Would anyone know if Archipelago in the pre and post market session matches up with ONLY the ARCA book, or if it trades like the regular market session, where it first looks for a match within the ARCA book,then trades with other directly connected ECN's , then Selectnet preferences non-direct ECN's. I'm assuming that no orders can be sent to Supersoes in the pre and post market session since Supersoes is only available from 9:30-4:00. Any help is appreciated.
I'm almost positive ARCA functions the same way in pre or postmarket that it does during the regular session. You're correct about your assumption regarding SuperSOES. I do believe you can use Selectnet before the market opens to trade with a market maker, maybe as early as 9 AM? Of course they're not obligated to trade with you.
From what i read, i believe that Selectnet hours are now 8:00AM-6:30PM EST. Anyone else know for sure about how ARCA routes during the pre and post market session?
Vinny1, I believe you are correct on selectnet. You cannot(to my knowledge )send orders to SOES in the pre-market. Many of the ECN's are proactive. I believe ARCA is now proactive , but may not be proactive in the before and after hours markets. Call your introducing broker and see ARCA logic : www.tradearca.com/technology/system/order_types.asp and www.tradearca.com/technology/system/examples.asp Some of the material can be a little confusing and ARCA may change order logic at any given time. ARCA & REDI have an agreement to merge(They are both owned or partially owned by Goldman-Sachs), so I don't know how this meger will affect the the two ECN's in the near future. Gene Weissman Lieber & Weissman Sec., L.LC. gweissman@stocktrade.net