Regular hours limit orders on IB that will participate in the opening cross

Hi,

Have you actually had a confirmed opening cross trade this way yet?

Also, the commentary has confused me a little. Just to clarify this is:

1. for nasdaq stock limit orders, submitted prior to 9.28am ET, marked RTH only via SMART and the "pre open re route" turned on in TWS.

2. Whatever is not filled at the open remains SMART limit for the rest of the (DAY) or (GTC) etc.

3. There is ZERO possibility of any fill happening in the premarket.

Many thanks.
 
Those are the settings I use and the way I believe it works. I haven't had enough real experience to confirm that it actually works this way.
 
Quote from Fanzig:

Hi,

Have you actually had a confirmed opening cross trade this way yet?
More...

I am not sure how you could confirm it without some sort of announcement by IB. If you placed a RTH limit order and you got the opening price, that would not necessarily mean you participated in the opening cross. If you did not get the opening price, it might mean that there were insufficient matching orders participating in the opening cross. Is there some transaction log that indicates whether a transaction was generated during the opening cross?
 
1. On TWS open a SUPERSOES chart and do T&S, and also open a SMART chart and do T&S. Very often it is obvious in the volume traded. A bit messy this one, easier to do the following:

2. Something I cannot understand, but appears to be a fact is that the official open (i.e. the opening cross) is often different to the open that nasdaq reports to all the (paid and free) datafeeds such as yahoo historical.

So you can compare which price you got.
e.g.
http://finance.yahoo.com/q/hp?s=ACOR
http://quotes.nasdaq.com/asp/summaryquote.asp?symbol=acor


In any case on your trade report it will say SUPERSOES and the time will be in the first 30 seconds of 0930 ET. This tends to be an opening cross trade.
 
fbell50

I tried a test this morning with around 10 different stocks and I can tell you categorically that this works for LISTED only. It does NOT work for NASDAQ stocks.

You should get a SUPERSOES fill if on opening cross, not ISLAND. Also the lousy "opening" price I got on ISLAND differed from the opening print on nasdaq.com.

This is exactly what (the latest) TWS says in its options, so I dont know where you're getting your info from.
 
Quote from Fanzig:

1. On TWS open a SUPERSOES chart and do T&S, and also open a SMART chart and do T&S. Very often it is obvious in the volume traded. A bit messy this one, easier to do the following:

2. Something I cannot understand, but appears to be a fact is that the official open (i.e. the opening cross) is often different to the open that nasdaq reports to all the (paid and free) datafeeds such as yahoo historical.

So you can compare which price you got.
e.g.
http://finance.yahoo.com/q/hp?s=ACOR
http://quotes.nasdaq.com/asp/summaryquote.asp?symbol=acor


In any case on your trade report it will say SUPERSOES and the time will be in the first 30 seconds of 0930 ET. This tends to be an opening cross trade.
More...

I find Yahoo Finance and Nasdaq.com opening prices to be the same...In the ACOR example you gave, they are matching (today's open was 15.7 on both)...im using this link from yahoo:

http://finance.yahoo.com/q?s=acor

Can you post a specific example with numbers where yahoo and nasdaq.com are different? Note that you have to check that the opening price is for today's date in that nasdaq.com link by looking at the field just below the opening price

Also I think as mss said, we cannot conclusively say that because an execution took place in first 30 seconds and happened on SUPERSOES, that it definitely took place in the opening cross. Strictly speaking, it could have taken place just after the cross also on SUPERSOES.
 
Quote from Fanzig:

fbell50

I tried a test this morning with around 10 different stocks and I can tell you categorically that this works for LISTED only. It does NOT work for NASDAQ stocks.

You should get a SUPERSOES fill if on opening cross, not ISLAND. Also the lousy "opening" price I got on ISLAND differed from the opening print on nasdaq.com.

This is exactly what (the latest) TWS says in its options, so I dont know where you're getting your info from.
More...

Can you give a specific example - stock, limit price, quantity, and fill? According to an email I have from the developer who implemented the change, Island is now equivalent to Supersoes.
 
The pre-open re-route thing should work for the NASD now

Example from Today:

Placed a Buy before the open -- limit FOXH at 21.10 (RTH only)

fill was 20.71 and this was the price for the open cross...

you can find the official open/closing cross prices/volume etc under
http://emi.nasdaq.com

Peter
 
No it doesnt work.

Case in point LOCM today.

I had an order placed RTH only with preroute on placed well before 9am ET to sell @ 4.60 or better.

Official open 4.70.

I watched as that trade took place at 093001 and/or 02 (size 8000 & 8000) . Nothing happened to my order.

My order started to get filled from 093004 (which isnt recorded because it was just 10 lots @ 4.70). The rest of my (1000 lot) order filled at 4.65-4.60 over the next minute and a half starting at 093021.

Every day I trade some stock or other using the supersoes opening cross (via SMART OPG orders). Have done this successfully for nearly two years now.

So tomorrow I am going back to my trusty OPG orders again.

Bottom line: If IB MEANT it to work on NASDAQ stocks it would bloomin well say so in the TWS-Config-Smart Routing-PreOpenRoute menu. It does not and I have heard nothing from IB officially to say that it does work so therefore one can only assume it doesnt.
 
Well this isn't the first time I've been told it was working when it wasn't. When I've experienced a failure first hand I'll bring it to my marketing rep who has been pushing the change for me.
 
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