I've done literally 1000's of MKT orders near the close (not MOC). Today I sent an order to sell 1500 shares of HRS six seconds before the close. The specialist filled 600 shares, but not the rest. Aren't they obligated to fill an accepted market order??? This is the first time this has happened to me. I'm convinced the specialist forgot about my order by mistake. Why should I take the risk for their screw up? What the rule on this? Thanks...
NYSE market orders near the close (not MOC)
- Thread starter jimcrist
- Start date
15:59:53 New Smart Order 22: Sell 1,300 shares of HRS at market on CyberX
15:59:54 New Order 23(22): Sell 1,300 shares of HRS at market on NYSE
16:00:00 Equity Market is now Closed!
16:00:03 Executed 23: Sell 400 shares of HRS at 44.81 from NYSE
16:00:03 Close Long: HRS 400 at 44.81 for 36.00
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I alerted CyberTrader at 16:07 (wish I'd done it at 16:04), but I think the specialist probably left at 16:02
Lehman say's they're going to talk to the specialist about it tomorrow AM.
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16:20:03 NYSE: Order cancelled by administrator.
16:20:03 Order 23 Cancelled.
16:20:03 Smart Order 22 Timed Out and Cancelled
15:59:54 New Order 23(22): Sell 1,300 shares of HRS at market on NYSE
16:00:00 Equity Market is now Closed!
16:00:03 Executed 23: Sell 400 shares of HRS at 44.81 from NYSE
16:00:03 Close Long: HRS 400 at 44.81 for 36.00
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.
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I alerted CyberTrader at 16:07 (wish I'd done it at 16:04), but I think the specialist probably left at 16:02
Lehman say's they're going to talk to the specialist about it tomorrow AM..
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16:20:03 NYSE: Order cancelled by administrator.
16:20:03 Order 23 Cancelled.
16:20:03 Smart Order 22 Timed Out and Cancelled
He only has to fill you on a market order to the extent it benefits the other side of his MOC book. Your order may have been only entered in the MOC pairoff and not as a "Regular" Market order during the session.
Find out what the MOC imbalance was from NYSE surveillance if this is really an issue.
Find out what the MOC imbalance was from NYSE surveillance if this is really an issue.
This morning Lehman (the MM) took the trade at 44.8 (the previous close) at about 9:20 and then probably pocketed the 7 cent increase that occurred at the open. So now I'm not sure if they were obligated to fix it for me or whether they did it 'cuz it was profitable.
As to the timing, I do alot of trading near the end of the day. Yesterday I was pretty busy and cut that one pretty close, but I've gotten 'em in at 15:59:59 lots of times with no problem.
As to the timing, I do alot of trading near the end of the day. Yesterday I was pretty busy and cut that one pretty close, but I've gotten 'em in at 15:59:59 lots of times with no problem.