Would this suggest EVERYONE between 1.15 & 1.23 placed day orders as opposed to GTC orders? IMO, highly unlikely. Do you agree with my point?
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Market maker plays games.
- Thread starter Option Trader
- Start date
Quote from Option Trader:
Would this suggest EVERYONE between 1.15 & 1.23 placed day orders as opposed to GTC orders? IMO, highly unlikely. Do you agree with my point?
Well, here is the tape 30 seconds prior the close:
Code:
15:59:23 1.14 x 1.16 649 x 93
15:59:43 1.14 x 1.16 649 x 114
15:59:44 1.14 x 1.15 649 x 10
15:59:46 1.14 x 1.15 755 x 10
15:59:48 1.14 x 1.15 836 x 10
15:59:49 1.14 x 1.15 836 x 9
15:59:49 1s1.15 @
15:59:51 1.14 x 1.15 958 x 9
15:59:52 1.14 x 1.15 958 x 96
15:59:54 1s1.15 @
15:59:54 1.14 x 1.15 958 x 95
16:00:00 1.14 x 1.15 977 x 95
16:03:03 1.14 x 1.15 977 x 95 C/C
16:04:42 60s1.22 @
16:04:42 1.14 x 1.23 977 x 10 C/C
16:04:45 274s1.22 LAs you can see, 9000 shares sell limit order was added on to the offer at 3:59:52pm. That order may have been the specialist order that got canceled right before the system performed the close on that stock (I'm not 100% sure about the latter, although I think it's doable through the specialist API).
But first of all, I'd do what cstu suggested: ask AMTD where the order was placed, or check where the filled portion was executed. AMTD could easily route out that order say to ARCA to pocket the rebate.
PS: After some due diligence I have to agree with cstu - NYSE cancels and sends out "nothing done" (150=4,58=ND) for a day order only after the stock is closed.
I don't believe the 9k shares was the specilialist's order. I believe there must have been about a dozen orders of various parties that were "cancelled" from the system at the close, with that one order at $1.42 being granted "favorable treatment."Quote from speculatus:
Well, here is the tape 30 seconds prior the close:
Code:15:59:23 1.14 x 1.16 649 x 93 15:59:43 1.14 x 1.16 649 x 114 15:59:44 1.14 x 1.15 649 x 10 15:59:46 1.14 x 1.15 755 x 10 15:59:48 1.14 x 1.15 836 x 10 15:59:49 1.14 x 1.15 836 x 9 15:59:49 1s1.15 @ 15:59:51 1.14 x 1.15 958 x 9 15:59:52 1.14 x 1.15 958 x 96 15:59:54 1s1.15 @ 15:59:54 1.14 x 1.15 958 x 95 16:00:00 1.14 x 1.15 977 x 95 16:03:03 1.14 x 1.15 977 x 95 C/C 16:04:42 60s1.22 @ 16:04:42 1.14 x 1.23 977 x 10 C/C 16:04:45 274s1.22 L
As you can see, 9000 shares sell limit order was added on to the offer at 3:59:52pm. That order may have been the specialist order that got canceled right before the system performed the close on that stock (I'm not 100% sure about the latter, although I think it's doable through the specialist API).
But first of all, I'd do what cstu suggested: ask AMTD where the order was placed, or check where the filled portion was executed. AMTD could easily route out that order say to ARCA to pocket the rebate.
PS: After some due diligence I have to agree with cstu - NYSE cancels and sends out "nothing done" (150=4,58=ND) for a day order only after the stock is closed.
The WHI story seemingly shows it has nothing to do with AMTD.
BTW, where do you get your quote data from? I would maybe be interested in this service.
Quote from Option Trader:
I don't believe the 9k shares was the specilialist's order. I believe there must have been about a dozen orders of various parties that were "cancelled" from the system at the close, with that one order at $1.42 being granted "favorable treatment."
The WHI story seemingly shows it has nothing to do with AMTD.
BTW, where do you get your quote data from? I would maybe be interested in this service.
I have verified (on FIX level) that NYSE cancels day orders only after the stock is closed, i.e. after the close print. So I don't see how that 6k imbalance print swept the book while 9.5k was on offer unless that size offer got canceled. I'm pretty sure there are no specialist games here, but lack of knowledge what the specialist can and what he cannot do in Hybrid market (especially through the specialist API).
The market feed comes from ACTIV Financial, the tape is produced by self-written ATS.
Manipulation today by the specialist/ MM in DRL.
Trading partner entered buy order for 2,000 shs DRL at 18.08 & got a partial fill of 700 shs with 6 minutes remaining; expired 1,300 shs not executed. THEN ALSO entered buy order for 2,000 shs at 18.13 & got a partial fill of 1,400 shs with 90 seconds remainining & expired 600 shs not executed--yet trading closed at $18.02.
Trading partner entered buy order for 2,000 shs DRL at 18.08 & got a partial fill of 700 shs with 6 minutes remaining; expired 1,300 shs not executed. THEN ALSO entered buy order for 2,000 shs at 18.13 & got a partial fill of 1,400 shs with 90 seconds remainining & expired 600 shs not executed--yet trading closed at $18.02.
Quote from Option Trader:
Manipulation today by the specialist/ MM in DRL.
Trading partner entered buy order for 2,000 shs DRL at 18.08 & got a partial fill of 700 shs with 6 minutes remaining; expired 1,300 shs not executed. THEN ALSO entered buy order for 2,000 shs at 18.13 & got a partial fill of 1,400 shs with 90 seconds remainining & expired 600 shs not executed--yet trading closed at $18.02.
Not enough info. What was TIF & where orders were routed to?
Quote from Option Trader:
Manipulation today by the specialist/ MM in DRL.
Trading partner entered buy order for 2,000 shs DRL at 18.08 & got a partial fill of 700 shs with 6 minutes remaining; expired 1,300 shs not executed. THEN ALSO entered buy order for 2,000 shs at 18.13 & got a partial fill of 1,400 shs with 90 seconds remainining & expired 600 shs not executed--yet trading closed at $18.02.
Your partners order was reflected in the NSX/CSE quote right up until 16:00 whereupon it expired, the 200 share print of $18.02 was a Nasdaq trade executed after the close. NSX is not held to trades executed by other market centers after 16:00, nor will they display your order after 16:00 unless its tagged to work after the close.
Granted its shady for Nasdaq to be able to print 200 shares in the hole marking the stock down a dime on the close, but that's more of a regulatory grievance and you're not due on your balance.