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Pre-routing to major exchanges at 9:27 AM
- Thread starter BladeTrader
- Start date
Quote from MR.NBBO:
alanm is correct, it is re-route. It goes onto an ECN, then at 9:27 it flips to NYSE or AMEX depending on what you trade.
You can have it avoid going onto an ECN pre-market by checking RTH (regular trading hours only) box in order defaults. If you do, it'll sit as pending until 9:27, then it'll go live on NYSE or AMEX.
are you saying that you are putting in a limit price preopening and if you are not hit it becomes a limit price on the nyse for the day?
Quote from zdreg:
are you saying that you are putting in a limit price preopening and if you are not hit it becomes a limit price on the nyse for the day?
It'll likely stay on the primary exchange for the day, cancel/replacing itself to avoid the specialist charges. Yet, since it is routed SMART+RTH it'll go off the primary (only after the open, and only during reg. trading hours) to execute against anyone matching your price, if they do, regardless of route--(all routes offered by IB that is).
Quote from jimrockford:
If you want to participate in the opening print on an exchange, a SMART routed order will often prevent this from happening, by routing your order away from the exchange.
why?
just preference opening order (opg). i think you will get the opening on an exchange not on some ecn.
Quote from jimrockford:
If you want to participate in the opening print on an exchange, a SMART routed order will often prevent this from happening, by routing your order away from the exchange.
I think this is misleading. See what other posters say about IB allowing the user to set a flag which will cause the Smart router to re-route to NYSE at 9:27.
Quote from IBsoft:
I think this is misleading. See what other posters say about IB allowing the user to set a flag which will cause the Smart router to re-route to NYSE at 9:27.
I apologize, IBSoft. This resulted from a gap in my knowledge. I was trying to answer what I thought was the question, as to why one would not use a plain vanilla SMART order when one wants to participate in the opening print, and would instead direct route the order to the exchange. The misuse of a plain vanilla SMART order, when one wants to participate in the opening print, is a common mistake. I was not aware of the newer improvement you mentioned, allowing SMART orders to be flagged for re-direction to the exchange, just prior to the open, for participation in the opening print. If I had known about the improvement, my answer would have been more complete and not misleading. Sounds like a good new feature. Sorry!
Quote from jimrockford:
I apologize, IBSoft. This resulted from a gap in my knowledge. I was trying to answer what I thought was the question, as to why one would not use a plain vanilla SMART order when one wants to participate in the opening print, and would instead direct route the order to the exchange. The misuse of a plain vanilla SMART order, when one wants to participate in the opening print, is a common mistake. I was not aware of the newer improvement you mentioned, allowing SMART orders to be flagged for re-direction to the exchange, just prior to the open, for participation in the opening print. If I had known about the improvement, my answer would have been more complete and not misleading. Sounds like a good new feature. Sorry!
No problem, thanks.