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Regular hours limit orders on IB that will participate in the opening cross
- Thread starter fbell50
- Start date
As a prologue, today using my trusty old SMART OPG orders I got spot-on opening fills in 4 different stocks (in Executions screen) on SUPERSOES between 093001 and 093013.
This shows the system has NOT changed to labelling opening cross trades to ISLAND. They remain labelled as SUPERSOES.
EDIT:
MAMA - Did it say SUPERSOES ?
By the way are you shorting (brave guy) or exiting (v nice profit, well done!) this one?
This shows the system has NOT changed to labelling opening cross trades to ISLAND. They remain labelled as SUPERSOES.
EDIT:
MAMA - Did it say SUPERSOES ?
By the way are you shorting (brave guy) or exiting (v nice profit, well done!) this one?
Quote from fbell50:
I sold 4000 mama limit 7.62 filled in one execution at 8.00 at 9:30:03. This looks like it participated in the opening cross. There are no other trades at that quantity and price in the two T&S logs available to me.
There is a NASDAQ report on the opening cross at http://www.emi.nasdaq.com/displayfileInline.aspx?file=41&type=index&source=home&tab=openclose .
If I am reading it correctly (I am not sure what all the column headings mean), the first trade after the opening cross was at 8. That suggests to me that your trade may not have occurred in the opening cross.
The Nasdaq integration of the NASDAQ Market Center, Brut and INET into a single platform for NASDAQ-listed securities was effective 10/30/06. I think there is no longer any difference between Island, Supersoes, and Brut however IB labels them in TWS, except perhaps that they might be using different interfaces to the same market. According to the developer who made the change the orders are routed using IB's Island ecp interface that was recoded to use the new OUCH 3.0 interface, http://www.nasdaqtrader.com/trader/...es/productdescriptions/inet_connect.stm#ouch.
MAMA is a short. I also bought NFLD yesterday. How's that for picking them:-?
MAMA is a short. I also bought NFLD yesterday. How's that for picking them:-?
fbell50
From your research into OUCH I think I am going to carry on using my OPG orders until I see an example of a definte opening cross trade marked ISLAND, which will show me something has changed. (They have ALWAYS been marked SUPERSOES on the hundreds of trades I have done on the opening cross).
Right now, today, the hard evidence where I'm sat says DAY orders dont get the opening cross at IB.
Talking of ouch, MAMA & NFLD. Win some lose some though - I've had bigger daily disasters than that. e.g. I bought ROWC literally 4 minutes before it went bankrupt ! I then compounded that mistake by not being bothered to pick up the phone and trade out of it when it went to pink sheet. I could have got most of my cash back. Now its lost like 99% of the value. Hardly worth the cost of the call to the trade desk !!!
By the way, you shorted MAMA with IB? I wanted to short that today but my order was rejected as it wasnt "available for shorting"??? Twice that happened.
From your research into OUCH I think I am going to carry on using my OPG orders until I see an example of a definte opening cross trade marked ISLAND, which will show me something has changed. (They have ALWAYS been marked SUPERSOES on the hundreds of trades I have done on the opening cross).
Right now, today, the hard evidence where I'm sat says DAY orders dont get the opening cross at IB.
Talking of ouch, MAMA & NFLD. Win some lose some though - I've had bigger daily disasters than that. e.g. I bought ROWC literally 4 minutes before it went bankrupt ! I then compounded that mistake by not being bothered to pick up the phone and trade out of it when it went to pink sheet. I could have got most of my cash back. Now its lost like 99% of the value. Hardly worth the cost of the call to the trade desk !!!
By the way, you shorted MAMA with IB? I wanted to short that today but my order was rejected as it wasnt "available for shorting"??? Twice that happened.
Quote from mss:
There is a NASDAQ report on the opening cross at http://www.emi.nasdaq.com/displayfileInline.aspx?file=41&type=index&source=home&tab=openclose .
If I am reading it correctly (I am not sure what all the column headings mean), the first trade after the opening cross was at 8. That suggests to me that your trade may not have occurred in the opening cross.
Yes, there were trades at 8, but no single executions of 4000 shares at 8 between 9:30:00 and 9:30:03 when my trade executed, so the opening cross is the only print that my execution could apply to. In fact there are no executions at 8 in quantities greater than 4000 in the first 13 seconds,. This assumes that the two different T&S logs I use are not missing a print.
This is all implied in my original statement "I sold 4000 mama limit 7.62 filled in one execution at 8.00 at 9:30:03. This looks like it participated in the opening cross. There are no other trades at that quantity and price in the two T&S logs available to me."
Quote from Fanzig:
fbell50
By the way, you shorted MAMA with IB? I wanted to short that today but my order was rejected as it wasnt "available for shorting"??? Twice that happened.
I was surprised I was able to borrow MAMA. I couldn't at Ameritrade. I suppose I was just lucky and made my request when they had some to lend. The borrow amounts can change from minute to minute.
I feel that I have definitive proof that a SMART routed sell order participated in the Nasdaq opening cross and remained active after a partial fill. I had a sell order for 1755 shares of MITT at 9.74. 630 shares traded at 9.74. I then traded 99 shares at the same price immediately after that trade. I have all the sell side executions for this stock so far for the day. I looked at the opening cross using Nasdaq's NOII service to which I subscribe. It shows that MITT traded 630 shares during the opening cross. The 99 share trade obviously occurred after the opening cross. My sell order is still open on Island with the balance of my shares. Yes! Since I have all of todays trading in this stock so far, I feel that that this provides proof that my order participated in the opening cross and remained active afterwards.
fbell50,
I'm glad to see that you pursued this issue until IB got this feature implemented... as I was getting nowhere with IB on this issue. Yes, I trade ultra low volume stocks. I'm used to watching opening trades elude me when I had a better bid/offer than the opening price. There might be little or no trading within my limit prices later in the day. So, you can see how useful this capability is to me.
I'm glad to see that you pursued this issue until IB got this feature implemented... as I was getting nowhere with IB on this issue. Yes, I trade ultra low volume stocks. I'm used to watching opening trades elude me when I had a better bid/offer than the opening price. There might be little or no trading within my limit prices later in the day. So, you can see how useful this capability is to me.