IB's Market-on-Open (MOO) Order

[hayman]

Does anyone have any experience with this IB order type ?

According to IB's documentation, "A Market-on-Open (MOO) order is a market order that is automatically submitted at the market's open and fills at the market price."

Does this imply that once the market opens, the order is submitted at market (which implies perhaps that the market order is submitted after the opening print), or does this imply that I will get the market open Print, assuming that I enter this order before the market actually opens ?

Thanks in advance, for any info from those that have used this order type.

 

[Swan Noir]

Any guess as to how Velocity's speed stacks up vs Mirus or IB?

 

[hayman]

Quote from corn:

it means exactly what it means

isn't it obvious
fund

Yes and no. It could be interpreted to mean that once the market opens (and the opening print is generated), that subsequent to this, a market order is generated.

If it means that I get in at the opening print, then I don't understand what speed has anything to do with it. Although, and I must clarify, I am interested in NYSE stocks only. The specialist will open the stock at a certain price, and you should be getting that price.

 

[total_keops]

corn, lol^4. If I'm wrong laughing please correct me with real life examples.
I only know for NYSE. Maybe different for other markets.
For NYSE, market or limit with Time In Force as OPG (opening) directed with smart puts you in the specialist opening auction. The price is established with competing orders (limits and market). You get the price that makes the most number of shares traded. With a limit you get your shares depending on the opening price (partial fills possible). The open print occurs anywhere in the first minutes after 9:30 sharp. usually in the first 3 minutes for most stocks, maybe later if there is a bigger imbalance. The ECNs trade during that time but the NYSE open will move the price and increase liquidity.
It has nothing to do with your orders getting send to the market at the fastest pace. NOTHING.
I think Nasdaq has a similar auction, someone else could confirm it.
For other markets and futures I dont know.

 

[total_keops]

Quote from hayman:

...The specialist will open the stock at a certain price, and you should be getting that price.

Buy GE 10.45 limit TIF=OPG smart routing.
I never tried market but I assume it's similar.
BTW you can look in the 1 minute charts (ex: GE@smart), right click, select time and sales or something like that and you can see in the first minute (or minutes) that the is one big orders, that is the opening price.

 

[Swan Noir]

Quote from corn:

I don't know say 5 milliseconds faster,

If I understand you correctly you are saying it is your guess that Velocity is a bit faster?

 

[total_keops]

Quote from corn:

do you understand what a market order means ?

send to fill regardless of price

that's what it means

send NOW, don't wait send NOW AS QUICKLY AS YOU CAN

that is market order

Thanks to enlighten me.
BTW the OP was refering to people who have experience with opening orders with IB. And as far as I can see you dont qualify.

 

[fbell50]

IB routes MOO stock orders to what it considers the stock's primary exchange for execution in the exchange's opening cross. This is almost always the exchange the stock is listed on. NYSE, Nasdaq, Arca, and AMEX all have opening crosses. I'm not sure they have firm rules for stocks listed on multiple exchanges.

 

[cstfx]

If memory serves, there are no MOO order types for futures trading, so this discussion about Velocity and Mirus et al is irrelevant.