SPX Execution

D

dz_fun

My broker is thinkorswim. I have never been able to get an SPX limit order to fill -- at or even significantly away from midpoint. Because SPX isn't traded electronically, does anyone know if all orders must go through the trade desk?

I'm working with ATM verticals and SPY is not an option because the strikes are too far apart for what I'm trying to accomplish. I'm trying 5 and 10 lots, but am willing to go higher if that'll get a better quality fill. Looking at the volume, there appears to be enough liquidity to fill my trades. Any suggestions on how to get orders filled are appreciated.
 
IB recently launched its Options Trading Desk to support voice brokered quotes and executions on S&P 500 index options. We strive to get the best execution for your trades by providing direct access to pit brokers who handle orders exclusively for IB clients.

Benefits of trading SPX options through our trading desk include:

•Spread orders eliminate the risk of getting an execution on only one leg
•Tighter markets and access to liquidity not available electronically
•Real time quotes increase the opportunity for price improvement before exposing an order
•Low commission rates with all exchange fees included and no ticket charges

Our SPX desk is best suited for clients who trade larger (100 contracts+) size or complex orders and need better access to the SPX pit. If you are having difficulty getting quality executions online, one of our brokers can help complete your trade.

To discuss how IB can help service your index trading needs, please contact me at IBkevin@interactivebrokers.com. Thank you.
 
Quote from dz_fun:

My broker is thinkorswim. I have never been able to get an SPX limit order to fill -- at or even significantly away from midpoint. Because SPX isn't traded electronically, does anyone know if all orders must go through the trade desk?

I'm working with ATM verticals and SPY is not an option because the strikes are too far apart for what I'm trying to accomplish. I'm trying 5 and 10 lots, but am willing to go higher if that'll get a better quality fill. Looking at the volume, there appears to be enough liquidity to fill my trades. Any suggestions on how to get orders filled are appreciated.
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It is a mixed bag...the other day I had to leave and was trying to get $1.55 filled (credit)...left for the day and when I returned it had filled for over $2. Call down or chat with the help desk to see what the "inside" bid is. They will do their best for you, they have a guy "Pete" in the SPX pit so give them a call next time. The only time I have a real problem is when there is little volume, but if your ATM then there is plenty of volume. Again call/chat with the trade desk.
 
SPX options are rigged...I traded them for many month and eventually moved to ES options (Globex) and NDX options (multiple listings).
Liquidity and spreads are good enough.
Why bother with a contract that is not fully electronic?
 
Quote from dz_fun:

My broker is thinkorswim. I have never been able to get an SPX limit order to fill -- at or even significantly away from midpoint. Because SPX isn't traded electronically, does anyone know if all orders must go through the trade desk?

I'm working with ATM verticals and SPY is not an option because the strikes are too far apart for what I'm trying to accomplish. I'm trying 5 and 10 lots, but am willing to go higher if that'll get a better quality fill. Looking at the volume, there appears to be enough liquidity to fill my trades. Any suggestions on how to get orders filled are appreciated.
More...


SPX perhaps is the worst possible index to trade.

It takes me a whole morning once a month to place a trade and than I wish to God it expires worthless. I don't want to go back to those wide bid and asks prices that you can drive a Mac Truck though and struggle again. Those greedy market makers are arrogant sons of you know who.
 
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