There is nothing wrong with that. I assume you were trying to short sell by hitting the bid. Interactive Brokers sometimes does the same thing. I see the stock is going to drop. I try to put a short sell for 5 cents below the bid. The IB system will automatically put my short sell 1 cent above the current bid for the short sale rule. If the bid steps down, my short sell will move down 1 cent above the new bid. What annoyed me about Cyber trader when I use them 6 years ago is whenever I tried to SS on bid or lower, it would just reject my order instead of trying to short sell 1 cent above the bid for the uptick. I guess they fixed it. But that is wierd if they added 6 cents to your sell price unless their bid was 5 cents higher than what you were trying to sell for. Guess you should change a broker if you short sell a lot. Good Luck!
Quote from Sanjuro: Interactive Brokers sometimes does the same thing. I see the stock is going to drop. I try to put a short sell for 5 cents below the bid. The IB system will automatically put my short sell 1 cent above the current bid for the short sale rule. If the bid steps down, my short sell will move down 1 cent above the new bid. I believe this is incorrect. AFAIK, IB sends the order as is, as it should. It's the particular ECN or exchange that will mark the order up in price when necessary to comply with any tick or lock/cross rule.
25.46 is a better price than 25.45 when going short. Limit means price or better...you got the better price and gained a penny!Peter
Understand what a limit order is. You did not enter an order to sell at 25.45, yo entered an order to sell at 25.45 or better. Plus you used cyberexchange which gives the software the descretion to seek out a best price. If you wanted to sell at 25.45 you should have switched your order routing from cyberexchange to an ecn at 25.45 and most likely you would have been filled imiedialy at that price. Don't blame cyber for you not knowing the proper way to enter an order. I have used cyber for over a year with no complaints or problems. Learn the software.
That's ridiculous. If there is someone bidding a certain price, and I click on that price to sell, I should get filled, whether it's a CyberXchange order, or a direct order to an ecn. A limit order is an order to fill at that price or better, it's not an order to allow the broker to change the price to whatever it decides. I have traded tens of thousands of trades, and I have never had a problem with any other broker changing my orders on me. By your logic, if you placed a buy order at 10.00, and Cyber represented it as a buy at 9.00, that would be ok?
This is a short sell, and it needs and uptick. On a downtick, if the bid/ask is .45/.46, it's not going to hit the bid to sell short for you. That's why it changed to .46 to comply with the up tick rule. As for 6 cents above, not sure what happens there.
Study order routing and the rules or policy of each ECN, as well as the particular 'arrangement' your Broker has with them with respect to execution and operational characteristics. Many ECN's (or ECN broker relationship agreements) do not allow the ECN to 'pass-thru' during outer-market and therefore when/if you submit an order (even marketable against a contra order present on another ECN) that order will enter your route's ECN internal book (for example BRUT) and those will not execute until and unless another order in the BRUT system is available for the cross or another ECN routes-out (and into) the internal book of your ECN to execute against your order.