Island hidden orders visible to some?

Discussion in 'Order Execution' started by flbum, Sep 22, 2008.

  1. flbum

    flbum

    Can anyone see Island hidden orders? I placed a hidden premarket limit buy order on Island using IB TWS. My order was not visible on the island order book. It was well below market price for the stock. There was a large visible order on Island which would take priority over mine at the same price level. I kept upping my limit price and the visible order seemed pegged to my limit price. During the opening cross, the other order captured the entire opening cross at an excellent price level. I was at the same level, but invisible and therefore at lower priority.

    Can some market participants see hidden orders on Island? Is there an order mechanism which can peg to hidden premarket orders?... or was this whole thing some sort of weird coincidence?
     
  2. if tts true i will begin legal proceedings at once
     
  3. "They" can see your hidden island orders. Algos constantly front run my hidden island that tries to go inside market, hence I rarely use hidden NSDQ.
     
  4. sprstpd

    sprstpd

    Never seen this before but you have made me curious. Is there a link where this information can be confirmed?
     
  5. flbum

    flbum

    Are you serious or just messing with me? I wouldn't know whether to believe my own post if someone else had written it.

    If you're serious, do you have any theories as to who "they" might be?
     
  6. I'm sure of it. 100% sure they can see the island hidden book, and I trade assuming they do. I'm just a daytrader I don't know who they are, if I had to guess maybe it's the GS execution algos?
     
  7. They= Lescor Redink Szeven Traderpro PatrickQ




    As we puff on our Cohiba
     
  8. I'm 99.999% sure no one can see ISLAND hidden orders. But a broker can replicate the customer's flow on an internal book, and I bet any brokers with an internal crosser (a.k.a SmartRouter) does that at some extent.
     


  9. I have had my orders pegged. You have to catch it and if clever ways to get it and get them good.
     
  10. One can sweep the book at any depth after taking out NBBO.
     
    #10     Sep 22, 2008