Real Tick Order Question

H

hsanson

I would like to know how I can set Realtick so that I can modify ISLD orders without having to cancel them and resending them. I tried to configure Realtick's Bump price feature, but seems it doesn't work for ISLD.
For example lets say I send an order to buy MSFT with ISLD at 54.00 with Realtick. MSFT starts to move quickly and I can't get my buy order executed. Is there any way I can just move that ISLD buy order at 54.00 to lets say 54.05 quickly without having to cancel the order at 54.00 and send another 54.05 buy order ? ? ?

I will appreciate if someone could help me with this since I have tried very hard to configure this and I don't seem to make it work.


With Interactive Brokers it is very very fast, I just press a hot key to move my price and press transmit and that is all, I don't need to cancel the live order.
 
I don't think you can bump or Change Order on ISLD. Maybe TNO-Mike will chime in here.

But a bit off-topic, I do think that this may be the reason there is always an ARCA bid at .06 on just about every liquid listed stock (BRUT seems to be doing this now, too).

I previously thought some traders were doing it to capitalize on bad typists and actually wanted a fill there (which is stupid because it would obviously be busted).

However, maybe the real answer is that it is somehow easier (or maybe time gives preference?) to change an order price from .06 to a marketable limit order than it is to enter a brand new order.

I frequently see those ARCA .06 bids flash to NBBO (ie. they are gone from .06 and the Change in L2 next to ARCA says +45.32 -- the NBBO minus .06).

If anyone can shed some light on this, I'd be interested in what they think they are getting out of this. Seems to me hot keys to enter an order are just as fast as hotkeys to bump or change an order.

-- Dave
 
With Realtick ISLD orders cannot be changed (while ARCA orders can), only cancelled and re-entered. I can think of 2 workarounds. One would be to designate one hotkey to cancel all orders and a second hotkey to send an ISLD buy order .05 above the inside offer. Another method would be to just send the latter order, and then make sure at some point you cancel your original order (to prevent it from also getting filled if the stock retraces). The second method is quicker, but runs the risk of a double-fill. The first method is a touch slower but prevents the possibility of a double-fill.
 
I would like to know how I can set Realtick so that I can modify ISLD orders without having to cancel them and resending them. I tried to configure Realtick's Bump price feature, but seems it doesn't work for ISLD.
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Bump key's are only available on routes that offer the ability to change orders. Currently that list includes, ARCA, REDI, BTRD, and ISI with Terra Nova. With RealTick's hotkey functionality you could set up one to cancel and another to resubmit the order.
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I frequently see those ARCA .06 bids flash to NBBO (ie. they are gone from .06 and the Change in L2 next to ARCA says +45.32 -- the NBBO minus .06).
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As for the Bid price of .06 you have noticed, that is b/c ARCA has to have both a Bid and Offer at all times. Looks like Brut and LSPD are in the same boat on that.

TNO-Mike
 
Originally posted by TNO-Mike

As for the Bid price of .06 you have noticed, that is b/c ARCA has to have both a Bid and Offer at all times. Looks like Brut and LSPD are in the same boat on that.

TNO-Mike
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Yeah, I saw that on another thread. To be SOESable, you need to make a mkt., even if you are an ECN.

Dave
 
Originally posted by TNO-Mike
As for the Bid price of .06 you have noticed, that is b/c ARCA has to have both a Bid and Offer at all times. Looks like Brut and LSPD are in the same boat on that. TNO-Mike
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Originally posted by davealex Yeah, I saw that on another thread. To be SOESable, you need to make a mkt., even if you are an ECN.Dave
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Since when was ARCA a registered Market Maker in Naz stocks and/or a participant in SuperSOES?? I have never heard this anywhere.
 
Arca is not Soesable and I don't believe Brut is either. I know LSPD participates in SuperSoes, which is a function on Nasdaq and therefore has nothing to do with the listed market. After further research, the one common connection I see between ARCA, LSPD, and BRUT is their participation in the Nasdaq Intermarket (Formerly referred to as the Third Market). Looks like there is a requirement to provide a two sided market on listed stocks if you are part of the Nasdaq Intermarket.

TNO-Mike
 
Found some more info on the Nasdaq Intermarket from an FAQ section on the Nasdaq Trader site(http://www.intermarket.nasdaqtrader.com/faqs.stm)

"What new role can electronic communication networks (ECNs)/alternative trading systems (ATSs) have in the Nasdaq Third Market?

Nasdaq® has acknowledged the benefits that ECNs/ATSs have brought to the Nasdaq marketplace and believes these same benefits can apply to ECN/ATS participation in listed securities. In December 1999, the National Association of Securities Dealers, Inc. (NASD®) filed a rule proposal with the Securities and Exchange Commission (SEC) to permit ECNs/ATSs to register as Market Makers in listed securities thus making them eligible to use Nasdaq Third Market quote and trade facilities as authorized CAES/ITS Market Makers. The SEC has since approved this rule and Nasdaq anticipates ECN/ATS participation in the near term.

What is the minimal size that a Market Maker can display in a CQS security?

The minimum quote size allowed is 100 shares or greater."
 
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