NYSE Limit orders

[ari_veru]

Quote from ManhattanTrader:

thanks ari.

I am working on an application and trying to code it in such a way as to minimize 'human' intervention, with regard to exits.

have you ever used NOW orders? it looks like they are some kind of IOC but valid for several market participants... where can I get a list of those mkt participants?

tnx

I've used IOC on arca but haven't heard about NOW orders. arca IOC orders don't hit local exchages, I believe.

 

[ManhattanTrader]

never mind.....I found this order routing grid

http://www.hardrightedge.com/work/orderrouting.htm


what do you think about the ARCA smart routing when applied to listed stocks? how fast??

 

[ari_veru]

Quote from ManhattanTrader:

never mind.....I found this order routing grid

http://www.hardrightedge.com/work/orderrouting.htm


what do you think about the ARCA smart routing when applied to listed stocks? how fast??

That's a great link. Thanks for posting it.

ARCA to ARCA is instant, ARCA to other exchanges (i'm referring to limit orders) take some time, 3-5 and more seconds, at least the reporting.

 

[ManhattanTrader]

> That's a great link. Thanks for posting it.............sure. I also have this other one

http://www.mbtrading.com/waters/MBTOrderRouting.pdf

but the previous one is more complete.


>ARCA to ARCA is instant, ARCA to other exchanges (i'm referring to limit orders) take some time, 3-5 and more seconds, at least the reporting...............what I am most interested is ARCA to other ECNs(is there a noticeable difference between ARCA to ISLD/INCA and going directly to ISLD/INCA?). also if there is no size on the ECNs to fill your order, it goes straight to NYSE?

tnx

 

[ari_veru]

Quote from ManhattanTrader:

> That's a great link. Thanks for posting it.............sure. I also have this other one

http://www.mbtrading.com/waters/MBTOrderRouting.pdf

but the previous one is more complete.


>ARCA to ARCA is instant, ARCA to other exchanges (i'm referring to limit orders) take some time, 3-5 and more seconds, at least the reporting...............what I am most interested is ARCA to other ECNs(is there a noticeable difference between ARCA to ISLD/INCA and going directly to ISLD/INCA?). also if there is no size on the ECNs to fill your order, it goes straight to NYSE?

tnx

When I see INCA/ISLD bid/offer that suits me, I just send the order directly through them. There is no way to beat the speed of ISLD/INCA to ISLD/INCA execution. As for ARCA's routing speed to ECN's and the order's routing to New York, I'll have to get back to you tomorrow. Don't want to post something I'm not 100 % sure of. If you have any other specific questions please post or PM me, and I'll make sure I get the right answers for you. But don't forget that I'll be using Redi+, and different brokers or platforms might have different features.

 

[ManhattanTrader]

please post the results if you can. I will be using Sterling at Echo.

tnx

 

[ari_veru]

Quote from ManhattanTrader:

please post the results if you can. I will be using Sterling at Echo.

tnx

ARCA to ISLD fills were instant (this is during regular hours trading). My limit ARCA orders that were away from the best bid/offer were NOT routed to NYSE. Again, this is all on redi+, I think it will be the best to contact the customer service of the brokerage you'll be using.

 

[goldenarm]

If you want to get out of a fairly liquid NYSE stock quickly, nothing beats the NX order key!

 

[ManhattanTrader]

thanks ari, goldenarm

 

[listedtrdr]

What I would do with 2000 shares to sell is to piece out. I would market 500 shares first and see where the specialist fills you. If you get a good price then maybe you shouldn't get out of the rest. If a bad one then i would definitely NX out right away or hit ECN's. When trading GE or a lot of other large cap stocks, i often get out on an ECN (especially if i have a lot of size to dump) because me getting out will not create a downtick.

Good Luck