What 's the cost for an Hidden order?

Quote from alanm:

Excel/DDE is considered an API order. Non-SMART (i.e. routed directly to INET (f.k.a. Island)) are charged $0.003/share extra. Still doesn't explain the amount though. Should be 176 * 0.008 = $1.41.
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Y, u right, prolly a glitch in the system then....
 
Hi,

Quote from alanm:
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Non-SMART API orders (i.e. routed directly to INET (f.k.a. Island)) are charged $0.003/share extra (see http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc ).
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The stock commissions've just switched to new ones on this linked page... now, the commissions for a Non-Smart Routed API orders ( <=500 Shares ) are USD 0.013.
As you writed alanm, the commissions few days before were $0.003 extra! IB just changed it yesterday.
176 * $0.013= $2.29 and seems to be (now) the explanation...


Quote from sprstpd:

I have done thousands of hidden orders through IB and the commission I was charged was the same as if I had routed through SMART.
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So, perhaps I don't understand the best way to submit an Hiden order like you do.
The only way I know is to choose ISLAND for exchange and then enabled Hidden box!!!
Is it what you do?
 
Quote from fredcom:

The only way I know is to choose ISLAND for exchange and then enabled Hidden box!!!
Is it what you do?
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Yes, all my orders are manual orders. I choose ISLAND and click the hidden box. If you set up these orders manually, there is no extra charge. However, if you send the orders through the API (the Excel link would be considered part of the API), then you will be charged extra.
 
Quote from sprstpd:

Yes, all my orders are manual orders. I choose ISLAND and click the hidden box. If you set up these orders manually, there is no extra charge. However, if you send the orders through the API (the Excel link would be considered part of the API), then you will be charged extra.
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Thanks for your answer and your patience. :)
As I use Excel API, there is no way for me to escape the extra charge. :mad:
 
Quote from fredcom:

Thanks for your answer and your patience. :)
As I use Excel API, there is no way for me to escape the extra charge. :mad:
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Sorry to hear that. I know IB wants to control the routing of orders, but I do find the API surcharge to be high. It is also frustrating that I have had times where SMART routing seemingly doesn't work properly so I feel that the extra surcharge is sometimes not fair given the performance of SMART routing (if any IB reps read this, I have given multiple examples of this happening to IB technicians (with details) but nothing was discovered. At a certain point I became so frustrated that I just started eating the extra API charge because SMART wasn't working in all cases).
 
I use CyberTrader and to my knowledge there is no extra charge for hidden orders. Not all ECN's offer hidden orders.

I have a question about why you would hide an order of only 176?
What were you trying to hide from?
What were you trying to accomplish?

don
 
Quote from Donkell:

I have a question about why you would hide an order of only 176?
What were you trying to hide from?
What were you trying to accomplish?
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I know I am not the original poster, but I hide orders when there are obviously computer programs trying to penny the best bid/ask. If you show your order, you just trigger more pennying.
 
As far as I know, when you hide your order, you are not in the queue for your price. You will get your shares when everyone has got their shares at your price. You will be the last. It is good if you want to cover a large short position and are afraid your order will jack the price up. Or a stop loss order or ...
 
Do note what fredcom posted - that the API surcharge is now even higher - $0.008 for the first 500 shares and $0.003 after that.
 
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