Brokers that do LOO and OCA

Discussion in 'Order Execution' started by Eliot Hosewater, Dec 14, 2013.

  1. (Not sure if this is the right place to start this thread. It's been a while since I've looked in at ET.)

    What I want to do is enter a Limit-On-Open (LOO) sell order after hours, along with a bracket sell order. If the LOO executes then of course I want the bracket orders to cancel, otherwise if one of the legs hits the limit I will end up shorting the stock.

    So far the only broker I've found that can do this is IB. Anyone know of any others? Most of the major retail brokers (Schwab, TOS, etc) have never heard of LOO, and AFAIK most can only do One-Cancels-Other (OCO) (or Order-Cancels-Order (seems brokers call it by different names) pairs, not One-Cancels-All (OCA) groups.
  2. jjw

    jjw ET Sponsor

    Rithmic's R | Trader and R | Trader Pro can do this. Many brokers offer the use of Rithmic's software.
  3. Thanks, but wouldn't the broker have to do LOO orders? So far IB and Options House are the only ones I have found.
  4. jjw

    jjw ET Sponsor

    In our system you can set the release of an order to happen when the market mode of an instrument changes to pre-open or to open. That order can be a limit order or a market order and can have a bracket associated with it. The instructions on releasing the order and on the composition of the bracket reside on our servers in our data center which is as close to the exchange as you can get. If an exchange does not have native support for LOO or OCA then this is the best you can get.