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Non-Tech : Interactive Brokers / Timberhill

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To: Dan Duchardt who wrote (952)	1/11/2001 6:17:23 PM
From: dli	Read Replies (1) of 9012

Dan, there is a nasty bug in IB's implementation of REDI routing as far as fractions are concerned. While TWS allows you to enter and submit an order to REDI priced at 1/32 fractions (and even 1/64 for stocks below $10 and QQQ) the order is rounded to the nearest 1/16 before it is sent to REDI. This makes REDI unusable for trading any stock below $10 where NASDAQ's mininum price unit is 1/32. I've pointed this out to the help desk on more than one occasion and asked them to fix it but obviously IB does not care. I increasingly doubt that providing best execution is really IB's top priority. There's just so many problems with their platform in that respect that they don't even seem to attempt to fix (e.g. slowness of Instinet making it unusable to trade anything that moves, no fractions smaller than 1/32, hardly ever a day ever without system outages, ECN links, quote feeds going down etc.) Dave

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