SPX fly spread order at IB now says limit+market?

V

vanv0029

Last year the spreads for SP500 flys using SPX options was much tighter than the spreads for Globex ES flys, but now when I try to enter an SPX fly for Aug. 28, I get no bid/mid/ask quotes but only a "limit+market" order type. I get the normal spread quotes and orders for ES futures the same (adjusted 5 points down) fly.

Has anyone seen this?

I am trading futures more and more because of, I think, then better centralized single market.
 
For just trading ES vs SPX, I prefer SPX. You have to trade twice as many ES options vs SPX and I think, in my opinion, there are more "customer" orders in SPX than ES. I can't verify that, but when you compare ES volume to SPX volume, given that SPX is 100X and ES is 50X, SPX volume is higher.
 
While on topic, do either of you guys know why there is literally no market in NQ futures options? I also trade ES futures options (spreads, etc), but the NQ market can be literally 3-4 handles wide with no volume...Seems strange that ES would have a liquid market and NQ completely illiquid.
 
rmorse said:
Correct, all the liquidity is in ES. Even NDX on the CBOE does not trade much.
More...

Is there some liquidity incentive for ES futs options that doesn't exist for NQ? Hard to figure out why NQ doesn't have anything going for it...I remember back in 99-00, NDX options were incredibly liquid, lots of MM's etc...
 
Not that I know of. I think the ES/SPX/SPY vehicle for trading and hedging has become the standard. QQQ options are very liquid and multiple listed but a different tax rate.
 
I was wong about IB not offering real spread order for the Aug. 28 SPX options. I was just too early
Monday so there were no bids and asks on all 3 options. I dumped my 2120/2090 put fly at bid/ask
mid point today with no problem. SPX bid ask is tighter than equivalent ES.
 
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