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Don Bright
Bright Trading, LLC

Registered: Oct 2001
Posts: 11698

09-14-12 07:05 PM

The order "should" be filled immediately - IF it is "marketable" - they cannot trade a price worse than your limit. If you place a limit order, just like stocks, if the price moves there, you're filled, if it doesn't, you're not.

Don

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Don Bright (not an alias)
Bright Trading, LLC
http://www.stocktrading.com

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surfer25

Registered: Jan 2007
Posts: 147

09-15-12 12:53 AM

Quote from sle:

It is an interesting micro-structure question is what happens if you place a limit order at 94. If you are looking at a contract with reasonable liquidity, sooner or later you will get done either because some M/M will sell at some other strike and will fill you at 94 (the usual case) or you might get crossed with another paper if somebody else wants this specific strike (less probable).

My experience has been that some securities can be very wide on the screen yet you can get mid-market execution (e.g. SPX is the most obvious). On some other stuff, you get what you see.

I agree with that, but a lot of times the price will move to your price before you get filled inside and you will end up buying at the offer or selling at the bid anyway.

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