开云体育

Odd lots do not have to be represented in the NBBO. They do have to
trade if given the opportunity though.

FYI, I know IB forbids you from making markets in options. I
wouldn't be surprised to see something similiar in stocks. I know
back in the old days it was not legal for complete automation, even
on a fully certed OTC dealer desk.

Good luck.

Aaron Schindler


----- Original Message -----
From: fanjacks
To: twsapi@y...
Sent: Thursday, June 27, 2002 9:29 AM
Subject: twsapi: Market Making App


Hello. I'm a seasoned vb programmer and I've been trading with

IB

for a long while. I'm thinking about writing a fully automated
Market Making application that posts bids/asks automatically. I

have

to admit, although I would have no problem writing the software
(which I don't mind sharing with everyone), I don't think I know
enough about market making. In general, when I try to post a

test 10-

share sell/buy on a NASDAQ stock inside the bid/ask spread, it
doesn't seem to show up on the Bid/Ask. Is this because I'm not
posting lots? or is there some other restriction. I would love

to

hear from people with similar interest, and get a move on this
project if it is feasible.

Cheers,

JS


Yahoo! Groups Sponsor
ADVERTISEMENT



To unsubscribe from this group, send an email to:
twsapi-unsubscribe@y...



Your use of Yahoo! Groups is subject to the Yahoo! Terms of

Service.

Odd lots do not have to be represented in the NBBO. They do have

to

trade if given the opportunity though.

So does this mean that I can put a buy and a sell order inside the
spread, and if the orders are odd lots, they are effectively
invisible, at least on the level 1? I'm thinking there must be a
huge disadvantage to this, like full lots are given execution
priority (at that level), or it would be too advantagous.

FYI, I know IB forbids you from making markets in options. I
wouldn't be surprised to see something similiar in stocks. I know
back in the old days it was not legal for complete automation, even
on a fully certed OTC dealer desk.

I tried it out on my account it indeed, it does work for stocks.
There's a specific regulation in the options market that forbids
opening two opposit positions on the same option (something to that
effect). I dont' think it exists for stocks, unless someone knows
better.

I have seen similar programs in the forex market (where the market
makers are real A**holes, more so than any equity MM can ever be).
I'm surprised that they aren't more prevasive in the equity market,
or at least, I know they exist but they are never advertised. Does
anyone know the reason?

Cheers,

JS