Dustin, Cybertrader does have Direct+ access, but it's not a "real" option. You have to put in a limit order to the NYSE, and sometimes you get Direct+ instant execution, and sometimes it's a delayed fill. There doesn't seem to be a way to tag it for Direct+. That's why I usually go for the ECN's. With Cybertrader I don't pay any extra fee, so I figure why not? But I think you are right, I would be better off with Direct+. I'll have to call and see if there is a way to tag it. Thanks for the help!
ARCA being manipulated by NYSE?
- Thread starter Triple X
- Start date
I believe that this is correct from what I have observed of Cybertrader routing, even the API does not offer a Direct+ option. In addition I believe that NYSE orders are first routed to UBS or Schwab who then forward it on (do they first try to fill it in house or see "if they want it"?). I would really prefer a more direct routing option and I am starting to look around for anther broker for just that reason. Too many times I am being filled and having the position immediately reverse against me.
Echo
Quote from Triple X:
I've been noticing that ARCA fill time has been going steadily downhill for a while now, and this morning took the cake. I tried to buy UNH on a pullback, going into ARCA for 1000 shares. Granted the stock was very active, but at the time I placed my order there was a lull. It took almost 30 seconds to get filled, and of course the stock moved up 10 cents in the mean time. There is no way it should have taken that long. Is ARCA now being controlled by the NYSE? So much for a level playing field
Beware when you use ARCA, the fills will be only when the price is going against you. My slippage on NYSE stocks has increased this month. I'm guessing the delayed fills on ARCA has something to do with the merger.
specialists have now all the automated tools to make their robbin' much easier. when the stock is goin' to move up spec locks the ask [as usual] and blocks or delays all buy orders comin' trough while takin' the other side of all sell orders. all this is prolly done by a sort of bot. if by a miracle u get a fill it happens after an eternity cuz he always takes a chance and see if u cancel. this is the only explanation i can find for the odd nyse beahvior and it's a pattern u just cannot ignore. things got much worse since the hybrid introduction, before u could easly get in a thick stock no matter how hot it was, now it is much tougher.
WOW. this was news to me, so now if you bid/offer on arca, it goes into new york as a limit order after 30 seconds? Is there any documentation on this?
Yeah, Im with you one this one man. The specialists have been raping people left and right recently. I find alot of the time they're 3 prints behind when bad, and giving an instant fill when good instead of price improving. Hopefully though when the hybrid market culminates, they wont be able to do this to us.
From what I hear this has to do with low volatility market we are in. The specialist has more time to play games and manipulate the market.
At my firm we're hoping for the market to tank so the volatility goes up and the specialist has to do his job and fill orders instead of scratching his balls with the left hand and filling our orders with the other.
At my firm we're hoping for the market to tank so the volatility goes up and the specialist has to do his job and fill orders instead of scratching his balls with the left hand and filling our orders with the other.