Properly enter MOO order on ARCA

D

DBSpider

Anybody know how to properly enter opening auction on ARCA with Interactive Brokers?

The closing auction works well and i participate on the official closing price with my order. (Just using order.orderType = 'MOC' with no limit and setting exchange to ARCA)

But if i follow this for the opening auction (just using market order with OPG as time in force described here):
https://www.interactivebrokers.co.uk/en/trading/orders/moo.php
i always lose a few 2-3 bps away from the opening price. Sometimes my trade prints a second later (which i guess can happen in auctions)

But am i misunderstanding something here?
I mean... IB does say this: "IB may simulate market orders on exchanges".
So IB does not enter the auction but does something else? Is it a problem that my order is an odd lot?
Maybe it helps to set a limit on last days closing price or something, but i want it to fill no matter what....

I am comparing my fill price directly to the published open and closing prints on NYSE website.
Closing prints are always exactly my fill price. But i can't get the opening to match :/
 
zdreg said:
There is no advantage to routing moo or moc orders to Arca.
More...

Well ARCA is the main exchange for the ticker i want to trade. So i thought auction was the best way.
Are you saying there is a better way?

My goal is: I trade from Open->Close RTH.
And i want my fill to be as close as possible to the official opening and closing prints (or better obviously).

At the moment i can practically get the closing print exactly, but a sadly up to 2-3 bps worse price on the open (never better).
Any advice?
 
Yes, then you want to make sure you set up the order to hit the primary. Our software just defaults to the primary for all MOO, LOO, MOC and LOC orders. Maybe IB does too for their Pro service. I expect it might not on the Lite.

DBSpider said:
Well ARCA is the main exchange for the ticker i want to trade.
More...
 
Hmm. I might be doing something wrong then. I am on IB Pro (as European customer you can't get light i think) and i directed the order to ARCA (it is an ETF with ARCA as primary exchange).

Any more information i can gather to diagnose the issue?
Or maybe it is expected to hit a few cents away from the opening price even on MOO OPG order?
Maybe next i'll hit up IBs support for this.
 
DBSpider said:
Anybody know how to properly enter opening auction on ARCA with Interactive Brokers?

The closing auction works well and i participate on the official closing price with my order. (Just using order.orderType = 'MOC' with no limit and setting exchange to ARCA)

But if i follow this for the opening auction (just using market order with OPG as time in force described here):
https://www.interactivebrokers.co.uk/en/trading/orders/moo.php
i always lose a few 2-3 bps away from the opening price. Sometimes my trade prints a second later (which i guess can happen in auctions)

But am i misunderstanding something here?
I mean... IB does say this: "IB may simulate market orders on exchanges".
So IB does not enter the auction but does something else? Is it a problem that my order is an odd lot?
Maybe it helps to set a limit on last days closing price or something, but i want it to fill no matter what....

I am comparing my fill price directly to the published open and closing prints on NYSE website.
Closing prints are always exactly my fill price. But i can't get the opening to match :/
More...
Do you know when it's the most busiest time in the trading day? That right, at the open. There are thousands, if not millions, of resting orders waiting to get filled just like yours. That's why it gets sooooooooo hectic with massive volatility just after the open.

So to ask why my MARKET order at the open doesn't get filled immediately sounds pretty naive, to say the least.
 
Let quickly define the "Opening" for a listed stock. It is the opening price based on the auction at the Primary, not the first trade posted from another ECN, Exchange or Dark Pool. That should be your expectation.

DBSpider said:
Or maybe it is expected to hit a few cents away from the opening price even on MOO OPG order?
More...
 
Thanks for your help guys.

I MIGHT have found the problem... It has to do with programming logic. So exchange was set to "SMART" in the end instead of "ARCA". :banghead::banghead::banghead::banghead:

MOC is directed to ARCA automatically, but "MKT" + tif=OPG is not. That through me off and i thought both were the same.

And i really don't like that IB thinks it is "smart" to route in a way that gets me a worse price then auction, even if i try to enter the auction ahead of time...

Ill try this again in the coming days and report back...
 
DBSpider said:
Anybody know how to properly enter opening auction on ARCA with Interactive Brokers?

The closing auction works well and i participate on the official closing price with my order. (Just using order.orderType = 'MOC' with no limit and setting exchange to ARCA)

But if i follow this for the opening auction (just using market order with OPG as time in force described here):
https://www.interactivebrokers.co.uk/en/trading/orders/moo.php
i always lose a few 2-3 bps away from the opening price. Sometimes my trade prints a second later (which i guess can happen in auctions)

But am i misunderstanding something here?
I mean... IB does say this: "IB may simulate market orders on exchanges".
So IB does not enter the auction but does something else? Is it a problem that my order is an odd lot?
Maybe it helps to set a limit on last days closing price or something, but i want it to fill no matter what....

I am comparing my fill price directly to the published open and closing prints on NYSE website.
Closing prints are always exactly my fill price. But i can't get the opening to match :/
More...

No, auction orders are not simulated.
Why the price displayed in the open field is away from the open is because the open displayed is the tape open, which is typically the auction on another exchange, it doesn't have to be opening auction price for ARCA.
 
I am comparing open and close auction prices from the NYSE ARCA webpage directly with my fills. And it's all okay now:)

It worked today. It was my fault, last time i accidentally left exchange on "SMART" on my OPG order. :banghead:
And IB does who knows what if you do that...
 
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