Direct + Question

Ahhhh.... very important to know... The Specialist NEVER EVER EVER sees direct plus orders... it is completely independant of the specialist.

Most NYSE order handling firms (ABN AMRO, for example) will set u up so that an order that qualifies for direct+ goes there first, and if it can't execute, THEN it becomes an order to go to the specialist.... Then, and only then, does the specialist see your order.
 
Can it be set up such that it goes to Direct+, and then
NEVER re-routes to the SPEC if it doesnt fill?

That would be the ultimate.

Hate it when those bastards take my order and HOLD
on to my cancel request forever, then FILL me.



peace

axeman




Quote from schons:

Ahhhh.... very important to know... The Specialist NEVER EVER EVER sees direct plus orders... it is completely independant of the specialist.

Most NYSE order handling firms (ABN AMRO, for example) will set u up so that an order that qualifies for direct+ goes there first, and if it can't execute, THEN it becomes an order to go to the specialist.... Then, and only then, does the specialist see your order.
More...
 
DON'T CANCEL!

_MODIFY_ the order _AWAY_ from the market, THEN cancel it.

nitro
Quote from axeman:

Can it be set up such that it goes to Direct+, and then
NEVER re-routes to the SPEC if it doesnt fill?

That would be the ultimate.

Hate it when those bastards take my order and HOLD
on to my cancel request forever, then FILL me.



peace

axeman
More...
 
Good point... thats what one of my auto systems did.
But being invisible via Direct+ would be even better

peace

axeman



Quote from nitro:

DON'T CANCEL!

_MODIFY_ the order _AWAY_ from the market, THEN cancel it.

nitro
More...
 
Quote from schons:


Most NYSE order handling firms (ABN AMRO, for example) will set u up so that an order that qualifies for direct+ goes there first, and if it can't execute, THEN it becomes an order to go to the specialist.... Then, and only then, does the specialist see your order. [/B]
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I think the order handling firms have a filter that looks at your order and decides if it is Direct + eligible, i. e. 1099 or under, and a limit order. If its not eligible it goes as a regular dot order. If it is eligible it goes as a direct + order. Now once it hits the exchange if the specialists quote size is 1 by 1 or it is not marketable then the it bypasses Direct + and goes to the book.
 
Quote from Nordic:




Nitro, what's the logic behind this? :confused:
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Experience.

Whenever I modify an order, it seems it reacts to the request immediately. Since the order is no longer marketable, it goes out of the specs attention and back in the book (maybe it goes back to NX ?) Now the cancel is IMMEDIATE (by comparison.)

If instead I try to cancel an order that is MARKETABLE, it seems as if it goes pink on me (the spec is taking a final look at it?) for twenty seconds, and THEN cancels.

It may simply be the way the specs react to cancels as opposed to modifications...

BTW, this doesn't work too well in a momentum environment where you are lifting the offer or whacking the bid. Those orders fill no matter what you do.

nitro
 
Quote from nitro:


Experience.

Whenever I modify an order, it seems it reacts to the request immediately. Since the order is no longer marketable, it goes out of the specs attention and back in the book (maybe it goes back to NX ?) Now the cancel is IMMEDIATE (by comparison.)

If instead I try to cancel an order that is MARKETABLE, it seems as if it goes pink on me (the spec is taking a final look at it?) for twenty seconds, and THEN cancels.

It may simply be the way the specs react to cancels as opposed to modifications...

BTW, this doesn't work too well in a momentum environment where you are lifting the offer or whacking the bid. Those orders fill no matter what you do.

nitro
More...


You need to quick to cancel a Direct + order if the conditions exist for a fill. ( it's an auto ex that the specialist does not see) In most cases I want the fill anyways. I agree with your logic on the cancel of a limit order in the book, but I have had fills reports after a modification, after all it's a cancel/replace in itself.
 
for your comments. Questions:

1) If a specialist turns off Direct + and you've sent in an order, does it automatically cancel?

2) Please clarify whether it is possible to send an order only to Direct + that does NOT get forwarded to the Specialist if it can't be filled on Direct +.

3) What is a good book or other learning resource to learn more about Direct +?

A fine discussion. thank you all for your posts. I'm learning very much on elitetrader.
 
Quote from learninglisted:

for your comments. Questions:

1) If a specialist turns off Direct + and you've sent in an order, does it automatically cancel?
No

2) Please clarify whether it is possible to send an order only to Direct + that does NOT get forwarded to the Specialist if it can't be filled on Direct +.
No, you will have to cancel

3) What is a good book or other learning resource to learn more about Direct +?
It's a relatively new product, I would o a search on ET
A fine discussion. thank you all for your posts. I'm learning very much on elitetrader.
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