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[RT] IB: US Futures Order Handling Rules



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US Futures Order Handling Rules


Please note the following rules for stop, stop-limit and other orders on the US futures exchanges.

CBOT (E-CBOT)

Stop Orders and Stop-Limit Orders: Stop orders and Stop-Limit orders are not supported by the E-CBOT. Interactive Brokers provides customers with simulated stop orders and simulated stop-limit orders. Orders can be placed at anytime during trading hours.

Special considerations for market and stop-market orders: IB defines regular trading hours (RTH) for ECBOT to be 09:30 – 17:00 EST (or the time of closing of open outcry trading for a given contract, if earlier). ECBOT defines the day session to commence at the beginning of the open outcry session. This has important implications for stop-market orders for contracts that commence trading prior to 09:30. Specifically, stop-market orders will not trigger prior to 09:30 EST. Customers wishing to use stop orders should select stop-limit orders and ensure the ‘trigger outside of RTH flag’ is activated.

  • ECBOT defines valid ranges for trade executions based on their definition of “fair market value”. Trades outside these ranges will be cancelled by ECBOT and they impose a severe $1000 USD per event penalty and these penalties can increase to $5000 per event. Customers must be aware that orders submitted at prices outside the ECBOT’s allowed ranges will generate a mistrade penalty and these will be passed on to the customer.
  • Closed daily from 17:00 - 20:40 and 23:40 - 00:15 ET for CBOT/IB daily maintenance.
  • Day orders will be cancelled at 17:00 ET.
  • GTC and GTD orders cannot be cancelled from 23:40 - 00:15 ET.
  • Stop Orders and Stop-Limit Orders: Stop orders and Stop-Limit orders are not supported by the E-CBOT. Interactive Brokers provides customers with simulated stop orders and simulated stop-limit orders. Orders can be placed at anytime during trading hours.

 

CME (GLOBEX)

Stop Orders: Stop orders are not supported by GLOBEX. Interactive Brokers provides customers with simulated stop orders. Simulated stop orders will only trigger during regular trading hours unless configured by the customer. Regular trading hours are from 9:30 a.m. to 4:00 p.m. New York time. In order to be able to place stop orders outside of regular trading hours, go to the TWS, select Configure >> Order >> Stop Trigger Method. Under "GLOBEX Orders Time Restriction" you may choose to allow stop orders to trigger outside of regular trading hours.

Stop-Limit Orders: Stop-Limit orders are native to GLOBEX and can be placed at anytime during trading hours. Please note the following restrictions placed by GLOBEX.

For Sell Stop-Limit Orders, the limit price must be <= stop price (aux. price)

For Buy Stop-Limit Orders, the limit price must be >= stop price (aux. price)



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