Trading the Open

[traderzhang]

I want to execute long and short stock positions right at market open. Currently using ToS, and the experience has been less than ideal.
I see now that I need a direct access broker. Fees and minimum balances aren't an issue. Are all direct access brokers the same when it comes to execution quality at the open?
If I'm dealing with mostly large cap stocks, does centerpoint's reputation for a more robust short locate service make a difference?
Looking into Lightspeed, Speedtrader, Centerpoint, Cobra
I read good things about lightspeed, and signed up for an account, downloaded their demo, but it's not accessible nights (after 9pm eastern) and weekends, which are the only times I have to try to learn the platform due to job and kid, so that makes things hard.

 

[Robert Morse]

With Lightspeed, you target MOO or LOO and we send the order to the primary exchange to be part of the opening auction. You get the same price as anyone else sending orders to the Primary exchange. The Primary exchange is where the security is listed. E.G. AAPL is on NASDSAQ so your order will be sent there. The order can't be held on our server. It needs to be sent after the exchange is accepting those orders.

Are all direct access brokers the same when it comes to execution quality at the open?

 

[traderzhang]

With Lightspeed, you target MOO or LOO and we send the order to the primary exchange to be part of the opening auction. You get the same price as anyone else sending orders to the Primary exchange.

So in that case everyone should have the same execution speed? Would LS be any faster fill than ToS if all orders are at the exchange already at the same time premarket?

 

[Robert Morse]

As far as I know, TOS does not offer MOO and LOO, only for the close.

So in that case everyone should have the same execution speed? Would LS be any faster fill than ToS if all orders are at the exchange already at the same time premarket?

 

[David's faith]

Try IBKR

 

[traderzhang]

As far as I know, TOS does not offer MOO and LOO, only for the close.

When closing my positions, I'm looking for direct access to nasdaq and nyse. Does LS offer direct access to both these exchanges?

 

[Robert Morse]

I have these on my ID:

 

[traderzhang]

Thanks Robert. Just to be clear, is LS DMA or direct sponsored access?

 

[Robert Morse]

We use a number of brokers to access exchanges and ECNs. Some are JPM, ML, Coda/PDQ etc. https://lightspeed.com/pricing-fees/order-routing-fees. They are very fast routes. In your statement above, you said you have an account at Lightspeed. You can reach out to your sales rep or if you do not have one, the service desk for more details.