I know that Graybox pulls NY DOT orders after almost 5 minutes to avoid the specialist charge and resubmits it again. Would anyone here know if Graybox pulls non DOT orders? In other words if I want to be able to add liquidity (and get paid as well) I would have orders out there maybe on the ISLD or ARCA book just sitting there at various levels and don't want them pulled. Other than avoiding the spec charge in NY, is there any other reason why orders sitting greater than x minutes need to be resumitted ? Thanks
GATRader- Graybox only recycles dot orders (NYSE at about 290 seconds and AMEX about 110 seconds). You can leave ECN orders in as long as you want, I think. Don't quote me, but I know that's how it was a while ago.
Thanks Heavy, I just got the word from my manager that only NY Dot gets pulled. I wish GB lets you choose whether to pull ny orders. Sometimes, I don't mind getting billed as long as I don't get the "stock ahead"
Yeah, seems like that should be an option, because most traders would be willing to pay for billables, as long as they don't have to "get at the back of the line" every time the order replaces.