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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (758)	11/20/2000 8:08:24 PM
From: dli	Respond to of 9012

I am interested in avoiding the MM's totally. Does anyone know if a trade routed to ARCA is like BE for ECNs? No, unless it's an ARCA NOW order, but AFAIK IB does not support those. Dave

To: Mama Bear who wrote (758)	11/20/2000 8:15:07 PM
From: xcr600	Respond to of 9012

ARCA will search for a "best fill". However I heard it is better to use for an entry than an exit, as your order in a fast market could take some time to cancel (since it will try to preference your order.) "Orders in the ARCA book can be matched internally or will be preferenced to other market participants. ARCA's SmartBookTM proprietary execution algorithm utilizes an exclusive preferencing algorithm to find the best price available internally and/or externally by routing the order directly to the market(s) displaying the best price and order/execution ratio (based on % fill history, time and size shown). Multiple preferences can be sent simultaneously. Orders that are not marketable, at the time of entry, will be added to our National Order Book. " tradearca.com and see the subsequent pages as well for order routing/handling.

To: Mama Bear who wrote (758)	11/20/2000 8:31:19 PM
From: OX	Read Replies (2) \| Respond to of 9012

I'm not sure when xcr found out, but it didn't sound like it was the same day as after EOD reconciliation. it sounded like it was today after the mkts were already open! that's rather late IMO. I've had situations where I cancelled and thot I was out (because the system at PT said I was), but the order actually executed. I called PT, told them the situation, (something goofed on PT or exchange's end) and they busted the trade... no fuss... it was busted just matter-of-factly. Also had a situation where the link between brownco and cboe was out. I canceled and assumed I was out since my limit was far away from the mkt (at the time I canceled). Order executed, I called, ask what happened, they said their link was down, I said I cancelled, and they said they'd bust it if that's what I wanted. it was busted. no fuss.