Interactive Brokers updates TWS platform
Electronic trading major Interactive Brokers continues to enhance its TWS platform. The improvements introduced in the latest (beta) version of the solution concern orders.
Orders submitted using the Accumulate/Distribute algo and BasketTrader now provide a new “Duration” field to use in conjunction with the GTD (Good-Til-Date/Time) time-in-force attribute. This TIF allows traders to define the time period over which the order will work before being cancelled. To set this up, currently traders need to enter the expiration date and time.
The new “Duration” field will auto-calculate the expiration date/time for them. Simply enter the duration time in either seconds, minutes, or hours, and the system calculates the expiration date/time for the order.
TWS also offers a checkbox that allows traders to “Route to IBKRATS.” Check this box to have your non-marketable U.S. stock order posted to IBKR’s order book for other clients to trade against it. Liquidity-adding orders directed to IBKRATS may be appropriate if you are trying to buy or sell a block of stock by trading against other IBKR customers without exposing your interest to the public markets.
Customers can direct non-marketable U.S. stock orders to the IBKRATS destination to add liquidity. Orders directed to IBKRATS are automatically tagged as “not held” orders, and are posted in IBKR’s order book where incoming SmartRouted orders from other IBKR customers are eligible to take liquidity by trading against them.
Liquidity-adding orders directed to IBKRATS may be appropriate if you are trying to buy or sell a block of stock by trading against other IBKR customers without exposing your interest to the public markets. Orders directed to IBKRATS are not displayed in the market and are not displayed to other IBKR customers. This liquidity is detected only by the IBKR SmartRouting process, which will include IBKRATS in its list of potential routing destinations.
Only non-marketable (liquidity adding) orders can be directed to IBKRATS. Marketable orders (orders that are executable against an order already resting at IBKRATS) will generally be rejected. If you want an immediate fill or if you want to expose your trading interest in the public markets, you should not direct your order to IBKRATS.