To the members that trade NYSE stocks can you explain to me the 30 second rule in regards to sending,canceling,etc orders to the specialist? Thanks in advance
All I know about the 30 second rule is that if I pick up my Oreo off the ground before 30 seconds is up, it is safe to eat it.
http://www.interactivebrokers.com/en/accounts/fees/otherFees.php?ib_entity=llc#cancel Specialist Pass Through Fees The NYSE specialists charge substantial handling fees, typically $0.01 USD per share, for orders residing on their order book (i.e. not executed) for more than 5 minutes. Customers who make excessive use of NYSE directed orders such that substantial specialist costs are incurred by IB, may be charged these specialist fees as a pass-through. In general, if the volume of directed orders incurring specialist charges is less than 5% of the total volume traded in the account, there will be no pass through of the charges. Traders can avoid the specialist fee problem by using IB SMART routing.
30 seconds is the minimum amount of time between NYSE Direct+ (NX) executions. If you get an NX fill and send another order before 30 seconds have elapsed, the order will not qualify for NX.
no, no, you guys got it wrong... It's 5-seconds for a crowded supermarket isle. 30-seconds if it falls on a busy street sidewalk, and an day for your floor at home. get it together, guys.