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Non-Tech : Interactive Brokers / Timberhill
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To: TraderAlan who wrote (959)1/13/2001 1:32:51 PM
From: Dan Duchardt   of 9012
 
Alan,

Other replies have given you a good response to your question. The only issue unique to IB that might affect some users is that IB will no longer allow opening an odd lot (<100 share) position on NYSE. This was mandated by NYSE based on a belief that IB customers were abusing NYSE's odd-lot limit order handling procedures.

The only problem I have ever had with IB trading NYSE stocks is not an IB issue. I tend to only use limit orders, and often split the spread. These orders usually get filled, or posted within seconds, but I've had specialists hold these order for the full 30 seconds (or more) with no representation. It really depends on the stock. If your not fighting for that last tick on every trade, you should have few problems.

IB's ECN access is quite good also, though INCA has been a bit slow lately. Mostly it's a matter of delays in confirmation rather than missed executions. Still, it's usually only a matter of several (5-10) seconds. ISLD, ARCA, BRUT, BTRD are usually faster. A potential problem with IB and ECNs is that the direct ECN links have problems at times, causing ECN quotes to be bad, and that causes the "Best Execution" routing algorithm to fail. The solution to that problem is to avoid using BE. Go direct to NYSE or an ECN.

I have not heard what IB will do about NYSE's new automated limit order system.

Dan
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