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

To: Dan Duchardt who wrote (2527)	1/27/2002 7:42:08 AM
From: cirrus	Read Replies (1) \| Respond to of 9012

Fully electronic does not mean the system does not have built in triggers to allow manual intervention. ISE, for example, has a mechanism for block orders (over 50 contracts) that states "...a broadcast message will be sent to Crowd Participants, which will be given an opportunity to respond... with indications of the prices and sizes at which they would be willing to trade..." iseoptions.com This adds at least 30 seconds to an execution and prices may vary. I'm not familiar with Globex or the size of Rocklobster's trade, but Rocklobster stated he never had a problem with smaller contracts. If he hit a Globex trigger with a larger order, his order could have been delayed and filled at a less favorable price. If it were my trade, I'd be reading the exchange rules very carefully. Wouldn't change the execution, but it would be nice to know for future reference. IB now allows trailing stops - in a roundabout way. From the Jan 16th Communique: "In addition, we have provided a template within Excel for conditional orders allowing the creation of almost any flexible order type, from "trailing stops" to "if filled orders". Can't quite reconcile that with their previously expressed concerns... >>>...several months ago IB responded to somebody requesting that trailing stops be implemented in the system. They would not, and cited the potential for exactly this kind of avalanche scenario as their justification for not doing it.<<<