Interactive Brokers makes changes to Reporting page in TWS platform
The latest version of the TWS platform of electronic trading major Interactive Brokers makes changes to the Reporting page.
The broker has added the Reporting page to the Orders section of Global Configuration. Settings hosted in this page include:
- The default setting for the “Solicited” orders flag. This setting is used to specify whether orders are Solicited (discussed with and approved by the client) or Discretionary (done at the discretion of the Advisor with no client discussion).
- Manual Order Time and Manual Order Cancel Time Settings (for OATS enabled accounts): When a directed order for an account that supports Manual Order Time is created and no default setting has been defined, a pop-up will ask the client to select either:
- I place orders that are received over the phone, default Manual Order Time to “Now.”
- I place orders at my firm’s discretion, do not default Manual Order Time.
Once the Manual Order Time default has been set, clients can access these choices from the Orders > Reporting page of Global Configuration to change default settings. This same “pop-up” process occurs the first time the client attempts to cancel a directed order that supports Manual Order Cancel Time.
The latest version (10.15) of the TWS platform also offers traders to make use of Pegged-to-Best, an order type unique to IBKR. It allows clients to direct liquidity-adding orders to the IBKR ATS that compete not only with the near side NBBO, but with other same side liquidity adding orders resting in the IBKR ATS. Interactive Brokers have recently added a second offset to this order type to accommodate orders where the midpoint falls on the 1/2 cent.
The Pegged-to-Best order price will float such that it is always pegged to be one penny more aggressive than the better of the near side NBBO and the best-priced, same side resting liquidity-adding order in the IBKR ATS, up to the NBBO midpoint minus (for a buy) or plus (for a sell) a user-defined number of increments, providing a high probability of trading with IBKR client Smart Routed orders on the opposite side.
Like all other pegged orders available in the IBKR ATS, Pegged-to-Best orders may contain a limit price that specifies the most aggressive price at which the order may be priced.
Since the Pegged-to-Best order not only competes with the near side NBBO but also with other same-side liquidity-adding orders in the IBKR ATS, customers may specify the minimum cumulative size of those same side orders that are priced equal or better, at which the order is allowed to compete (Minimum Competing Size).