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Non-Tech : Interactive Brokers / Timberhill
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To: Mark Davis who wrote (1040)1/21/2001 1:11:22 PM
From: Dan Duchardt  Read Replies (2) of 9012
 
Mark,

Just a heads up for IB traders. I'm an old hand at this but the habit of IB software to insert the BEST PRICE only of the particular route (ISLD, REDI, etc) you are accessing can be a gotcha if you are not careful.

Good heads up Mark.. All of us who have actively traded Nasdaq with IB have done this. I have suggested that IB install a meaningful price range check compared to the best Nasdaq quotes instead of the useless one they have implemented. Just as an added caution to others, the price you see at the time you click may not be the price that loads on the order line. There is a race condition between your order being sent and the price updating, and at times the price change wins. ON ECNs those price changes can be huge. The worst one I ever had was a 1 1/2 point jump, and you are quite right about No going back

Also, I have noticed that on some of the less liquid ECNs like BRUT and BTRADE there are often bids a full point below what would be a "best bid" and offers a full point above what would be a best offer. I don't know if it is by design, or just coincidence, It's easy to get lax about checking the whole number part of the price instead of just the fraction. I own a couple of those blunders too.

Dan
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