ArcaEx

L

LelandC

Anyone have any experience with ArcaEx? I had been previously using ARCA on occasions to place listed stock trades because Arca would route directly to Superdot (the NYSE specialist would then fill the order). I guess since the implementation of ArcaEx this is no longer the case. I put in a limit order for a listed stock today and was filled .05 above the NYSE offer. I thought that was strange as my fill came back as Pacific Stock Exchange. Upon further investigation I found out that this is how ArcaEx works (I guess).

Does anyone here use it regularly? Does it have an actual opening print like the NYSE? Who fills these orders? Are they just matched against other traders orders? Is there a specialist or market maker that fills these?

Any insight would be great,

Leland
 
Leland,

Great questions. I haven't any experience yet with ArcaEx, but am interested in hearing from others that have.

-Eric
 
so you put in your limit .05 above the NYSE offer and Pac filled you at that price? was the offer stale at NYSE, or fast market? what stock, if you don't mind? and how many shares vs how many offered?

Pac sucks...i can totally see them filling you at that limit price if there was another offer lower...
 
Yes I was filled .05 over the nyse offer via ArcaEx. It was a 3,000 share order. Still trying to figure this whole ArcaEx thing out...

Leland
 
Anyone have anything to say about ArcaEx? I can't seem to find much information out about it.....

Maybe no one's using it?

Leland
 
This a.m.exiting the QQQ there was an arca bid .05 over the inside bid .
I didn't trust it though and hit island which was at the inside.

I'm going to go into T&S and see how many trades went off at that price.
 
Previously when I used ARCAex and the fill came back Pacific Stock Exchange it printed on the tape as PSE. Today when I used ArcaEx my fill came back PSE but printed on the tape as NYSE. I still haven't figured out this ArcaEx thing...

Leland
 
I've begun using ARCA for posting listed orders. I've been pretty pleased with them so far. When posted, my quote shows up as ARCA and PACF on my level II screen. I would normally post to the specialist, but don't like the long time delay to get posted on the book, nor the long time delay to cancel.

My only complaint is the time or two that I've been a penny or two better than the inside NYSE offer, and been traded around as executions went off at the higher NYSE offer price. I guess that's what I get for not posting with the most liquid book.

-Eric
 
I believe the reason you got filled where you did (ie. higher than new york) is due to the way arca fills. If you send a limit order to arca it will try to fill from the arca book first. If that happens to be within your limit, but higher than new york, you'll get filled at the higher price. The work around is to tighten your limit, direct the order to superDOT, or make sure arca has an offer close to the new york price. Hope this helps.
 
Anyone know if ArcaEx is proactive with listed stocks(sending orders outside of its own book to other ecn's and the regional and primary exchanges)?
 
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