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Routing Option Orders
- Thread starter One
- Start date
pabst:
Thanks for your comments. (though I am genetically unable to submit unmarketable orders to Philly)
metooxx, nitro, deephindsight:
Do pabst's comments cover your thoughts? Any insight is appreciated, particularly regarding under what circumstances different exchanges can provide better execution (over all volume as a proxy for liquidity can be pretty similar between ISE and CBOE in some classes).
sharkstooth:
ISE's rule 717.c.1 does not include any reference to this restriction applying only to orders in the same series or even the same underlying. Am I reading this correctly that it prohibits a broker from submitting multiple orders of ANY type to the ISE for the same client when ANY one of the orders is for less than ten contracts? This seems so restrictive as to be a mistake (either on how it was written or in my interpretation). For example, if I have an order to sell 100 at the money calls at the close of trading and sell all but 5, the next day am I prohibitied from having ANY other orders (in other series or options on different underlying securities) working at the same time I am trying to sell the last five? I must be misinterpretting this line, but I can find no definition of "multipler orders" that modifies the rule to suggest differently.
best,
O.
Thanks for your comments. (though I am genetically unable to submit unmarketable orders to Philly)
metooxx, nitro, deephindsight:
Do pabst's comments cover your thoughts? Any insight is appreciated, particularly regarding under what circumstances different exchanges can provide better execution (over all volume as a proxy for liquidity can be pretty similar between ISE and CBOE in some classes).
sharkstooth:
ISE's rule 717.c.1 does not include any reference to this restriction applying only to orders in the same series or even the same underlying. Am I reading this correctly that it prohibits a broker from submitting multiple orders of ANY type to the ISE for the same client when ANY one of the orders is for less than ten contracts? This seems so restrictive as to be a mistake (either on how it was written or in my interpretation). For example, if I have an order to sell 100 at the money calls at the close of trading and sell all but 5, the next day am I prohibitied from having ANY other orders (in other series or options on different underlying securities) working at the same time I am trying to sell the last five? I must be misinterpretting this line, but I can find no definition of "multipler orders" that modifies the rule to suggest differently.
best,
O.
Originally posted by One
pabst:
Thanks for your comments. (though I am genetically unable to submit unmarketable orders to Philly)
metooxx, nitro, deephindsight:
Do pabst's comments cover your thoughts? Any insight is appreciated, particularly regarding under what circumstances different exchanges can provide better execution (over all volume as a proxy for liquidity can be pretty similar between ISE and CBOE in some classes).
Generally; it is just very complicated, changes everyday and is different at the same exchange depending on the DPM.
You have to through money at it to figure it out ...
One:
The ise rule states:
"Electronic Access Members are prohibited from entering into the System, as principal or agent, multiple option orders for a single trading interest if one or more orders is for fewer than ten (10) contracts."
I understand that it is not allowed to enter and/or have active multiple small orders (<10) on one single trading interest at the same time.
I think your example of enter and selling 5 today and 5 tomorrow is allowed as long as those ise orders are not active at the same time.
The ise rule states:
"Electronic Access Members are prohibited from entering into the System, as principal or agent, multiple option orders for a single trading interest if one or more orders is for fewer than ten (10) contracts."
I understand that it is not allowed to enter and/or have active multiple small orders (<10) on one single trading interest at the same time.
I think your example of enter and selling 5 today and 5 tomorrow is allowed as long as those ise orders are not active at the same time.
My response was based on my near total inability to ever get a fill unless my limit order is buying at the offer or selling at the bid. The MM and/or crowd simply will not allow it. Perhaps if you are a big hitter your broker in the crowd can get those fills. At least on ISE you have a chance. Am I wrong or do orders at the same price on ISE go by time priority? I don't claim to be an expert on this and would welcome some insight.
Originally posted by AAAintheBeltway
My response was based on my near total inability to ever get a fill unless my limit order is buying at the offer or selling at the bid. The MM and/or crowd simply will not allow it. Perhaps if you are a big hitter your broker in the crowd can get those fills. At least on ISE you have a chance. Am I wrong or do orders at the same price on ISE go by time priority? I don't claim to be an expert on this and would welcome some insight.
Depends ...