IB Burnt Orange Cancelled Orders

A

Actuarial_Fun

Hi. So I cancelled a market order at 9:27-9:28 today at Interactive Brokers and I received a "burnt orange" signal, which means "BURNT ORANGE indicates that a cancellation request has been accepted by the system but that currently the request is not being recognized, due to system, exchange or other issues. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending."

So, what the hell is this? Obviously the order executed at market, despite me cancelling it 2.5 minutes earlier. I've never had a problem with any other broker with this and had the same trade at Ameritrade which cancelled immediately, without issue.

1) Any chance IB will reimburse me? 2) Why does this happen? 3) I would think Ameritrade would have more problems with this, not IB....what am I missing?

The more I use IB, the more I get so frustrated. Perhaps their low futures commissions just are not worth it.

Any explanations and help would be appreciated. Thanks.
 
Actuarial_Fun said:
Hi. So I cancelled a market order at 9:27-9:28 today at Interactive Brokers and I received a "burnt orange" signal, which means "BURNT ORANGE indicates that a cancellation request has been accepted by the system but that currently the request is not being recognized, due to system, exchange or other issues. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending."

So, what the hell is this? Obviously the order executed at market, despite me cancelling it 2.5 minutes earlier. I've never had a problem with any other broker with this and had the same trade at Ameritrade which cancelled immediately, without issue.

1) Any chance IB will reimburse me? 2) Why does this happen? 3) I would think Ameritrade would have more problems with this, not IB....what am I missing?

The more I use IB, the more I get so frustrated. Perhaps their low futures commissions just are not worth it.

Any explanations and help would be appreciated. Thanks.
More...

You probably submitted an order during the pre-open stage when exchanges don't let you cancel as it most likely was submitted at Market on Open.
 
Yes, I submitted it at night. Why doesn't it cancel though once the market is open? I've never had an issue like this with any other broker.

Also, IB was not able to get a fill at the midprice, or anywhere close, when I later did a limit, whereas Ameritrade executed immediately at the limit price I asked for (at the same time)? It was on the ZERO exchange....don't know if that matters or not. Thanks for your help.
 
Actuarial_Fun said:
Yes, I submitted it at night. Why doesn't it cancel though once the market is open? I've never had an issue like this with any other broker.

Also, IB was not able to get a fill at the midprice, or anywhere close, when I later did a limit, whereas Ameritrade executed immediately at the limit price I asked for (at the same time)? It was on the ZERO exchange....don't know if that matters or not. Thanks for your help.
More...

Without details I can only guess but I assume
1. You submitted market order
2. You only enable real time orders (ie from 9:30 AM till 4 PM)
3. and as you submitted the order overnight at market, it becomes a market on open order.

You then try to cancel in the two minute window where exchanges do not allow for the cancelation of orders and thus got filled probably on the official opening print.

To avoid this, cancel a minute earlier or use a limit order if you want to control the price.

From google:

MOO orders on the NYSE can be taken any time up until 9:28 a.m. Eastern Time. ... To execute a market-on-open order, a trader enters a buy order while the market is closed and at least two minutes before the market opens.May 23, 2019

Market-On-Open Order (MOO) Definition - Investopedia
 
Actuarial_Fun said:
Yes, I submitted it at night. Why doesn't it cancel though once the market is open? I've never had an issue like this with any other broker.

Also, IB was not able to get a fill at the midprice, or anywhere close, when I later did a limit, whereas Ameritrade executed immediately at the limit price I asked for (at the same time)? It was on the ZERO exchange....don't know if that matters or not. Thanks for your help.
More...

IB has had issues with this shit for years. Can't believe it still hasn't been fixed. For some reason cancellations will get hung up for a great deal of time for no reason. I usually got a pink colored indicator. I had to take screenshots because compliance got involved at one point. The second I sent a screenshot they closed the matter immediately but the problems still persisted.
 
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athlonmank8 said:
IB has had issues with this shit for years. Can't believe it still hasn't been fixed. For some reason cancellations will get hung up for a great deal of time for no reason. I usually got a pink colored indicator. I had to take screenshots because compliance got involved at one point. The second I sent a screenshot they closed the matter immediately but the problems still persisted.
More...

Given the time, the color and explanation by the OP, it almost certainly has to be the pre-open lock out that it the culprit and not IB.
 
Does anyone have any ideas why the limit order between the bid/ask spread wouldn't execute on IB, but immediately did on Ameritrade? It's a thinly traded stock (~50000 shares a day) and it was routed to "Zero". Is this because I'm not paying for a specific market subscription? Thanks.
 
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