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Non-Tech : Interactive Brokers / Timberhill
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To: Gary E who wrote (2372)1/14/2002 5:20:43 PM
From: Dan Duchardt  Read Replies (1) of 9012
 
Hal,

The 100 share restriction on QQQ is an artifact of it being traded on the NYSE. Many months ago, NYSE told IB they could no longer permit orders of less than 100 shares to open a position. The reason has to do with how NYSE handled odd lot limit orders. Apparently they get some sort of preference, and NYSE thought IB customers were abusing it. This did not affect QQQ (an AMEX stock) until it started trading on NYSE as well. IB was unwilling or unable to revise their program to place the restriction only on orders directed to NYSE and instead applied it to any stock that trades on NYSE, regardless of how it is routed. As far as I know that is still the case.

Dan
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