NYSE question

Don Bright · Apr 1, 2003

Quote from praetorian2:

Hey, quick question.

I tried to short 400 cyh moc today. I was not filled even though the order was in at 3:30. I was told that there were 100k shares ahead of me, even though the print was 2m+.

It was always my understanding that the reason for market imballances is so that the specialist can tell the locals and add liquidity. Isn't the specialist supposed to print everything in the cue and add liquidity as necessary out of inventory?

Thanx in advance,

Harris:.

Just diving in here.....was the last tick a legal uptick....?? You said you were shorting......??

Don

Nordic · Apr 1, 2003

Quote from Ebo:

You may not enter a MOC order after 3:40. If you do it gets rejected. The ONLY way to be guaranteed the MOC price is with a broker in the crowd willing to pay higher than the closing price or sell lower than the closing price. Some specialists will let you in on the print if it does not dramatically affect the close. Putting an order in over DOT 'near" the bell is taking your life into your hands if news comes out or you do not know the MOC pairoff look. I once missed the 3:40 cutoff so I figured just DOT the order. The company was on its way into the
S & P........oops! I managed to convince the Broker to take the UGLY report.

MOC orders may be accepted after 3:40p.m. EST only if entered to offset a published imbalance. I think the rule is you can not enter any cancels of MOC orders after 3:40

qazmax · Apr 4, 2003

I think the rule is 20 minutes before the close to submit an order or cancel an open MOC order.

Then you have 10 minutes (3:40 - 3:50 EST) to ask for an out if based on some legit reason (e.g wrong symbol), emphasize "ask." No outs are given during the last 10 minutes before the bell.

Order imbalaces can be entered without time limits when allowed.

Ebo · Apr 4, 2003

After 3:39 :59 NYSE time you may not Enter or Cancel any MOC orders. According to NYSE handbook.

An old trick to get around this .........enter an opposing order right on the bell!

dafugginman · Apr 4, 2003

Quote from Ebo:

After 3:39 :59 NYSE time you may not Enter or Cancel any MOC orders. According to NYSE handbook.

An old trick to get around this .........enter an opposing order right on the bell!

not true. you can enter MOC orders after 3:40 if they are on the opposite side of the imbalance. for example, for a buy imbalance you can enter sells and shorts after 3:40.

jimcrist · Jul 1, 2003

I'm a CyberTrader Pro user and I put in (before 3:40pm ET) alot of MOC orders for NYSE stocks. Using CyberTrader 3.5, I could cancel the MOC orders, even in the last 5 minutes. Now with the new CyberTrader 4.0 version, looks like the software rejects the cancel order without even asking the specialist. I was under the impression that the specialist could let you cancel the MOC order. What's the rule???

Thanks...

Don Bright · Jul 1, 2003

My understanding is that you cannot cancel an MOC order after 15:40 (B/D and Institutional). As a customer of a brokerage firm, you may be able to cancel based on your standing as a customer with that Firm. (Don't hold me to this, as things do change often).

Don

Nordic · Jul 1, 2003

Quote from jimcrist:

I'm a CyberTrader Pro user and I put in (before 3:40pm ET) alot of MOC orders for NYSE stocks. Using CyberTrader 3.5, I could cancel the MOC orders, even in the last 5 minutes. Now with the new CyberTrader 4.0 version, looks like the software rejects the cancel order without even asking the specialist. I was under the impression that the specialist could let you cancel the MOC order. What's the rule???

Thanks...

Sounds like cyber 4.0 protects enforces the 3:40 no cancel rule on MOC orders.

Ebo · Jul 1, 2003

Don:
It is a NYSE rule that you may not cancel an MOC order after 3:40.
You can be Paul Tudor Jones and you will get the same treatment.
If you want to enter an MOC order on the opposite side of the imbalance you may until the bell. I called my friend who is a floor broker. A straight limit order during the regular trading session takers precedence over a short order, so there will be stock ahead at times. If the stock ticks on a minus tick, all of the limit orders will be on the book ahead of you now, even with a market short. The NYSE rulebook for members can be obtained very easily.

ebo