MOO and MOC orders with odd lot

A

albertly

The strategy I build and test uses MOO orders.
There are many reasons why I need exactly that order to make my strategy robust.

My broker is "Interactive Brokers".
Recently I've found on their site something about MOO and MOC order with odd lot.

Odd Lot Orders
Opening Orders

An odd lot order to OPEN a new position may only be sent to NYSE or Amex as part of a basket order or as a market-on-close (MOC) order. IB prohibits odd-lot opening orders from being routed to NYSE Arca.
More...

I've called to support. And I have long explanation why NYSE cannot fill odd lot and my order will be canceled - "NYSE does not have an odd lot order book", "if and only if there will be odd lot to sell I can buy", etc...

I've contacted MBTrading with the same question: "If there is any restriction on MOC, MOO orders". They told me - "none that I'm aware of".

After that I've asked IB again direct question : "How can I buy 50 shares of SPY with MOO order"
And got an answer - "SPY has ARCA has the primary, not the NYSE. ARCA accepts odd lots".

And something that I totally don't understand (my conversation with IB):

IB: ARCA does accept odd lots, so if ARCA was the primary the on the open order would be routed through ARCA and you could receive a fill there
Me: ARCA and NYSE Arca are not the same ?
Me: Because on your site : IB prohibits odd-lot opening orders from being routed to NYSE Arca.
IB: They are the same in that they are owned by each other, but for execution purposes they are different.
More...

What the hell is ARCA and NYSE Arca ????
Can somebody elaborate on the rules of MOO with odd lots. Maybe I need to change a broker?

P.S. Why odd lots are so important to my trading and why I cannot work with round lots.
For example I buy round lot 100 shares for 112$ each.
I've got profit of 2.5$ per share. My next deal must be 102 shares - not 100, not 200 but exactly 102.
 
Hey, I found this:


Rule 7.38. Odd and Mixed Lots

(a) Order Types.

(1) Odd Lots. All odd lot orders submitted by Users to the NYSE Arca Marketplace must be market orders or limit orders, where such orders are subject to no additional conditions (e.g., odd lot orders may not be Working Orders, Directed Orders, Directed Fills, Tracking Orders, etc.).

(2) Mixed Lots. Mixed lot orders submitted by Users to the NYSE Arca Marketplace may be any order type supported by the NYSE Arca Marketplace.

(b) Ranking and Execution. Round lot, mixed lot and odd lot orders are treated in the same manner in the NYSE Arca Marketplace.

Approved: April 7, 2006 (PCX-2006-24); June 30, 2008 (NYSEArca-2008-32); May 19, 2011 (NYSEArca-2011-30).


here: http://cchwallstreet.com/PCXTools/P...de=chp_1_1_8_3_3&manual=/PCX/pcxe/pcxe-rules/

i guess MOO and MOC would be considered "additional conditions," so it looks like you won't be able to execute moo or moc with odd lots :(
 
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