if I were trading a hedge fund with size.

I trade with Terra Nova using Realtick. I am not advocating them in anyway form or fashion. Tradestaion or any other broker that utilizes a better system that allows you to route easily with click and point instead of the clumsy method of IB would be better suited you. As far as those IB supporters out there, this is a reply geared to the original poster only. The rest of you guys please spare me the IB debate rhetoric.
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charting,
can't spare you the rhetoric as you are wrong.
you do have the choice to send directly to one specific market and I'll add that there are a number of well known and large funds/institutions using IB. the issue is that a SMART router must route to the best available price and that trade through rules on the various exchanges prevent hitting bids if another exchange shows a better market.
 
DEF- You're the man, with all respect. Thanks for everything here.

Please find us some more routing options. I want :

1)ARCA_EX (not ARCA only).
2)Brut
3)Redi
4)ALL the regional exchanges, & even Trimark!*

*yes, yes..give us an account discalimer to sign when sending orders to these sh*thole places....yet they provide the best immediate execution upon occasion. NYSE used to be the place, now you go there to get prison raped, GIVE US OPTIONS DEF, PLEASE! I wouldn't include them in SMART, but only on the pulldown routing. THANKS FOR NYSE-NX!!!!PLEASE KEEP IT!
 
Mr. NBBO,
You have most of these already:

1)ARCA_EX (not ARCA only).
Go to Configure >> Misc >> Exclude Arca from SMART

2)Brut
Is available

3)Redi
Is now part of Arca

4)ALL the regional exchanges, & even Trimark!*
Sorry don't have these.
 
Hi Steve,

ARCA-EX not available. You missunderstood, I don't mean NO ARCA, I want the FULL ARCA excahnge (which means you can lock against NBBO for execution amongst other things). Put in a marketable limit on IB ARCA only, & it gets rejected (as it should)-hence the need for ARCA_EXCHANGE (not ARCA ECNonly).

2) Brut was available, but is not any longer for listed trading at IB ....yet BRUT is quoted independently & nationally.....I can hit it at other brokers, but not IB anymore.

3) REDI-the other half of ARCA that you don't have-not the same.

4)ALL the regional exchanges, & even Trimark!* THESE REALLY COUNT WHEN YOU NEED TO HIT 'EM.....NYSE ONLY WILL CROSS HALF THE TIME WITH THE 'I.T.S.' system. You can auto-ex on many regional bids/asks.

It really stinks when I trade 400+mm with you guys last year, & I gotta open a damn scottrade account or the like to get at these other avenues to reduce my execution risk. Do something, I've been phasing out of IB (& don't want to).


PS-Get cross agreements for a better short list, it was excellent until the last 2 months.


Quote from Steve_IB:



Mr. NBBO,
You have most of these already:

1)ARCA_EX (not ARCA only).
Go to Configure >> Misc >> Exclude Arca from SMART

2)Brut
Is available

3)Redi
Is now part of Arca

4)ALL the regional exchanges, & even Trimark!*
Sorry don't have these.
More...
 
Quote from def:

charting,
can't spare you the rhetoric as you are wrong.
you do have the choice to send directly to one specific market and I'll add that there are a number of well known and large funds/institutions using IB. the issue is that a SMART router must route to the best available price and that trade through rules on the various exchanges prevent hitting bids if another exchange shows a better market.
More...

Def I never mentioned that IB does not have the ability to send to one specific market. In fact I never said that at all you must have read somebody else's post in CandyLand. What I did make mention to is that the fact that IMO, IB has a clumsy system when it comes to changing routes on the fly. This is the focus and needs of your current customer Praetorian, who I would bet is still not happy with his inability to make easy and rapid changes in routes when needed. I personally enjoy seeing a Level 2 box and being able to point and click in one easy mili-second without the clumsy drop down menu technology that IB utilizes. Furthermore, I do believe in a day and age like this with competition so vast that you Mr. Pratorian should weigh your options and look around to a platform that offers you all the functions that you need with real time trading ergonomic designing in mind. As far as the smart route at IB Def, that is not what Praetorian is focusing on so I wont go into discussion with you on a side topic.

Lastly, I'm glad there are a well known number of large funds/institutions using IB. I am sure there were also a well known number of large funds/institutions holding Enron stock as well. We all need to think for ourselves. In the end Praetorian you can take comfort in Def's words that your not alone with your Hedgefund in the IB world but its you who has to be frustrated each day your trading, technology demands are not met. Good Luck in whatever you decide to do.
 
Thankyou all.

Def- That still does not answer my question/concern. Is there a way that you can change the routing algorithm so that it rounts to all but AMEX. Even NYSE is honest and if he won't fill, he'll let you pull your order and try it again. Lets say I want to buy. Amex is offered .50 for 100 shares, Island is at .57 for 30,000 shares and Arca is at .58 for 50,000 shares, why can't I just sweep the book and take 8c in slippage.

Lets say I try to execute 40,000 shares in the above situation. I can go 40,000 Island, and it will just bid at .49 (under AMEX). I can go 40,000 Market (this used to sweep the bid, but now I'm bid .49 and will only have my bid upped when AMEX pulls. I can go Smart market and have AMEX take me and then sweep the book himself and print me at .65 for a 7c profit for himself. These are shit options. I am forced to wait until AMEX pulls and then try and execute and hope he doesn't come back and still grab me. If we are in a fast market with news, it's hopeless. The market can be crossed by 2 bux and AMEX will still be there. I see the market cross AMEX all the time, so I know that other brokers allow you to route through him. Why don't you guys?

This is what else I want from IB.

BB stocks and pink sheets. (Does it make sense that my fund needs to open an Ameritrade account to trade these). That goes for when issued shares that trade on a national exchange and warrants and bonds.

Volume discounts for guys swinging more than a few million shares a month.

Better short list- I can short almost anything in my retail account at cybertrader or ameritrade. Why does IB never have anything that has under a 1b market cap. I know that tough borrows cost you, pass it through to me if you want. I don't mind paying. I would pay if I were at Goldman.

Better order entry interface. Without point and click, it's impossible to trade a fast market. You can't use those rotars fast. You end up just throwing out a bunch of limit orders and hope you get hit.

Thanx,

Harris:.
 
Quote from praetorian2:

Thankyou all.

Def- That still does not answer my question/concern. Is there a way that you can change the routing algorithm so that it rounts to all but AMEX. Even NYSE is honest and if he won't fill, he'll let you pull your order and try it again. Lets say I want to buy. Amex is offered .50 for 100 shares, Island is at .57 for 30,000 shares and Arca is at .58 for 50,000 shares, why can't I just sweep the book and take 8c in slippage.

P2, Can't you just direct the order to one market, INET or Arca. The ITS rule allows the spec on the AMEX to force smart order algorithims to route his way with his bullshit bids and offers. When you try to cancel he holds the cancel and fills you as you watch,(or already see) the market fade against you. Maybe IB can let you "user define " your own smart algorithm.:confused:
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