IB sent me an email saying they don't allow MM strategies. Is there any US stock broker that provides: * low or negative limit order execution fee * support frequently updating new order * better have a good API or web service Thanks!
Was this from Equity, Option or Futures orders? Were you try to be on both sides of the market to open?
They simply say in email that they have a monitor to detect market marking strategy, which is not allowed.
If you would like information on our APIs for equity trading, email me at rmorse@lightspeed.com. Sound like you are just scalping.
Most of the options exchanges offer professional customer access. It will allow you to be on both sides of a quote. You can chat with their membership departments. You'll still need a broker and it will lower your variable costs, but your application, technology, data, clearing capital, and other requirements will stagger you. Parallax in your hometown is a Pro Customer. Some of the small option venues might be a good place to start your search. With the number of option venues just being on the NBBO doesn't mean you'll ever see paper. If you are simply scalping it is unlikely it's worth the fixed costs. The entire structure doesn't sound fair, but that's the state of the industry. A couple of brokerages now claim negative commissions on PFOF names. Good luck!