Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: dli who wrote (951)	1/10/2001 11:32:44 PM
From: Dan Duchardt	Read Replies (2) \| Respond to of 9012

Hi Dave, There is an interesting little quirk I've run into lately that I thought I would mention here. I'm starting to see a lot more quotes on ISLAND and REDI at 1/64 increments, as we have seen on INCA for a long time. On the old TWS at least, increments are limited to 1/32 and are always rounded DOWN for both buys and sells when you click on the IB quote. This is OK for all sells, and INCA buys since an INCA offer at 1/64 above will be executed at the next lower tick, but it doesn't work that way for ISLAND, and I think not for REDI either. For those you have to increment your price above the quoted ECN price or you wont get filled. I'm sure ISLAND is working this way and I've missed several fills because of that 1/64 discrepancy. Has this been your experience with REDI? Dan

To: dli who wrote (951)	1/11/2001 12:01:15 AM
From: aldrums	Read Replies (1) \| Respond to of 9012

INCA let's you got out of market if there's a matching order at your price on the book to execute against. If there's no liquidity within your limit price on the book INCA won't reject the order but will instead price it at the inside market (inside bid in case of a sell order, inside ask in case of a buy order) and display it on LII 1/16 above/below the inside market (IB's INCA feed will show it 1/64 above/below the inside but execution happens at the inside). INCA will move your order with the market within your limit price constraints (like REDI and ARCA short sales but also for buy orders). IMO this behavior is much more advantageous than ISLD's treatment of crossing orders which always result in an execution at the limit price. Dave, I've read this and your previous post to Dan Duchardt regarding this subject about 20 times and I think I almost understand it. Using selling/offering as an example: So what you are saying is you can offer down on INCA with IB and not worry about your order hitting an INCA bid which is outside of the market? For example: Say a stock is 5 x 5 1/4. INCA is bidding at 4 3/4. I could sell/offer down a 1/2 point on Instinet and my order would show up as a new lower offer at 5 3/16 instead of hitting the INCA bid? And I would continually be the inside offer until my limit price was reached? Thanks.