I’ve been slowly adding to ALBA today, and likewise could not get orders to go through. I tried putting some small ones through to see whether volume affected it, but they all just sat there.
I had a few occasions where these pending purchases auto-cancelled as the price had moved too far outside of the available funds.
I can understand the order being placed, but not able to be fulfilled and so it sits there waiting for availability to go through, but what is with it sitting there ‘loading’ and therefore neither placed but unable to cancel? Can anyone explain the difference between a pending order that can be cancelled, and a pending order which is greyed out with the ‘loading’ wheel and therefore unable to be cancelled…?
@David should be able to help or correct if I’m wrong.
But from my understanding I think the ones pending where you can’t cancel haven’t yet come back with a response to say it’s placed.
They need the reference back from the API call to IB to say this is xyz, so the cancel can send “cancel xyz”.
The key issue with this system is there should be a way to avoid these lucky dip situations.
I’ve had very low liquidity like KOD get placed (and then executed) through instantly every time. I pick one that’s fairly liquid and it can be grimacing will this take 1m, or 1h, or a day to get placed.
I put in both a limit and market almost at the same time to try and get one to execute, the fact that both X showed up at the same time makes me think it was an issue within communication.
What’s even more frustrating is on chat you’ll get a templated ‘it low liquidity’ then some condensing spiel about it without bothering to actually see what’s going on.
Even when you say to them look I know it’s low liquidity but I can see the trades going through as we are talking. They seem to deny the are real.
Like I can see 1000 trades have been made today but can I get a single ALBA trade to go through no.
I understand that I might not get them executed but they should be being placed instantly to a least give the chance someone will fill it.
That’s what I mean… I’ve seen in the LSE forums people making purchases of 100,000s, yet I couldn’t get a placement to succeed for anything ranging from 100s of shares to 10,000s shares. The transactions were being made at the same time and ALBA has been liquid all day.
It makes me nervous come sell-time that I could want out and I end up with a sale just stuck there, with no idea what price it’ll complete at. I can understand low liquidity - if the buyer/seller isn’t there to pair with, and the shares aren’t available, then so be it. But this doesn’t seem to be that…?
I think its failing to get the order to be actually placed. So nothing about execution, just getting the order there waiting to be filled.
@David@George@PeterA can anyone take a look, it’s certainly not a new issue. I’ve experienced it all this year where I can see thousand+ trades going through but the system gets stuck on pending from anywhere between 1m to 1d. Again this isn’t about execution this is about getting it to the point where it’s registered and ready to be filled. Also it’s happened on stocks that are low liquidity but also on those that very liquid.
I don’t think it’s T212 as you are just calling the request to IBs system to pass on the message.
I’m sure you have stats on how long it takes from the customer hitting that buy or sell to then it coming back with a response that it’s placed (not executed just placed).
30 seconds to place and 6ms to execute
20 seconds to place and 7ms to execute
40 seconds to place and 7ms to execute
7200 seconds to place and 6ms to execute
It should then for the next customer have a big warning saying it’s usually 30s avg but detected its way above average.
Could you then ping somehow to see when it’s back to normal?
Like a limit buy for 0.00001 that you aren’t trying to get filled, just seeing how long before you get the ref back?
@phildawson The order is getting placed & accepted immediately, the issue is with order execution.
The trades you see going through are off-book, regular orders placed through IB execute only at auctions.
@David if they are getting placed immediately then shouldn’t the cancel button be available immediately?
Why did it take over two hours for the cancel button to appear?
Also are you saying market buys will only go through at auction times too?
Please add a warning on screen if a stock is auction only. It seems like some stocks have auction just on limits and some like this on both limits and market buys.
8am, 9am, 11am, 2pm and 4:35pm
Placing an order after 11am it is not clear that I would be waiting 3hrs! for it to attempt a match. The market buy could literally be anything by then, and the 0.39 limit is useless.
Something like this should help make it clear. The standard copy about it being AIM and may take longer to execute does not change between those executed immediately and the ones that are auction only.
If it’s going to be auction only, and it’s getting placed immediately, then you need to let people cancel them.
For the love of God please put a label on the stocks that are set to only execute at the auction times.
It’s incredibly lucky dip atm as to which stocks are. As an example I’ve recently traded KOD which is lower liquidity that ALBA but the market and limit orders are instant.
What is frustrating is seeing a dip to play, putting in an order and nothing happening.
If it has a small line on the review it will dramatically improve user experience and cut down on the amount of why isn’t my order going through.
Limit: only at auction times ( 8am, 9am, 11am, 2pm and 4:35pm)
Market: only at auction times ( 8am, 9am, 11am, 2pm and 4:35pm)
Limit: only at auction times ( 8am, 9am, 11am, 2pm and 4:35pm)
The second issue is why did it take 2hrs for the delete button to show. If it was immediately placed ready for filling then it should show the Cancel button. Can that be answered? Again this is not a good user experience going shit I’m going to have to keep checking this every five minutes to see if I can catch it before it fills.
Can anyone please answer how possible it would be to add a label on stocks to say if market and/or limit are auction execution only like in the post above.
Even better if it said 32mins to next auction at 2pm or whatever it was to be very clear.
Also can we please get an answer on how canceling orders can be improved. As mentioned if it’s placed immediately (ready to be filled) then I would expect the cancel button immediately and not two hours later to appear. That’s a really bad customer experience in desperate need of a better solution.
What it crucially doesn’t state though is how the orders are treated.
It’s ideal to know when you see a dip like I did of 23% that when I go to place that market buy it’ll execute as soon as it can, not that I’ll be waiting 2pm because it was after 11am. That’s completely pointless. And the fact I couldn’t cancel it made it even worse, not only have I missed the opportunity that I could see other trades via adfvn I also then had to watch it every five minutes because it took hours to show a cancel (even though you said it placed immediately).
It really does need to say as I’ve described above is the the market auction only, is the limit auction only.
That way I would have know right both the market and limit are auction only. I wont bother placing an order because the chance it’s still at that dip for the next few hours is slim to none. The dip lasted about 5mins.
It’s also crucial to know if the limit orders are auction and market are instant. That way the customer can decide to play a market order instead and take what they can.
I’ve had this many a time where I’ve seen a significant dip, go in with a limit to miss buying at a higher if it snaps back before executing, only to find absolutely nothing happens and I’m left wondering can it not execute or am I waiting hours to the next auction. Had I known the market was instant I would have rolled the dice and done that instead.
Is it possible a staff member can reply this? I feel passionately that this would dramatically improve the customer experience. I really don’t want this post to get lost and forgotten about.
Today buying GGP for example I placed a limit order trying to take advantage of the 19.70p open. I then remembered that limit orders were reverted back to auction only and that unless it stuck at that ask until 9am I would be out of luck. So I rolled the dice and placed market orders.
@David I haven’t traded GGP for awhile but is there anyway we can get those instant limit orders again? We definitely had a period when it wasn’t auctioned.
But I assume IB in their API have a way of telling you if a particular instruments market and limit are auction or not?
I accept not all can be instant but just having it displayed to the end customer would dramatically improve the user experience.
It’s a case of before I put in this order will I be getting it attempted now or will have to wait until an auction time.
I think it’s crucial to know especially when selling. If it’s 11:05am and you want to sell at the current price if you know it’s auction only on limit then you can take your chances with a market sell or hope to god it’s still at that bid at 2pm. In a volatile stock it’s probably better to try the market, unless that’s also auction only.
It will also take the frustration out when you can see a stock say down 20% and although you know it’s low liquidity you want to try and get that ask. If I can see limits are auction only, then the chances of it still being at that ask potentially hours later is slim to none. So I can choose market buy or step away.
As above I was using and as some indication on the instrument to say if the market and/or limit orders are instant or auction.