Using MB Trading's version of RTIII, the IOC option appears under "Expiration" (Day, Day+, GTC, and IOC). Thanks for reminding me of the RealTick III expiration choices; since I too always use Day, I had forgotten about the interface for the alternatives. Someone on the trading desk at MB Trading and also someone at Island told me on Friday that the balance shouldn't cancel in the instances at issue unless the order was specified by the user to be IOC;
Sounds like your DD is getting you close. Glad to hear the MB desk and Island agree with what I said. Did not what to get pelted with stones.
Here is another clue/hint. On 2 of the platforms I have used, the software allowed the expirations to be set by the type of order. It is not enough to have a global setting for all methods of execution. I could even set the minutes to keep the order open (this of course was a software override) of a day order. I think your orders are going out IOC on Island and your software is incorrectly giving you the cross/lock message. I suspect your DAY setting is working for SOES and SNET only. A global setting just cannot override the logic used in an Island type 00000 IOC order and turn it into a 99998 Market day order. They just simply are what they are and need to be assigned to a button/key independently (if software allows). IOW OTC NASDAQ orders are sent as what they are with expiration instructions attached to them i.e. market/day. Island orders, on the other hand, are hard coded individually as to the type of order/instructions they represent. Incidently, I do not use IOC on BTRD, INCA, ARCA or REDI. Therefore I frequently end up on the bid/offer as one of them (I have direct access to each).
For those that want to see the types of Island orders, here is a link:
island.com
Good luck,
OZ |
