Interactive Brokers (IBKR) has a minimum size of 1,000 face value, however, minimum sizes for Bonds have two additional considerations – a Minimum Order Size and a Minimum Trade Size.
The Minimum Order Size (and increment) is established by the issuer as stated in the bond’s prospectus, and opening orders may not be submitted for quantities below this minimum. The Minimum Order Size will automatically appear in the trade ticket when creating an order, and investors may use the bond scanner in the desktop TWS to search/filter by a bond’s Minimum Order Size.
The Minimum Trade Size is an amount established by the ATS or venue on which a bid or offer is posted. This minimum can vary among bonds/venues, and while investors can submit and trade orders for less than this minimum, that order may not receive an execution.
Additional Information