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

To: Dan Duchardt who wrote (835)	12/7/2000 7:05:12 PM
From: Fenwick	Read Replies (1) \| Respond to of 9012

Dan: The Best execution of option orders has changed as you describe in the last month. What happens is that unless an order is directed to an exchange that gives an automatic execution, it is re-directed to ISE and then to PHLX. These are the exchanges that pay for IB order flow! Therefore, you must put up individual lines for the exchanges that show the best bid or offer but do NOT normally give auto executions--i.e. AMEX, PHLX, CBOE (sometimes and it depends on the individual equity in question). This is the only way around this problem. It is annoying that this situation was implemented without disclosure and only experience trading determined a solution!