Stop Execution at IB

C

cscott

Can someone tell me why my Stop was executed 4 pips away at 219.79, instead of 219.75? Here's my audit trail from InteractiveBrokers.

ModifyOrder
MsgType OrderCancelReplaceRequest
SendingTime 20060807-14:15:30
ClientOrderID 1900495398.1
OrigClOrdID 1900495398.0
AuxPrice 219.75
ClearingAccount XXXXXXX
ClOrdLinkID gy1
OrderQty 18000
Side Buy
OrderType Stop
Symbol GBP
SecurityType CASH
IBLocalSymbol GBP.JPY
TimeInForce GTC
ContractID 14321015
CumQty 0
6211
6238
CheckSum 183

Filled
MsgType ExecutionReport
SendingTime 20060807-14:28:24
OrderID 0002b945.0000da3a.44d6bf3a.0002
ClientOrderID 1900495398.1
ExecID 0001ced8.421fd4d3.01.01
ExecType Filled
ExecTransType New
OrdStatus Filled
Symbol GBP
Side Buy
ExDestination UBSFX
SecurityExchange UBSFX
OrderQty 18000
AuxPrice 219.75
LastShares 18000
LastMarket UBSFX
LastPx 219.79
CumQty 18000
LeavesQty 0
AvgPx 219.79
SecurityType CASH
ClearingFirm CITI-FX
ClearingAccount XXXXXX
Account U280350
ConQPath GBP/CASH/JPY/14321015/41597/UBSFX/32/GBP.JPY/GBP.JPY
TransactTime 20060807-14:28:24
ClOrdLinkID gy1
6209 ReduceOnFillNonBlock
OrderType Stop
TimeInForce GTC
OpenClose Open
OptionAcct c
CustomerOrFirm Customer
 
You might have wanted to use a stoplimit order. If your not familiar with the difference take a look at the help section on the IB website.
 
Stops are just market orders that get activated when the market trades at your stop level. I see the spread for GBPJPY on IB right now is 6 pips (11AM NY time). So you could expect slippage at least as much as the bid-ask.
 
As Sam said, you need to use a stop limit to get a guaranteed price. With a stop market you get a guaranteed fill if the stop criteria are hit, but your trade will execute at the bid (for a sale) or the ask (for a purchase). Remember with the stop limit it may trade through your price but not fill.....

SSB
 
I figure it is just slippage. I prefer to make sure that it is filled and that is why I prefer a stop over stop limit order. Getting filled is more important to me than the price, thus I believe I am correctly using a stop order.
 
What is it that you think was wrong?

Looking at T&S, your order became a market buy order when the bid hit 219.75 at 10:28:23 ET. At the same time, the offer went to 219.79, which your order then took.
 
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