dst / def / dav / kostia / ibsoft -
As it's been explained to me by customer service, an IB developer decided to reject orders for 5 minutes after equities close in order to avoid confusion about whether a newly submitted "DAY" order was intended to execute today or tomorrow. However, there have been a number of other order types that have erroneously become casualties of this policy. Here are a few examples of orders that should submit without issue, but instead receive an "exchange is closed" error until 4:05pm EST:
1) GTC with outside RTH = false
- since the today vs. tomorrow issue is irrelevant for GTC orders, these orders should never be rejected regardless of submission time.
2) IOC with outside RTH = true
- a DAY order with outside RTH = true correctly submits without issue during the 4:00-4:05 period. Why is an IOC order treated differently?
There are other screwy things that happen during this period (e.g. OPG orders) but that should be enough to highlight the issue. Instead of rejecting all these orders (mostly incorrectly), why not just require that a GAT time be set >= to the next day's date for DAY orders that have outside RTH = false and are submitted after 4pm? That only leaves one very specific type of order which gets rejected without all this other collateral damage.
As it's been explained to me by customer service, an IB developer decided to reject orders for 5 minutes after equities close in order to avoid confusion about whether a newly submitted "DAY" order was intended to execute today or tomorrow. However, there have been a number of other order types that have erroneously become casualties of this policy. Here are a few examples of orders that should submit without issue, but instead receive an "exchange is closed" error until 4:05pm EST:
1) GTC with outside RTH = false
- since the today vs. tomorrow issue is irrelevant for GTC orders, these orders should never be rejected regardless of submission time.
2) IOC with outside RTH = true
- a DAY order with outside RTH = true correctly submits without issue during the 4:00-4:05 period. Why is an IOC order treated differently?
There are other screwy things that happen during this period (e.g. OPG orders) but that should be enough to highlight the issue. Instead of rejecting all these orders (mostly incorrectly), why not just require that a GAT time be set >= to the next day's date for DAY orders that have outside RTH = false and are submitted after 4pm? That only leaves one very specific type of order which gets rejected without all this other collateral damage.