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

To: Dan Duchardt who wrote (806)	12/4/2000 3:53:29 PM
From: William	Respond to of 9012

"whether payment is offered or not", so I guess IB does take payment for order flow?????

To: Dan Duchardt who wrote (806)	12/6/2000 10:06:30 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 9012

Options trading: In the meantime, please rest assured that Best Execution at IB means Best Execution. When you select Best Execution, we route to the best price accessible on our system, whether payment is offered or not. I will assume that this statement was made in good faith, but for some time now I have had the feeling that it is not working this way. I know that it used to work this way, but not any more. Yesterday I placed two marketable option limit orders for single contracts of WMTAL and WMTAM that instead of being directed to the exchange quoting my price were sent to ISE and posted on the opposite side creating what Nasdaq would call a "locked market", best bid = best offer. Needless to say, the specialist quoting on the traditional exchange (AMEX in both cases) did not leap at the chance to fill my order on ISE. I had to cancel my BE order, pull up a quote line for AMEX, and resubmit the order directly to that exchange. In both cases I then received a timely fill. Unfortunately I don't have the ability to capture time and sales into a file to post it here, but I have printed copies that clearly show the progression I describe. Botom line: BE is not always directing orders to the best price accessible by the system. Is anybody else seeing what I'm seeing? Dan