Sometimes late prints will show after the close. Nothing more.
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Market maker plays games.
- Thread starter Option Trader
- Start date
Your order was routed to NSX (or should I say a market maker that executed it on NSX?), not the NYSE. Since the Reg NMS trade-through rule does not apply to the closing cross, the NYSE was not under any obligation to protect top-of-book. The order is not due a fill.
That's a downside of not routing to the primary exchange. If it had been routed to NYSE then it would have been filled, probably with positive slippage.
That's a downside of not routing to the primary exchange. If it had been routed to NYSE then it would have been filled, probably with positive slippage.
Why don't you guys learn the rules ? I am not sure why people plays orders with no concept of how the individual markets work.
This problem has nothing to do with NYSE rules, it has to do with AMTD order handling where they sell your order to a third market slimeball.
The biggest fallacy is this "after hours prints" on the NYSE. The fact is that the orders that trade after 4:00 had to have been represented on the floor prior to 4:00. You guys are listening to your slimeball $8 a trade brokers who have no clue, when they tell you these are after hours trades. The fact is that you got screwed on this order and at a minimum, third market guys should be representing your order on the last NYSE print.
This problem has nothing to do with NYSE rules, it has to do with AMTD order handling where they sell your order to a third market slimeball.
The biggest fallacy is this "after hours prints" on the NYSE. The fact is that the orders that trade after 4:00 had to have been represented on the floor prior to 4:00. You guys are listening to your slimeball $8 a trade brokers who have no clue, when they tell you these are after hours trades. The fact is that you got screwed on this order and at a minimum, third market guys should be representing your order on the last NYSE print.
My understanding has always been that unless you have a hidden order, if your order is the best bid, your order will get filled first.
This time it didn't happen. Is that because: A) what I'm saying is incorrect even for intraday? With a stock trading at $19, can someone at any moment just send a trade through on ARCA from one account to another $1 lower than the best bid?
B) What I'm saying is true, but not at the close of the day?
C) What I'm saying is true for retail folks, but not for market makers?
Alternative: Orders sent before 4:00 which register as "filled" after 4:00 are done within each exchange for itself, as other exchanges are out of the picture (if so people can do a lot of manipulating at the close between 2 accounts).
This time it didn't happen. Is that because: A) what I'm saying is incorrect even for intraday? With a stock trading at $19, can someone at any moment just send a trade through on ARCA from one account to another $1 lower than the best bid?
B) What I'm saying is true, but not at the close of the day?
C) What I'm saying is true for retail folks, but not for market makers?
Alternative: Orders sent before 4:00 which register as "filled" after 4:00 are done within each exchange for itself, as other exchanges are out of the picture (if so people can do a lot of manipulating at the close between 2 accounts).
The point is not the 150, rather for us to better understand "the rules of the game". Note: TD Ameritrade is today a pure agency (after selling their stake in Knight).Quote from NY_HOOD:
what market maker will manipulate for only 150 shares? do a gtc next time and wait til 4:15. if its not executed,simply cancel. by the way,why did'nt you route to an ecn? i would ask why you use td waterhouse but i will refrain from that.
if you guys think "day" orders in NYSE listed stocks sent to third market guys should not be entitled to any prints that post on NYSE after 4:00, you are nuts.... a day order on listed stocks should not cancel at 4:00 but rather when the last trade is posted from the primary exchange (which encompasses all orders received before the close).
The last trade on the NYSE has to go up after 4:00... I just don't believe their are people that feel they are not entitled based on the "day" order tag....
Bottom line... if your order was at the primary exchange, you would have been filled. I also bet if you ask AMTD they will claim that all listed orders are "held" regardless of where they are sent. Now obviously that is bull, based on your order but if nobody complains, files complaints with market surveillance etc etc, nobody will ever know.
The last trade on the NYSE has to go up after 4:00... I just don't believe their are people that feel they are not entitled based on the "day" order tag....
Bottom line... if your order was at the primary exchange, you would have been filled. I also bet if you ask AMTD they will claim that all listed orders are "held" regardless of where they are sent. Now obviously that is bull, based on your order but if nobody complains, files complaints with market surveillance etc etc, nobody will ever know.
cstu,
if you mentioned the past experience by which you happen to know what you know, I think more people would recognize the value of your words and benefit from them. I'm also thankful to see you still contributing to order execution discussions.
if you mentioned the past experience by which you happen to know what you know, I think more people would recognize the value of your words and benefit from them. I'm also thankful to see you still contributing to order execution discussions.