I was offered on ARCA at 38.99 on EC and it opened on NYSE at 39.20. Am I entitled to be filled by the specialist at the opening price?
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Trade Through Question
- Thread starter bestfriend
- Start date
Arnie, are you basing this on a specific knowledge of the trade-through rule, or is it an opinion? remember, the trade-through rule is part of Reg NMS. This reg is very specific on trade-throughs.
Quote from bestfriend:
I was offered on ARCA at 38.99 on EC and it opened on NYSE at 39.20. Am I entitled to be filled by the specialist at the opening price?
The NYSE trade-through rule does not apply to a NYSE opening print. The rule allows the NYSE opening print to trade through other quotes published by other market centers. See NYSE Rule 15A.(e). So you have no protection under the NYSE trade-through rule. You didn't route your order to NYSE, so you also have no protection under NYSE procedures for establishing the opening print, and so you were not entitled to participate in the NYSE opening print.
thanks, rockford
Also, your order needs to be sent as an "opening only" order.
This is not necessary. If it's sent a reasonable amount of time (~2 minutes) before the open, you'll get the opening print if your order is marketable (and tick-qualified for short-sales). Giving it a TIF of OPG only ensures that the order will be cancelled if not filled.
This is not necessary. If it's sent a reasonable amount of time (~2 minutes) before the open, you'll get the opening print if your order is marketable (and tick-qualified for short-sales). Giving it a TIF of OPG only ensures that the order will be cancelled if not filled.