EDGA prints

Discussion in 'Order Execution' started by BobbyMarcotte, Aug 25, 2010.

  1. Hi, I trade a lot on Edga and Edgx exchanges. Recently I saw a lot of prints on EDGA that don’t affect the size of the Bid/ask on Edga... Does anyone know how to interact with theses prints?? Thanks
  2. Just an example today... I was partial fill in MFE @ 47.09 at 15:53:26. Then at 15:57:59 there were a 9K prints on "J" witch is EDGA in my platform... no share for me ??? I just got fill at 15:58:26...
  3. Are you sure there wasn't simply a hidden order there? At the time of that print, was .09 the bid or offer? You're saying the size at .09 didn't change?

    What you want to do is call EDGE themselves, www.directedge.com click contact, call trade support. They're very helpful with resolving these things. I've had a ton of questions for them since EDGA became an exchange, and they've been incredibly helpful. Please, let us (or at least me ;)) know what they tell you, if there's some strange dark liquidity interaction going on.
  4. Hi NY0BScalper

    TheBid/Ask was 47.08 - 47.09 at the time of that trade. It would be surprising that it's hidden order because it cost at least 1$ per 1000 for hidden trade (3$ per 1000 in my firm). Why pay 1$ or more per 1000 when you can get 0.20$ per 1000? Someone suggested me that it was fill by an ELP:


    I would like to post has an ELP! Because earlier I was seing 10k prints on the offer with no effect on the Edga book size and in the next minute there were another print on the bid for another 10k... But why get nothing when you can get 0.20$ per 1000? That's strange...
  5. Sintra


    If you change the format of the last in your time and sales to 4 decimals you will probably see that the price is not the same as yours. Maybe even 0,0001 difference. If that is the case you have been sub pennied(Sec already has proposed to make a change to rule 602(flash orders)).
  6. Hi Sintra, I checked my platform setting and that 9k print was not sub-penning because my platform will show 2 decimals minimum.

    What is annoying me the most in that case is that my 1K order was displaying its size to everyone in the world and when there is a potential fill for me, I get shave in the dark by theses secrets ELPS reserved to a special group witch it seem I'm not part… Theses ELPs don’t show their shares on the NBBO and they get fill before people that are showing it, that’s not fair IMO.
  7. Sintra


    If you are trying to execute your orders passively then it has become more difficult in my opinion. It is like going back to old days (same with the darkpool) all invisible liquidity(if you can call it liquidity). The group that is pro flash orders keep on saying that you get better prices but that is only the case for aggressive traders and the price improvement is minimal.

    I think the sec should hurry up. The first proposal was more than a year ago. And they opened the discussion again in July/August to complete the rule for options as well. Probably an extra delay paid by lobby groups.
  8. I haven't seen this happen, please when it does call Direct Edge and ask about the trades at that time, what type of order your counter party used. They will tell you and it will make it clear for everyone here.
  9. d138


    Bobby you are wrong. You are blaming ELPs without understanding what has happened. ELP was not a seller for this trade, but rather a buyer!
    You was the seller at 47.09, then somebody else send a sell order for 9k shares at 47.09 and market it ROUZ. This routing instruction means "if you can't match my order on the book, route it to ELP (an possible other destinations)". It is available to EVERYBODY, not to a "special group".
    Certainly this order could not be filled at the book since it was a sell at the offer, so it went to ELPs and one of them decided to fill it.
    What is wrong with it?
  10. Hi d138, if someone sends a buy order @ 47.09 on RDOT for example, it will sweep internal order book (EDGX) then check ELPs( CPI and CLC)… If an Elp fill the order it will shave my selling EDGA display order.
    So someone that shows nothing on the NBBO get fill before someone that display his shares.

    http://www.directedge.com/Portals/0/docs/NextGen Guide to Order Types.pdf
    #10     Sep 15, 2010