Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced the launch of its new order destination IBUSOPT. With the proliferation of retail options trading, Interactive Brokers introduced this new order destination to provide its retail and institutional clients better execution prices on their options trades.
IBUSOPT, a new order destination for US equity and index options, aims to provide clients with the ability to interact with the IBKR SmartRouted™-based order flow and execute their orders between the National Best Bid/Offer (NBBO). Destination IBUSOPT helps traders execute orders more efficiently and effectively, and contributes to better execution by giving traders more control over their trades by supporting various order types.
Orders based on IBUSOPT wait for an opposite order from another IB client and are not displayed to the market.
With the order type IBUSOPT-Pegged-to-Midpoint, customers can link their order to the midpoint of the bid-ask spread, i.e. the order is executed at the midpoint of the NBBO (highest bid and lowest bid). This type of order helps traders get better prices because they don’t have to pay the bid-ask spread.
The IBUSOPT Pegged-to-Best based order allows clients to peg their order and compete for a tick with the best bid or ask price available in the market. Traders using this order type want to ensure that their order is filled at the most competitive prices regardless of market conditions.
IBUSOPT is available to all Interactive Brokers clients including retail investors, advanced traders, financial advisors, hedge funds and other institutional clients. The Destination is available on the advanced Trader Workstation trading platform, offering a seamless and efficient trading experience.
“We are extremely excited to launch IBUSOPT, the latest addition to our state-of-the-art trading technology,” said Thomas Peterffy, Founder and Chairman of Interactive Brokers. “With the proliferation of options trading for retail clients, we believe this new Order Destination will help our clients achieve better execution prices on their US options trades and we are confident that it will be a valuable tool for both retail clients and… institutional investors. We plan to expand this order type in the near future to include regions of strike prices with a one-cancels-all functionality.”
For more information about IBUSOPT, visit https://www.interactivebrokers.com/en/trading/orders/ibusopt-destination.php
About Interactive Brokers Group, Inc.:
Interactive Brokers Group and its affiliates conduct 24×7 automated trading and custody services for securities, commodities and foreign exchange in over 150 markets in multiple countries and currencies through a single unified platform for clients around the world. We serve individual investors, hedge funds, proprietary trading groups, financial advisers and introducing brokers. With over forty years of experience focused on technology and automation, we are able to provide our clients with a unique, mature platform through which to manage their investment portfolios. We strive to offer our clients favorable execution prices, optimal trading, risk and portfolio management tools, best possible research facilities and high-quality investment products at low prices or for free, so that they achieve excellent returns on their investments. For the fifth consecutive year, Barron’s Interactive ranked Brokers #1 in its Best Online Brokers Review dated March 25, 2022 with 5 stars out of 5.
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