Interactive Brokers rolls out new version of TWS platform
Electronic trading major Interactive Brokers has released a new version (10.15) of its Trader Workstation (TWS) platform. The latest production release comes equipped with an updated login screen, as well as an order type unique to IBKR.
The broker has redesigned the TWS login window for efficiency, reducing the number of clicks and mouse movements needed to log in and keeping all login actions, like popups for two-factor authentication, messages, and the “More Options” screen (where you can change TWS versions, theme colors and more), on a single window.
Pegged-to-Best, an order type unique to IBKR, 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. The broker has 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).
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.