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Non-Tech : Interactive Brokers / Timberhill
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To: dli who wrote (951)1/11/2001 12:01:15 AM
From: aldrums  Read Replies (1) of 9012
 
INCA let's you got out of market if there's a matching order at your price on the book to execute against. If there's no liquidity within your limit price on the book INCA won't reject the order but will instead price it at the inside market (inside bid in case of a sell order, inside ask in case of a buy order) and display it on LII 1/16 above/below the inside market (IB's INCA feed will show it 1/64 above/below the inside but execution happens at the inside). INCA will move your order with the market within your limit price constraints (like REDI and ARCA short sales but also for buy orders). IMO this behavior is much more advantageous than ISLD's treatment of crossing orders which always result in an execution at the limit price.

Dave,

I've read this and your previous post to Dan Duchardt regarding this subject about 20 times and I think I almost understand it.
Using selling/offering as an example: So what you are saying is you can offer down on INCA with IB and not worry about your order hitting an INCA bid which is outside of the market?
For example: Say a stock is 5 x 5 1/4. INCA is bidding at 4 3/4. I could sell/offer down a 1/2 point on Instinet and my order would show up as a new lower offer at 5 3/16 instead of hitting the INCA bid? And I would continually be the inside offer until my limit price was reached?

Thanks.
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