Interactive Brokers’ TWS platform now provides Manual Order Time for OATs reporting

Maria Nikolova

TWS now provides a Manual Order Time field for advisors and brokers to use when manually entering, modifying or canceling orders at the direction of a client.

Online trading major Interactive Brokers continues to beef up the capabilities of its TWS platform. The latest enhancements introduced in the newest beta version of the platform concern OATs Reporting.

For accounts requiring Order Audit Trail System (OATS) reporting to remain in compliance with FINRA Rule 7440, a record of the order time (in hours, minutes and seconds) must be made for “manual” orders. An order is considered manual if instructions to submit, revise, or cancel the order are received from a client in any way, for example over the phone, in writing or by another medium.

TWS now provides a Manual Order Time (MOT) field (or Manual Order Cancel Time for canceled orders) for advisors and brokers to use when manually entering, modifying or canceling orders at the direction of a client. Single orders display the default manual order time as now. Orders allocated to All accounts or a subset of accounts via an account group or profile display a blank MOT field.

To use the Manual Order Time field in Classic TWS, open the Misc tab of the Order Ticket. For orders entered using Mosaic Order Entry, click Advanced to display the Advanced order entry panel.

The latest TWS version offers a raft of other enhancements too. An Allocation Order Tool is made available for FAs, Money Managers, Allocating IBrokers. It makes managing Allocation Profiles more efficient. This interface combines TWS allocation elements into a single tool that makes it easy to create order allocations to:

  • Reduce or exit an existing position;
  • Increase or open a new position;
  • “Rotate” positions (close some and open others almost simultaneously).

To open the Allocation Order Tool, from a market data line or order line (for an un-transmitted order), use the right-click menu to select Allocation Order Tool. Alternatively, from the Allocation drop-down field in any tool, select Allocation Order Tool.

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